With just hours to go before the Flare ($FLR) token airdrop to eligible XRP holders (and the $FLR token getting listed), over 52 crypto exchanges have confirmed that they will be distributing $FLR tokens after Flare Network has completed the $FLR airdrop to exchanges.
Flare Network is a decentralized platform for smart contracts that uses a new programming language called Flare. It is designed to be compatible with the Ethereum Virtual Machine (EVM), which means that it can run Ethereum smart contracts and dApps. The purpose of the $FLR token is to be used as a means of exchange and a store of value within the Flare Network. It is also used to reward participants for contributing to the network, such as by validating transactions.
Flare Network is a separate platform from XRP, but it has a close relationship with it. The $FLR token is designed to be used on the Flare Network, while $XRP is a cryptocurrency that is used on the XRP Ledger. However, Flare has announced that it will support $XRP as a “first class citizen” on its platform, which means that $XRP will be able to be used in the same way as the $FLR token within the Flare Network. This includes the ability to be used as a means of exchange and a store of value, as well as the ability to be used in smart contracts and other dApps that are built on the Flare Network.
So far, according to XRP influencer “XRP_Cro”, at least 52 crypto exchanges (including Binance, Kraken, and Bitstamp) have confirmed their support for the $FLR token distribution, which is expected to start at 11:59 p.m. UTC on 9 January 2023:
The Twitter thread by “XRP_Cro” (@stedas on Twitter) contains lots of useful information about the $FLR airdrop and is highly recommended reading for the $XRP community.
On 30 November 2022, Flare Network announced that the world’s largest crypto exchange Binance would be taking part in this airdrop by providing “eligible customers with their first 15% of the Flare (FLR) public token distribution.” They also mentioned that “this will be in the ratio of 0.1511 FLR for every 1.0000 XRP held on Binance at the time of the snapshot on 12 December 2020.”
The Flare team went on to say:
“The full FLR public token distribution will be completed over 36 months with a total ratio of 1.0073 FLR for every 1.0000 XRP. A comprehensive summary of FIP.01 and details on the two possible versions of Flare tokenomics for the different governance vote outcomes are available for further reading. Should Binance choose to support subsequent airdrops, a further announcement will be made.
“Recipients of the Flare token distribution will be able to wrap and delegate their tokens to the Flare Time Series Oracle to immediately start earning inflationary rewards for supporting the provision of decentralized data for the network. If the community votes yes to FIP.01, this will also ensure recipients receive the maximum number of FLR tokens available to them...
“This is not a new airdrop. This is the same airdrop that Binance had previously confirmed support for. The only differences are that the token is now called Flare (FLR) not Spark, and that the date for the token distribution has been finalized as 9 January 2023. Eligibility criteria for the token distribution are unchanged and based on an XRP snapshot completed on 12 December 2020.“
As for Coinbase, it confirmed on 12 December 2022 that it would be supporting the $FLR airdrop but sadly not immediately (unlike other major centralized crypto exchanges) since they tweeted that they only promise to support the airdrop sometime before the end of H1 2023:
Featured Image via Pixabay
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