The countdown has begun for the airdrop event that Ripple investors have been waiting for a while. Meanwhile, an overlooked altcoin has done well over the past week as the token distribution we’re talking about is imminent.
We are close to the distribution of FLRs to Ripple investors
Ripple (XRP) investors are locked into this event. For a while, they had been looking forward to the previously postponed airdrop event. This event will take place on January 10th at 02:59 CEST. In this context, Ripple investors will finally receive their tokens to be distributed in the Flare Network (FLR) airdrop. XRP holders can use a self-custody wallet like Ledger or Metamask to claim future tokens from airdro.
Token Distribution Event: 2 days to go⌛
Join us on Twitter at 23:59 UTC on 9 January for the Token Distribution Event and a special community call with the Flare team & #FlareCommunity members. #ConnectEverything pic.twitter.com/WNp0bPGm66
— Flare ☀️ (@FlareNetworks) January 7, 2023
In the meantime, the FLRs subject to the airdrop will be distributed to users with XRP tokens in their wallet or on supporting exchanges on December 12, 2020. For this, XRP holders to be distributed will be determined according to the snapshot of the network taken on this date. According to the statement, XRP holders who have stored their funds on a participating exchange on December 12, 2020 will also be eligible to receive the FLR airdrop.
As part of the airdrop event, 100 billion FLR will be created first. Later, 45 billion of this will be distributed depending on the demand of XRP holders. The claim period will end when all FLR is distributed or burned. Meanwhile, FLRs not claimed by Ripple holders will go to burn wallets.
cryptocoin.com As you follow, many cryptocurrency exchanges, including Coinbase, have announced that they will support the airdrop event. The largest US crypto exchange Coinbase announced last month that it will support the FLR airdrop. At least 55 other exchanges, including Binance, have confirmed their intention to distribute FLR to their customers within 2 weeks of the airdrop.
Flare Network connected SGB up 88% last week
With its native FLR token, Flare Network aims to bring smart contract capabilities to various Blockchain networks, mainly starting with XRP and then Litecoin (LTC). The company previously said that each eligible holder will immediately receive 15% of claimable Spark tokens, followed by an average of 3% per month, continuing for a minimum of 25 months and a maximum of 34 months. Meanwhile, Flare Network’s ‘canary network’ Songbird (SGB) gained more than 88% last week. SGB’s big gains came as Flare approached the long-awaited FLR token distribution on January 9.
A ‘canary network’ is an operational Blockchain with a defined token source that allows new features to be tested under production conditions before being deployed on the main-net. This is the opposite of a test-net, which usually has an unlimited supply of tokens.
