Binance Completes Flare (FLR) Token Airdrop To XRP Holders
On January 10, Flare Networks published a live feed countdown to one of the biggest token distribution events in cryptocurrency history. Binance on its website claimed that the token distribution from its side for XRP holders has been completed.
After recording a snapshot of XRP holders for more than two years, Flare finally started airdropping tokens. Flare is a layer 1 Ethereum Virtual Machine (EVM) blockchain that seeks to make the Ripple network compatible with smart contracts.
Flare distributes 4.28 billion tokens
Holders of XRP at the time of the snapshot would receive a 15% airdrop of the claimable token from Flare, formerly known as Spark, according to a statement made in October 2022.
At the first validated XRP ledger index number, Binance had a timestamp greater than or equal to 12 December 2022. Users who had a minimum of 10 coins during the given time were eligible for the Flare tokens. For each XRP token, there were 0.1511 FLR given.
4.28 billion FLR coins will be released, according to the first Flare Improvement Proposal. Those that wrap their FLR tokens will receive the remaining 24.23 billion tokens over the course of 36 months in regular instalments.
Also read: GALA Stuck Deal With The Walking Dead Game? GALA Price Jumps By 15%
Ripple’s XRP, from which the Flare Network snapshot was obtained in December 2020, received very little response in terms of price.
At the time of publication, the price of XRP was down 0.17% for the day at 0.3488 USD a unit. Despite many around it seeing increases, the cross-border transfer focused coin has not moved much in the past week. Additionally, XRP is down over 10% for the month and a staggering 90% from its all-time high of 3.40 USD in January 2018.
Binance changes policies
On the other hand, the co-founder of Binance, He Yi, informed the employees not to carry out any short-term crypto transactions even for personal reasons, as per a report. This applies to all employees regardless of the designation they hold. They must hold the coins for a minimum of 90 days before sending them out.
Also read: Class Action Lawsuit Against Terra And Do Kwon Voluntarily Dismissed
- Breaking: Trump To Meet China’s President On October 30, Bitcoin Bounces
- Breaking: Trump Pardons Binance’s Changpeng “CZ” Zhao, BNB Spikes
- Peter Schiff Challenges Binance Founder CZ to Debate as Bitcoin Vs. Gold Rivalry Heats Up
- Robinhood Lists HYPE As Hyperliquid Flips CZ Backed Aster In Perp DEX Volume
- Expert Warns More Crypto Bloodbath Ahead of CPI Data Tomorrow
- Dogecoin Price Crash Looms as Flag, Death Cross, Falling DOGE ETF Inflows Coincide
- Solana Price Prediction as Osprey’s S-1 Filing and Hong Kong’s ETF Launch Fuel Reversal Hopes- Is $250 Next?
- Ethereum Price Poised for Breakout as Wyckoff Re-Accumulation Meets BlackRock’s $110M Purchase
- BNB Price Prediction as Analysts Eye $1500 Ahead of Fresh Coinbase and Robinhood Listings
- XRP Price Classical Pattern Points to a Rebound as XRPR ETF Hits $100M Milestone
- Chainlink Price Eyes $27 Rebound as Whales Accumulate 54M LINK
Why Trust CoinGape
CoinGape has covered the cryptocurrency industry since 2017, aiming to provide informative insights Read more…to our readers. Our journal analysts bring years of experience in market analysis and blockchain technology to ensure factual accuracy and balanced reporting. By following our Editorial Policy, our writers verify every source, fact-check each story, rely on reputable sources, and attribute quotes and media correctly. We also follow a rigorous Review Methodology when evaluating exchanges and tools. From emerging blockchain projects and coin launches to industry events and technical developments, we cover all facets of the digital asset space with unwavering commitment to timely, relevant information.
