Flare (FLR) airdrops 15% of total supply to XRP holders before correcting by 76%

The Flare (FLR) token airdrop began on Mon., Jan. 9, practically two years after a snapshot of Ripple (XRP) holders befell on Dec. 12, 2020. The FLR airdrop was distributed at a ratio of 1.0073 FLR per 1 XRP and the preliminary distribution noticed 15% of the total supply launched to the neighborhood.

A total of 28.5 billion FLR have been distributed based mostly on this system and in accordance to Flare’s tokenomics, 58.3% of the total genesis FLR supply will likely be distributed over 36 months.

Flare preliminary token distribution allocation. Source: Flare

What is Flare?

Flare is a Layer-1 blockchain with an oracle system aiming to enhance interoperability amongst decentralized functions (DApps) and blockchains. While the token solely not too long ago launched, the protocol launched its mainnet on July 11, 2022. To date, the Flare mainnet has already processed over 70 million transactions with over 500,000 distinctive wallets.

Flare (FLR) airdrops 15% of total supply to XRP holders before correcting by 76%
Flare community block explorers. Source: Flare
Flare (FLR) airdrops 15% of total supply to XRP holders before correcting by 76%
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FLR follows the trail of most airdrops

According to knowledge from CoinGecko, FLR token seemingly began buying and selling on Jan. 9, at $0.05 amidst low liquidity on MeXC trade. After the 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 extra centralized exchanges (CEX) FLR token value started to crash. At the time of writing, FLR value has pulled again by 76% to $0.02 and its 24-hour buying and selling quantity sits barely beneath $50 million.

While the airdrop offered long-awaited FLR tokens without charge to XRP holders, the end result of speedy promoting is routine for many airdrops. Proof of actual success will likely be whether or not the community sees a sustained uptick within the use of its layer-1 and interoperable oracle use case.