HomeAltcoinFlare Network Plunges 87% as Long-Awaited Airdrop for XRP Holders Triggers

Flare Network Plunges 87% as Long-Awaited Airdrop for XRP Holders Triggers


The highly-anticipated airdrop of the Flare Network (FLR) for XRP holders has finally taken place and has so far resulted in a sell-off of the long-awaited token.

Flare Network, with its native FLR token, essentially aims to bring smart contract capabilities to various blockchain networks, starting with XRP and then Litecoin (LTC).

FLR was distributed to XRP holders based on a snapshot of the XRP Ledger (XRPL) taken in late 2020. With 4.279 billion FLR tokens distributed to millions of users, the airdrop is believed to be one of the largest in the history of cryptography

After the token distribution launch on January 9, one minute to midnight UTC, FLR was 87% sold, from $0.15 to $0.0236. Since then it has stabilized slightly and is now 54% below its lows, currently trading at $0.036.

Most of the major crypto exchanges have expressed their support for the airdrop, including Binance, OKX, and Kraken.

In an announcement, Binance says that FLR was distributed to eligible users at a rate of 0.1511 FLR for each XRP.

Says Hugo Philion, CEO and co-founder of Flare Network,

“The goal of Flare is to allow developers to build apps that securely access more data. This could allow the creation of new use cases, such as triggering a Flare smart contract action with a payment made on another chain, or with input from an internet/web2 API. It also facilitates a new way of connecting, specifically to bring non-smart contract tokens into Flare for use in applications such as DeFi protocols.”

Also selling is Songbird (SGB), Flare’s Canarian network, which is down 20% in the last 24 hours and is now 98.3% away from all-time highs, currently trading at $0.0121.

According to the Flare Network, Songbird is meant to test Flare technology ahead of the mainnet, provide decentralized application (DApp) developers with a live testing environment, and serve as the lower house in a bicameral governance structure.

Don’t miss a thing: sign up to receive crypto email alerts straight to your inbox

Check Price Action

follow us TwitterFacebook and Telegram

Surf The Daily Hodl Mix

Check the latest news headlines


Disclaimer: The opinions expressed in The Daily Hodl are not investment advice. Investors should do their due diligence before making any high-risk investment in Bitcoin, cryptocurrencies, or digital assets. Please note that your transfers and transactions are at your own risk, and any loss you may incur is your responsibility. The Daily Hodl does not recommend the purchase or sale of cryptocurrencies or digital assets, and The Daily Hodl is not an investment adviser. Please note that The Daily Hodl is involved in affiliate marketing.

Featured Image: Shutterstock/Zalevska Alona UA


Heath Tarbert joins Circle as General Counsel and Director of Corporate Affairs

In an exciting development for the global fintech industry, Circle Internet Financial has appointed Heath Tarbert as its new Chief Legal Officer and Head of...

Here is the bullish case for Ethereum Rival Solana (SOL), according to InvestAnswers

A widely followed analyst is giving a bullish outlook on the blockchain development of Ethereum (ETH) competitor Solana (SOL). In a new interview with Paul Barron,...

Rich Dad Poor Dad Author Says Biggest Real Estate Crash in History Is Coming, Calls BTC and Precious Metals the Answer

Rich Dad Poor Dad author Robert Kiyosaki once again predicts that the real estate sector will collapse and cause a severe global financial crisis. Former best-selling...

Binance Pay and Credencial Payments join forces to enable real-time crypto payments in Latin America

In a strategic alliance that aims to revolutionize the digital payments landscape, Binance Pay, the digital payments platform of the world's largest cryptocurrency exchange, Binance,...

Most Popular