Airdrop on the horizon – For several years, many protocols have organized airdrops for the launch of their token. An elegant way to distribute the token to early adopters of the protocol. Now it’s Flare’s turn to unveil its airdrop, after two long years of waiting.
Flare: the democratization of smart contracts
Launched in 2020, the project flare aimed to add a layer to the Ripple network so that it could operate smart contracts. The ultimate goal is to be able to develop a complete DeFi ecosystem on Ripple.
Finally, the launch of the project was postponed for two years. During this period, the developers have pivoted the project in order to propose a solution allowing the implementation of smart contracts on blockchains on which the functionality is not native. As explained on the official project website:
“Flare offers interoperability and a smart contract EVM ecosystem to extend the reach and value of your product. Build on Flare with more data than ever before, or build with Flare to serve multiple ecosystems. »
The project emphasizes interoperability and plans to strengthen the link that exists between the different blockchains.
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FLR: a massive airdrop
Monday, January 9, the network Flare was finally launched into production. On this occasion, the protocol-specific token FLR was distributed to users via an airdrop. In practice, to obtain this airdrop, it was necessary to hold at least 1 XRP at the time of the snapshot.
Nevertheless, it is worth noting that said snapshot had been made in December 2020while the project had not yet postponed its launch date.
Either way, eligible users shared 4.28 billion FLR tokens. In practice, this airdrop represents 15% of the total supply of the FLR token.
The 85% will be distributed over the next three years, according to information revealed by Flare.
“The remaining 85% will be distributed in monthly installments after the conclusion of the FIP01 governance proposal. The exact method of distributing the remaining 85% will be determined by the governance proposal. »
Thus, it will be up to the governance of the protocol to determine how these tokens will be distributed.
At the time of its launch, the token was trading around $0.15 per unit on exchanges. However, its value has since dropped to stagnate around $0.04.
Nevertheless, with its 483 million capitalization, the Flare Network project is positioned in 79th place in the ranking of cryptocurrencies according to their marketcap.
For its part, the Ripple project, which was closely linked to Flare at the time of its announcement, could finally see its legal troubles come to an end. In effect, its CEO is optimistic about a positive development in 2023.
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