Flare (FLR) airdrops 15% of total supply to XRP holders before correcting by 76%
The Flare (FLR) token airdrop started on Jan. 9, almost two years after a snapshot of XRP (XRP) holders came about on Dec. 12, 2020. The FLR airdrop was distributed at a ratio of 1.0073 FLR per 1 XRP, with 15% of the overall provide launched to the neighborhood.
A complete of 28.5 billion FLR have been distributed and in response to Flare’s tokenomics, 58.3% of the overall genesis FLR provide will likely be distributed over 36 months.
What’s Flare?
Flare is a Layer-1 blockchain with an oracle system aiming to spice up interoperability amongst decentralized functions (DApps) and blockchains. Whereas the token solely not too long ago launched, the protocol launched its mainnet on July 11. To this point, the Flare mainnet has already processed over 70 million transactions with over 500,000 distinctive wallets.
FLR follows the trail of most airdrops
In response to knowledge from CoinGecko, the FLR token began buying and selling on Jan. 9 at $0.05 amid low liquidity on the MeXC alternate. After launch, the token soared to $0.15 as exchanges like Binance, OKX and Kraken began buying and selling the airdropped token.
Shortly after the elevated liquidity arrived from the centralized exchanges, the FLR token worth started to crash. On the time of writing, FLR worth has pulled again by 76% to $0.02 and its 24-hour buying and selling quantity sits barely under $50 million.
Whereas the airdrop offered long-awaited FLR tokens without charge to XRP holders, the result of quick promoting is routine for many airdrops. Proof of actual success will likely be whether or not the community sees a sustained uptick in the usage of its layer 1 and interoperable oracle use case.
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