• Flare Tokens (FLR) were airdropped to XRP holders after two and a half years.
• XRP holders received nearly 4.28 billion FLR tokens, distributed at a rate of 1 FLR token for every XRP.
• The airdrop accounts for 15% of the Flare Network’s total supply.
The long-awaited Flare Networks airdrop of FLR tokens to XRP holders finally took place on Monday night, January 9th 2023. After two and a half years of anticipation, XRP holders were elated to receive their share of the 4.28 billion FLR tokens, distributed at a rate of 1 FLR for every XRP token held.
For those unfamiliar with Flare Networks, it is a Layer 1 blockchain that is designed to enable developers to create interoperable applications. Layer 1 is the base of a blockchain, allowing it to leverage third-party services to gain information from other networks. The FLR tokens airdropped to XRP holders account for 15% of the Flare Network’s total supply.
The event quickly became the biggest event of the year for the crypto community, as the airdrop was highly anticipated. However, some XRP holders did not keep their FLR tokens after receiving them, and instead sold them on the open market. This caused the price of FLR to plummet by more than 50%.
The remaining 85% of the tokens will be distributed in the next three years. FLR holders will have a right to vote on the way the next airdrop is going to take place, as well as giving their opinion on other projects.
Flare Networks is a major development in the world of decentralized finance (DeFi). It has the potential to revolutionize the way cryptocurrencies are used and exchanged. With the ability to create interoperable applications, Flare is also paving the way for new and exciting projects. As the airdrop of FLR tokens to XRP holders has shown, the Flare Network can have a major impact on the cryptocurrency market.