The Flare network (FLR) is operational and its Airdrop finally distributed

On January 9, 2023, after two years of patience, the Flare blockchain finally followed through with the Airdrop distribution of the network's native token, the FLR. Indeed, 15% of the total supply of FLR tokens were distributed to XRP holders at the time of the snapshot on December 12, 2020.

The Flare network (FLR) is operational and its Airdrop finally distributed

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What is Flare?

Flare is an Ethereum Virtual Machine (EVM) level 1 or layer 1 blockchain, which has two core protocols: the State Connector and Flare Time Series Oracle (FTSO). These two native interoperability protocols of the Flare network are secured by the network itself. This allows reliable data to be obtained from many different sources in a decentralized manner, without having to use a single centralized source.

In summary, the Flare network is designed to provide fast, secure and interoperable execution of smart contracts and decentralized financial transactions (DeFi).

Eligibility criteria for Airdrop

The eligibility criteria are almost the same for all cryptocurrency exchange platforms. To be eligible for Airdrop, one had to hold XRP at the time of the snapshot taken on December 12, 2020. The majority of platforms supported Airdrop. This is especially the case for large platforms such as Binance, OKX, Kraken or Crypto.com. To have the complete list of exchange platforms that have supported the Flare Airdrop, go to the official website of Flare Network.

Note that users of some platforms, such as Bittrex, will receive their FLR Airdrop only if the platform is up to date with organizational measures that ensure compliance with laws, standards and internal guidelines of the company.

Regarding, platforms in bankruptcy process such as FTX, Celsius or Voyager, the teams have all been contacted by Flare's team to agree on the best way to manage the token distributions to their eligible users.

  1. The remaining 85% of FLR tokens will be distributed gradually over the next 36 months.
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Distribution of FLR

The FLR tokens were distributed to XRP holders on the platform on which they were storing their XRP at the time of the snapshot.

Following the distribution, the price of the token fluctuated. According to data collected on Coinmarketcap, the FLR token began trading on January 9 at a price of $0.05 per unit, amid low liquidity. After the launch of the network and the beginning of the distribution of the Airdrop, the token quickly rose to $0.15 per unit following the trading, on exchange platforms, of FLR tokens from the Airdrop. Currently, the FLR is trading on the markets at a price of $0.045. It is common for most Airdrop tokens to be sold immediately upon receipt.

It will likely be some time before we see if the Flare blockchain will see an increase in usage over time, and later, an increase in price.

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