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Flare’s FLR tokens were finally distributed to XRP holders, starting Monday night, after a nearly two-year-long wait in an event that generated massive chatter among community members. The tokens were dumped almost immediately by recipients.
Over 4.28 billion FLR tokens were shared and distributed to XRP holders who held at least one token during a snapshot in December 2020. The airdrop was conducted on a 1:1 basis, meaning one FLR for every XRP held.
The airdropped tokens currently represent 15% of the project’s total supply, with the remaining scheduled to be distributed over the next three years.
FLR holders will be able to vote for the way the future airdrop is distributed on Flare’s governance forums, alongside proposing other changes to the project.
The tokens were priced initially at 5 cents amid low liquidity on MEXC Global, before tripling to 15 cents as exchanges such as OKX and Kraken joined in and liquidity increased, CoinGecko data shows. The price slumped to as low as 2 cents and were quoted recently at 4 cents on CoinGecko. The tokens amassed some $34 million in trading volumes as of 10:30 UTC on Tuesday.
Flare, which initially aimed to become a decentralized finance (DeFi) application that utilized XRP tokens, has gradually transitioned to a layer 1 blockchain and oracle provider. Layer 1 refers to base blockchains, such as Ethereum or Solana, while oracles are third-party services that fetch data from outside a blockchain to within.
While the token is new, the Flare network was already functioning and handled over 268 million requests – for data and transactions over the past week, Flare’s vice president of engineering Josh Edwards said in a Monday tweet.
UPDATE (Jan. 10, 10:35 UTC): Removes percentage drop from headline; adds price detail in fifth paragraph.
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