Flare airdrops token supply to Ripple Holders after two years of snapshot

The holders of XRP have started receiving airdrops from Flare after 2 years since the snapshots were taken, on December 12, 2020, to be precise. At the time of drafting this article, around 15% of the token supply had been airdropped to the XRP (Ripple) holders. The remaining portion of the token supply will be airdropped in the next 36 months, according to media reports.

Flare Network is a smart contract platform that offers compatibility with Ethereum. It had earlier announced that it would airdrop the token to users holding XRP on centralized exchanges, including, but not limited to, Kraken, Binance, and Bithumb. Another set of distributions is tentatively scheduled to be executed within the first half of 2023, in the next 5–6 months.

The price of XRP after this announcement has surged nearly 5% in the last 24 hours. FLR, the native token of Flare, has also seen a rise in its value. The number is somewhere around 12% for the last 24 hours. The market capitalization of the token has crossed the value of $500 million to surpass the values of MKR and CRV.

Notably, this is not the first time that Flare has announced an airdrop. It was previously announced that 30% of the Songbird token supply would be distributed via airdrop in September 2021. The Songbird token is the native token of the Songbird blockchain network. This airdrop was also committed to the holders of XRP.

To briefly understand what Songbird is, one can look at it as a “canary network,” a network that has its own native token and is used for testing.

Airdrops remain the center of discussion despite a degree of fatigue in the community of smart contract platforms. Airdrops are seen as free money by the crypto community. Its distribution is often hailed as a great step to get more people onboard the network.

Presently, Flare is promoting State Connector as its unique point of differentiation in the industry. State Connector essentially enables smart contracts on a blockchain to handle data from external sources, such as the Internet or other blockchains. State Connectors are only described as performing similar functions to a decentralized oracle like Chainlink.

Ripple (XRP), a digital asset, has been designed to boost cross-border payments. Circling back to Flare’s airdrop event, it has been reported that the distribution began Monday night on a 1:1 basis – 1 FLR was given for 1 XRP held by users. Also, the tokens were immediately dumped after they were airdropped. Almost 4.28 billion FLR tokens were distributed to represent 15% of the total supply.

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Initially priced at 5 cents, the tokens have now tripled in value to 15 cents. It even went down to 2 cents. Flare published a tweet to share the link for the Flare token distribution event.

David Cox

David is a finance graduate and crypto enthusiast. He projects his expertise in subjects like crypto and Blockchain while writing for CryptoNewsZ. Being from Finance background, he efficiently writes Price Analysis. Apart from writing, he actively nurtures hobbies like sports and movies.

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