The launch of the Flare (FLR) token started on Monday, January 9, virtually two years after a snapshot of Ripple (XRP) holders occurred on December 12, 2020. The FLR airdrop was distributed on the charge of 1, 0073 FLR for 1 XRP and the preliminary distribution noticed 15% of the full provide launched to the group.
A complete of 28.5 billion FLRs had been distributed based mostly on this technique, and in keeping with Flare’s tokenomics, 58.3% of the full genesis FLR provide might be distributed over 36 months.
Flare is a Layer 1 blockchain with an oracle system that goals to drive interoperability between decentralized purposes (DApps) and blockchains. Whereas the token launched lately, the protocol launched its mainnet on July 11, 2022. To this point, Flare’s mainnet has already processed over 70 million transactions with over 500,000 distinctive wallets.
FLR follows the trail of most airdrops
In keeping with information from CoinGecko, the FLR token apparently started buying and selling on January 9 at $0.05 amid poor liquidity on the MeXC alternate. Following the launch, the token skyrocketed to as excessive as $0.15 as exchanges resembling Binance, OKX, and Kraken started buying and selling the airdrop token.
Shortly after the liquidity surge from probably the most centralized exchanges (CEXs) arrived, the value of the FLR token started to crash. As of this writing, FLR’s worth is down 76% to $0.02 and its 24-hour buying and selling quantity is slightly below $50 million.
Though the airdrop supplied the long-awaited FLR tokens without charge to XRP holders, the rapid sale result’s routine in most airdrops. The take a look at of actual success might be if the community sees a sustained enhance in using its layer 1 and interoperable oracle use case.
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