Flare Network Has Officially Launched, The First Airdrop Distributed 4.279 Billion FLR

Key Points:

• Flare Network has officially launched and successfully airdropped 4.279 billion Flare FLR tokens at 7:59 on January 10.
• The event was successfully held after two years of delay.
• This airdrop represents 15% of the total token supply. The remaining 85% will be distributed over three years based on a community vote.
• Many exchanges also announced the listing of FLR today, such as KuCoin, OKX, Huobi, Bybit, Gate, and MEXC.

Flare Network has officially launched and successfully airdropped 4.279 billion Flare FLR tokens at 7:59 on January 10, attracting millions of users on BitBank, Kucoin, UpBit, Bithumb, Kraken, OKX, and Binance.

Flare is a brand new Layer 1 blockchain that allows developers to build apps and achieve interoperability with other blockchains and the Internet.

This airdrop is entirely meaningful for Flare. Blockchain developers can instantly use EVM on the Flare chain and its native data collection protocols, including the State Connector and Oracle Time Series of Flare (FTSO).

These protocols are secured by the Flare network and provide users with decentralized access to high-integrity data from other blockchains and the Internet, which can be used to create use cases and new monetization models.

The event was successfully held after two years of delay. Under the old plan, Flare intends to issue up to 45 billion FLR to holders of XRP in wallets or eligible exchanges at a rate of 1 XRP receiving 1.0073 FLR. These 45 billion tokens include 45% of the total FLR the company will generate when its blockchain launches next year.

After two years, a lot has changed. The project decided to distribute 4.28 billion Spark FLR tokens (equivalent to 15% of the total token supply) to those who qualify and is still based on the snapshot results in December 2020. Just holding at least 1 XRP at that time can be airdropped.

According to the announcement, the remaining 85% will be distributed over the next three years based on a community vote. Users can use the airdropped FLR to participate in governance voting.

As soon as the network was officially launched, FLR was also announced to list on a series of cryptocurrency exchanges such as KuCoin, OKX, Huobi, Bybit, Gate, and MEXC.

Now that Flare is up and running. These apps can securely access more information. It means that people will see more new use cases in the future, such as activating Flare intelligent contracts to perform payment operations on another blockchain or importing information from the platform or Web2 interface.

Hugo also pointed out that this will provide a new way of connecting, especially by bringing non-smart contract tokens to the Flare network and using them in applications like the DeFi protocol.

The project raised $11.3 million from a funding round in June 2021, led by Kenetic Capital, with the participation of Digital Currency Group and Coinfund. By April 2022, Flare Network was sponsored by the Algorand Foundation to establish a bridge that allows the transfer of value between ALGO and BTC.

DISCLAIMER: The Information on this website is provided as general market commentary and does not constitute investment advice. We encourage you to do your own research before investing.

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