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.
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Featured Image: Shutterstock/Zalevska Alona UA