Flare – a layer 1 oracle network – has initiated its FLR token airdrop across multiple major exchanges including Binance, OKX, Kraken, Bithumb, UpBit, Kucoin, and BitBank, among others.
With 4.279 billion FLR tokens distributed to millions of users, the airdrop marks one of the most large-scale token distributions in crypto history.
According to a press release, Flare’s initial airdrop represents 15% of the FLR’s total token distribution. It took place at 23:59 UTC on January 9.
The remaining 85% of tokens will be distributed over the next 36 months according to the community vote on Flare Improvement Proposal 01.
If passed, the proposal would place a hard cap on FLR’s annual inflation at 5 billion tokens per annum.
The Flare network is designed to allow developers to build apps that are interoperable with the internet and other blockchains.
The network leverages its State Connector to let smart contracts securely interact with information sourced from other blockchains.
Meanwhile, the Flare Time Series Oracle provides prices and data series to dapps without relying on centralized data providers. Flare describes it as a “highly decentralized data feed oracle” that sources data from nearly 100 independent data providers.
“For the blockchain industry to flourish, we need more useful decentralized applications,” said Hugo Philion, CEO & Co-founder of Flare. “Flare is tackling this through data, not just prices but transaction details, Web2 events etc, so that developers can build applications that provide more utility to a larger group of users.”
Hugo added that Flare could usher in new use cases such as triggering a smart contract through a transaction on another blockchain or allowing non-smart contract tokens to be bridged to Flare.
Flare launched in July of last year for builders and developers to interact with, while introducing a developer adoption program the following month.
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