Flare Token airdrop to XRP holders unsuccessful, token falls 70%

The community of XRP finally had to wait two years for it, but yesterday the Flare Token (FLR) airdrop finally arrived. Over 4.28 billion FLR was distributed to holders of XRP yesterday at the time of the December 2020 snapshot. The airdrop occurred at a ratio of 1:1, meaning 1 XRP also yielded 1 FLR.

15 percent of the supply

In total, the project gave away 15 percent of FLR’s supply with the airdrop. The remaining 85 percent of the supply must be spread over the next three years. The token holders will have the opportunity to vote on future airdrops. A large part of tokens will probably be used to further develop the platform.

The Flare Network is a network that can connect the XRP Ledger to Ethereum, making smart contracts possible for XRP. XRP users can create a synthetic version of XRP (FXRP) and then use it on Ethereum. For example, it should become possible to use smart contracts with XRP as well.

Giant Dump

However, it seems that the XRP community has little to no faith in the future of the Flare Network. The tokens were immediately dumped. Initially, the tokens traded at about 15 cents, but it was not long before they fell back to 2 cents. In total, the project managed to scrape together a trading volume of USD 25 million on exchanges such as OKX and Kraken.

It seems that Flare Network’s Josh Edwards is still confident about the future, but the token holders themselves are not very confident. If we are to believe Edwards, the project has already handled 268 million requests for data and transactions in the past week. It would be quite a popular project in that regard. To what extent all this is true will become apparent later.

Read Also:  Dutch Traders Discover the Potential of Decentralized Exchanges

Recent Articles

Related News

Leave A Reply

Please enter your comment!
Please enter your name here