Just hours before the Flare ($FLR) token airdrop to eligible XRP holders, over 50 crypto exchanges have confirmed that they will be distributing $FLR tokens after the Flare Network completed the $FLR airdrop to exchanges.
Flare is a decentralized smart contract platform that uses a new programming language called Flare. It is designed to be compatible with the Ethereum Virtual Machine (EVM), which means it can run Ethereum smart contracts and dApps. The FLR token is used as a medium of exchange and a store of value within the Flare network. It is also used to reward participants for their contribution to the network, e.g. B. by validating transactions.
The Flare Network is a separate platform from XRP but is closely related to it. The $FLR token is intended for use on the Flare Network, while $XRP is a cryptocurrency used on the XRP Ledger. However, Flare has announced that it will support $XRP as a "First Class Citizen" on its platform, meaning that $XRP will be able to be used in the same way as the $FLR token within the Flare network will. This includes the ability to be used as a medium of exchange and a store of value, as well as the ability to be used in smart contracts and other dApps built on top of the Flare Network.
According to XRP influencer âXRP_Croâ, at least 52 crypto exchanges have confirmed their support for the $FLR token distribution, which is expected to start on January 9, 2023, at 23:59 UTC.
The FLR Token Distribution Event is coming soon!
Join the #Flare team and guests on Twitter tomorrow at 23:59 UTC for a live stream. Distribution begins a few minutes before the stream begins.
The Twitter thread by "XRP_Cro" (@stedas on Twitter) contains a lot of useful information about the $FLR airdrop and is highly recommended reading for the $XRP community.
On November 30, 2022, Flare Network announced that Binance will âprovide eligible customers with the first 15% of Flareâs public token distribution (FLR).â This will be at the ratio of 0.1511 FLR for every 1.0000 XRP, which is held on Binance at the time of the snapshot on December 12, 2020.
The Flare team went on to say:
The FLR token public 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 various governance vote outcomes are available for further reading. If Binance decides to support subsequent airdrops, another announcement will be made.
Flare token distribution will allow recipients to wrap and delegate their tokens to the Flare Time Series Oracle, which will begin earning inflated rewards for supporting the delivery of decentralized data to the network. If the community votes for FIP.01, it will also ensure recipients receive the maximum number of FLR tokens available to them.
This is the same airdrop that Binance previously confirmed support for. The only differences are that the token is now called Flare (FLR) and the token distribution date has been set for January 9, 2023. The eligibility criteria for the token distribution are unchanged and are based on an XRP snapshot completed on December 12, 2020.
Coinbase confirmed on December 12, 2022, that it will support the $FLR airdrop, but it hasn't yet promised to do so immediately like other major centralized exchanges.
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