Binance has completed the airdrop of Flare tokens for XRP holders. For each XRP token, the owner receives 0.1511 Flare tokens.
Binance distributes FLR
According to a statement made in October 2022, XRP holders would receive 15% of the claimable token from Flare, formerly known as Spark. On the first verified XRP ledger index number, Binance had a timestamp greater than or equal to December 12, 2022. Users who have at least 10 tokens within the specified time are eligible for Flare tokens. 0.1511 FLR was awarded for each XRP token.
According to the Initial Flare Improvement Proposal, 4.28 billion FLR cryptocurrencies will be released. Those who pack FLR tokens will receive the remaining 24.23 billion tokens in regular installments over 36 months. Ripple’s XRP, whose Flare Network snapshot was taken in December 2020, received little response in terms of price.
At the time of publication, XRP price was down 0.17% on the day at 0.3488 USD/unit. The cross-border transfer-focused cryptocurrency hasn’t moved much in the past week, although many around it have seen an increase. Additionally, XRP is down over 10% during the month, hitting a staggering 90% from its all-time high of $3.40 in January 2018.
On the other hand, Binance co-founder He Yi has warned employees not to make short-term crypto transactions, even for personal reasons, according to a report. This applies to all employees, regardless of what title they hold. They must hold at least 90 days before sending cryptocurrencies.
Serious aftermarket FLR crashed
Flare’s FLR tokens were finally distributed to XRP holders starting Monday night, after a nearly two-year wait that sparked great controversy among community members. The tokens were abandoned by buyers almost instantly.
The FLR airdrop to be distributed to Ripple investors was held last night after 2 years of waiting. In addition, 4.28 billion FLR was distributed to investors as part of the airdrop. In addition, with the launch of the tokens, the FLR token, which was traded on 5 major exchanges, was subjected to a great selling pressure. It is estimated that traders instantly sell the FLRs they receive upon completion of the airdrop they are waiting for.
According to data from CoinGecko, FLR, which started trading at $0.15 last night, dropped by nearly 87% and reached $0.02. It also created a volume of 30 million dollars in a short time. cryptocoin.comAs we mentioned, FLR, which started trading on major cryptocurrency exchanges such as OKX, ByBit and KuCoin, is trading at $0.037 with a 75% loss at the time of writing.
While the token is new, the Flare network was already up and running, processing more than 268 million requests for data and transactions last week, Flare’s vice president of engineering, Josh Edwards, said in a tweet Monday.
