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Flare (FLR) Token Airdrop Distribution to XRP Holders Completed by Binance: Details

Tue, 01/10/2023 - 15:35
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Tomiwabold Olajide
Flare (FLR) tokens were distributed to eligible users
Flare (FLR) Token Airdrop Distribution to XRP Holders Completed by Binance: Details
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Top crypto exchange Binance says it has completed the Flare (FLR) airdrop distribution to XRP (XRP) holders. Users who had at least 10 XRP in their Binance accounts at the time of the snapshot (including those in trade orders) were eligible for Flare (FLR) token distribution.

According to the crypto exchange, the Flare (FLR) tokens were distributed to eligible users at a ratio of 1 XRP to 0.1511 FLR.

The Flare token distribution on Jan. 9 marks the first 15% of the overall public token distribution; the remaining 85% will be distributed over 36 months.

Based on the results of a community vote on Flare Improvement Proposal 01 (FIP.01), the distribution method for the remaining 85% of the token supply will be determined.

Regardless of whether FIP.01 is approved or not, the total number of tokens allotted for public distribution is 28,524,921,372 FLR, as mentioned in a blog post. This equals a ratio of 1.0073 FLR for every 1.0000 XRP held.

Layer 1 oracle network flare launches

According to a blog post, Flare has accomplished a big feat with the launch of its Layer 1 Oracle Network. Flare bills itself as the blockchain for developing applications that integrate data from other chains and the internet.

On Jan. 9, 2023 Flare successfully started its long-awaited token distribution at 11:59 p.m. UTC.

Millions of recipients received 4.279 billion Flare (FLR) tokens during the first phase of the distribution, including users of Binance, OKX, Kraken, Bithumb and several other platforms.

Ledger Live has also announced support for the Flare network.

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About the author

Tomiwabold is a cryptocurrency analyst and an experienced technical analyst. He pays close attention to cryptocurrency research, conducting comprehensive price analysis and exchanging predictions of estimated market trends. Tomiwabold earned his degree at the University of Lagos.