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Breaking News: Trump Prepares To Allow Crypto Investments In $9 Trillion Retirement Market

Ripple (XRP) Related Flare Network Token Airdrop: FLR dumps by 71%

Jake Simmons
Jake Simmons
2 years ago
2 mins read
Ripple XRP

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In late 2020, the Flare Network attracted a lot of attention in the Ripple (XRP) community. The creators wanted to open up the DeFi space for Ripple and announced an airdrop of Flare (FLR) tokens for all XRP holders.

However, holders of XRP had to be patient for a long time. The launch was postponed several times. But today is finally the day: at 6:59 p.m. EST, the distribution of FLR tokens will take place.

The FLR Token Distribution event is just 24 hours away.

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

— Flare ☀️ (@FlareNetworks) January 8, 2023

However, there is also bad news. Just before the launch, the FLR/USDT trading pair is seeing a massive dump of around 71% on Bitrue.

The exchange was the only trading platform besides Poloniex to date where FLR could be traded as an IOU. As can be seen in the 1-day chart from TradingView, the FLR/USDT pair has seen a massive dip over the last two days on Bitrue.

The token was trading at $0.5394 yesterday and crashed to a low of $0.1559 at times today before recovering to $0.2395 at press time. With this, the FLR token is still posting a loss of around 55% compared to two days ago.

FLR USDT
FLR/USDT on Bitrue

Airdrop For XRP Holders Is Finally Here – Too Late?

When the project started, the narrative was clear: Ripple (XRP) lacked access to the booming sector of decentralized finance (DeFi). This has since changed, at least in part. Ripple has been developing a bridge to Ethereum (ETH) on its own to enable smart contracts and DeFi. Moreover, the XRP Ledger now has a DEX and its own NFT standard.

Related Reading

Ripple XRP

XRP Price Primed For Future Rally Following Ripple’s MENA Expansion

2 years ago

To adapt to it, the project now aims to provide smart contract capabilities for blockchains without them, starting with Ripple (XRP). Flare Network is a layer 1 Ethereum Virtual Machine (EVM) based interoperable blockchain based on the Proof of Stake (PoS) consensus mechanism.

Related Reading

Ripple XRP Whales Moves Assets As Price Dips, What’s Next?

XRP Whales Move Assets As Price Dips, What’s Next?

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However, whether Flare Network can convince investors after its 2-year delay with its new approach or whether there will be another dump tonight when the majority of Ripple (XRP) investors receive their FLR tokens, remains to be seen. Today’s dump suggests that some investors may not be interested in FLR in the long term.

FLR Token Distribution

For every 1 XRP in the snapshot (taken in December 2020), 1.0073 FLR will be airdropped. Today, the first 15% of this amount will be distributed via airdrop. The remaining 85% of the tokens will be paid out in 36 monthly installments. The method of distribution depends on the outcome of the community vote on the Flare Improvement Proposal 01 (FIP.01).

If the community approves the proposal, the remaining 36 monthly distributions will be decentralized on the chain. The tokens will be divided among the wallets that packaged FLR tokens (WFLR).

If the community rejects the proposal, the same self-storage wallets and the same centralized exchanges that received the initial airdrop will receive one airdrop per month for 36 months.

Featured image from iStock, Chart from TradingView.com

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Jake Simmons
Jake Simmons

Jake Simmons

Jake Simmons, a dedicated crypto journalist, has been passionate about Bitcoin since 2016 when he first learned about it. Through his extensive work with NewsBTC.com and Bitcoinist.com, Jake has become a trusted voice in the crypto community, guiding newcomers and seasoned enthusiasts alike towards a deeper understanding of this dynamic field.

Read more

His mission is simple yet profound: to demystify Bitcoin and cryptocurrencies and make them accessible to everyone.
With a professional career in the Bitcoin and crypto scene that began right after graduating with a degree in Information Systems in 2017, Jake has immersed himself in the industry. Jake joined the NewsBTC Group in late 2022. His educational background provides him with the technical prowess and analytical skills necessary to dissect complex topics and present them in an understandable format. Whether you are a casual reader curious about Bitcoin or an investor seeking to navigate the latest market trends, Jake’s insights offer valuable perspectives that bridge the gap between complex technology and everyday usage.

Jake is not just a reporter on technological trends; he is a firm believer in the transformative potential of Bitcoin over traditional fiat currencies. To him, the current financial system is on the brink of chaos, propelled by unchecked government actions and flawed Keynesian economic policies. Drawing from the principles of the Austrian school of economics, Jake views Bitcoin not merely as a digital asset but as a crucial step towards rectifying a failing monetary system. His libertarian views reinforce his stance that just as the church was separated from the state, so too should money be freed from governmental control.

For Jake, Bitcoin represents more than just an investment; it's a peaceful revolution. He envisions a future where Bitcoin fosters a sustainable and responsible financial framework for generations to come. His advocacy is not about opposition but about evolution, about laying the groundwork for a system that prioritizes transparency and equity over secrecy and inequality.

As a journalist, Jake’s articles are crafted with the precision of a scholar and the passion of a true believer. He provides not only news but also thoughtful analysis that connects the dots between daily developments and larger economic theories. His work is a beacon for those lost in the technical jargon often associated with crypto discussions, illuminating the practical implications and benefits of these technologies.

In summary, Jake Simmons is not just reporting on a revolution; he wants to be part of it, fully committed to enhancing public understanding and adoption of Bitcoin and cryptocurrencies. His work is more than just a collection of articles; it’s a resource, a guide, and a companion for anyone ready to explore the potential of this digital frontier. Whether you are taking your first steps into crypto or are a veteran looking to stay on top of the latest trends, Jake’s insights provide clarity and foresight in an often unpredictable industry. Join him on this journey to reshape the world of finance, one post at a time.

You can engage with his latest takes on Twitter: @realJakeSimmons.

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Disclaimer: The information found on NewsBTC is for educational purposes only. It does not represent the opinions of NewsBTC on whether to buy, sell or hold any investments and naturally investing carries risks. You are advised to conduct your own research before making any investment decisions. Use information provided on this website entirely at your own risk.

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Reason to trust

Strict editorial policy that focuses on accuracy, relevance, and impartiality
Created by industry experts and meticulously reviewed
The highest standards in reporting and publishing
How Our News is Made

Strict editorial policy that focuses on accuracy, relevance, and impartiality

Ad discliamer

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