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According to a screenshot posted by XRP enthusiast Bill Morgan, the Flare token IOU on the Bitrue exchange has dropped more than 64% in the last 24 hours.
It has not been a great day for holders of the Flare token IOU on Bitrue exchange. pic.twitter.com/paQBVXaVOw— bill morgan (@Belisarius2020) January 9, 2023
As seen on the TradingView chart, the FLR/USDT pair on Bitrue has seen a massive dump in the last two days. The token flash-crashed to lows of $0.15 on Jan. 9 before recovering to $0.30, where it currently trades. At the time of publication, it remains lower by 33.24%, significantly down from the Jan. 8 high of $0.53.
As reported by U. Today, Bitrue was the first exchange to enable the trading of FLR-pegged IOUs. "Real" FLR tokens will be distributed in less than 15 hours.
Flare token distribution hours away
According to Flare's official Twitter handle, the FLR token distribution event is just hours away, scheduled to start today at 11:59 p.m. UTC. The Flare public distribution, as per the official documentation, will take place in two parts. The first 15% will be distributed during the token distribution event to wallets that held XRP on Dec. 12, 2020.
The FLR Token Distribution event is just 24 hours away.— Flare ☀️ (@FlareNetworks) January 8, 2023
Join the #Flare team and guests on Twitter tomorrow. The distribution starts at 23:59 UTC sharp. The stream will start a few minutes before.#ConnectEverything pic.twitter.com/CLtmUird1Z
This will be before the FIP.01 governance vote, and at this token distribution event, exchanges and self-custody wallets will receive 0.1511 FLR for every 1.0000 XRP held.
Once 66% of the initial public token distribution is available to token holders, a governance vote on Flare Improvement Proposal 01 (FIP.01) will be triggered.
This includes changes to the payout structure and recipients of the Cross Chain Incentive Pool, as well as adjustments to the distribution and inflation of FLR, the Flare blockchain's native token.
As stated in a blog post, the total amount of tokens allocated for public distribution is the same regardless of whether FIP.01 is passed or not: 28,524,921,372 FLR. This equates to a ratio of 1.0073 FLR for every 1.0000 XRP held. According to Flare Network, the full FLR public distribution will be completed over 36 months.