Ripple (XRP) Cryptocurrency Holders Received Flare (FLR) Tokens After Two Years of Waiting airdrop on the night of January 9-10. Over 4.2 billion FLR were distributed to XRP holders who held at least one token as of December 2020. The distribution took place on a 1:1 basis, that is, one FLR was credited for each XRP, writes RBC Crypto.
The Flare Network started as a project with the goal of building a DeFi ecosystem on the Ripple blockchain. In two years, the project has changed, at the moment the Flare blockchain is a first-level network that includes data collection protocols that provide crypto applications (dApps) with information and eliminate the need for them to contact centralized data providers.
In June 2021, the project raised $11.3 million in a funding round led by Hong Kong-based blockchain company Kenetic Capital. Companies such as Digital Currency Group and Coinfund also participated in raising capital.
The coins issued on January 10 make up 15% of the total supply of the project. The remaining 85% will be distributed over the next three years. The method of further distribution will be chosen by FLR holders by voting.
The airdrop and the Flare token have been supported by many major crypto platforms. The Kraken exchange opened trading and staking in the token from January 10th. Cryptocurrency trading is already taking place on Gate.io, Bitfinex and KuCoin.
OKX announced a contest among token holders, allocating a prize pool of 10K FLR, Huobi also announced a week-long promotion, the winners of which will share 10K USDT. The Bitstamp platform announced support for the airdrop, Binance distributed tokens among its users, Atomic and Safepal crypto wallets confirmed participation in the distribution of FLR.
Despite the joy expressed in social networks by members of the crypto community who have been waiting for the distribution of tokens for two years, the Flare rate fell by almost 73% in a day, from $0.15 to $0.04. The market capitalization of the asset, according to CoinGecko, is $494 million, the daily trading volume is $34 million.
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