• The Flare token (FLR) airdrop distribution finally came through for Ripple XRP holders, starting on January 10 with a ratio of 1.0073 FLR for each XRP token.
• David Schwartz, Ripple CTO, expressed displeasure about the current holding rules for Flare tokens, enjoining the airdrop receivers to sell their Flare tokens quickly.
• Flare Network is a layer-1 Ethereum Virtual Machine blockchain that enables developers to build decentralized applications interoperable with different blockchains.
The long-awaited Flare token (FLR) airdrop distribution for Ripple XRP holders has finally come through. On January 10, the distribution began, with a ratio of 1.0073 FLR for each XRP token. As a result, the XRP community was granted 15% of the Flare supply. However, David Schwartz, Ripple CTO, has expressed his displeasure about the current holding rules for Flare tokens, urging airdrop receivers to sell their Flare tokens quickly.
The Flare Network is a layer-1 Ethereum Virtual Machine blockchain that enables developers to build decentralized applications, making them interoperable with different blockchains. FLR tokens can be used for payments, transaction fees to avoid spam attacks, and staking on validator nodes. FLR can also be wrapped into WFLR, an ERC-20 variant. Users can stake WFLR tokens to participate in governance or delegate to FTSO data providers.
The Flare Network protocol was launched on July 11, 2020, while its token went live on January 9, 2023. The Network posted a live feed on Twitter, counting down to the airdrop distribution event. After holding snapshots of XRP holders for two years, the airdrop distribution finally began. In October, Flare Network announced that XRP holders would receive a 15% airdrop of the FLR tokens. Those who had a minimum of 10 XRP coins during the snapshot were eligible to receive the airdrop.
Despite the airdrop, David Schwartz was not pleased with the current holding rules for Flare tokens. He claims these rules lack incentive, and in a recent tweet, urged airdrop receivers to sell their Flare tokens quickly. Schwartz’s tweet sparked an uproar among the XRP community, with many arguing that Schwartz’s suggestion goes against the whole concept of a cryptocurrency airdrop.
Regardless of the controversy, the Flare Network is gradually gaining traction. Developers are already building decentralized applications on the platform and the list of supported blockchains is expected to increase. The Flare Network could potentially bridge the gap between traditional and decentralized finance and bring a new era of blockchain interoperability.