The long-awaited airdrop of Flare tokens has commenced. South Africa’s favourite cryptocurrency exchange, AltCoinTrader beat Janu-worry by distributing Flare tokens to eligible traders. Here’s what you need to know about one of the largest token distribution events in crypto history.
Hello Flare
The Ripple (XRP) community has been waiting for a long time for this airdrop – two years to be exact. Those who held XRP back in December 2020 were eligible to receive the Flare (FLR) token airdrop. More than 52 cryptocurrency exchanges pledged their support to the airdrop, including AltCoinTrader. Tokens are to be distributed at a 1:1 ratio with 15% of the tokens already given to XRP holders during January 2023. That means that 4.28 billion FLR tokens have been distributed in the first round with the remaining 24.23 billion tokens to be distributed monthly. The FLR token airdrop is one of the largest token distribution events in crypto history.
What is Flare?
Flare is so much more than an airdrop token. Flare is a blockchain built to connect everything. Furthermore, it is a layer-1 Ethereum Virtual Machine (EVM) compatible blockchain. It presents developers with a simple and coherent stack for decentralized interoperability. By enabling users to bridge assets between multiple networks, the project promotes cross-chain communication. This is important as it allows dApps to communicate between networks in a secure environment.
The network features three decentralized technologies, namely the Flare Time Series Oracle, F-assets and the State Connector. Users can pay for these services with FLR tokens. With the Songbird network, developers can test features and updates before deploying them on the Flare network. Songbird (SGB) works alongside Flare whilst the SGB token plays an essential role in governing the Flare crypto ecosystem. SGB token holders can vote on proposals and changes to the Songbird and Flare networks.
Future Flare
Whilst AltCoinTrader has already distributed the 15% FLR tokens given to XRP holders, there may be changes coming to the distribution of the remaining tokens. The Flare community has put forward a FIP.01 Flare Distribution, Inflation & Incentive Pool Proposal with voting that starts on 21 January and is expected to end on 28 January.
In a nutshell, if the community votes in favour of the proposal, the remaining 8% of tokens will no longer be airdropped but given to holders who choose to stake and wrap the FLR tokens. If this is the case, the remaining 36 monthly distributions will be carried out on-chain in a decentralized manner. If the community rejects the proposal, AltCoinTrader and other participating exchanges will continue to distribute the airdrop tokens on a monthly basis. Keep an eye on AltCoinTrader news for updates on the case.
In conclusion, well done to all XRP holders who received the FLR airdrop on AltCoinTrader. Deposits and withdrawals are open and is currently trading.