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XRP Holders to Receive FLR Tokens from Major Exchange Today

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Mon, 9/01/2023 - 9:22
XRP Holders to Receive FLR Tokens from Major Exchange Today
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The long-awaited Flare Network token airdrop, FLR, will take place today on major cryptocurrency exchanges, including Binance. According to social media reports, some users have already started receiving their tokens. In the meantime, FLR will not be distributed and listed on Binance US, which reports that it needs more time to analyze the token more thoroughly.

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The distribution of FLR on centralized exchanges will take place among XRP holders. According to the formula announced by the project, the initial airdrop will be 15% of the total size of the fund, and the remaining 85% will be used according to the proposal put forward by FLR Foundation earlier.

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Thus, for each XRP held until the snapshot, about 0.15 FLR will drop. A total of FLR 4.28 billion will have to be distributed starting today. In this case, if the proposal to change the terms of distribution of the remaining 85% of tokens is rejected, about 1 FLR will be airdropped for each XRP held.

Why is FLR airdropping to XRP holders?

A key goal of Flare Network is said to be the desire to provide smart contracts support for XRP. As a reminder, XRPL does not currently have native support for smart contracts, which is why XRP does not have this functionality.

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Through the creation of two-way bridges between networks, such as XRPL and Ethereum, Flare solves this problem. In doing so, the FXRP token, a kind of counterpart to WETH — which can be issued or redeemed by XRP holders via a smart contract — is issued to ensure seamless operation.

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