Ripple linked Flare FLR token airdropped to eligible users is dumped by 70%

Flare network airdropped FLR tokens on January 9th 23:59 UTC to eligible users.

After waiting for 2 years, XRP holders received the first lot of FLR tokens. The distribution witnessed 4.28 billion tokens sent to eligible wallets. The qualified recipients were selected based on the number of XRP tokens held in the wallet, snapshot of which was taken in Dec 2020.

This airdrop completes the first phase of the total airdrops planned over the span of the next three years. The 4.28 billion tokens amount to 15% of the project’s total supply. The next phase of the airdrop will be decided by the Flare network community.

The token is available to trade on Poloniex and Bitrue. The airdrop was followed by token dumping by the token holders on these exchanges. From priced at around $0.50, the token was dumped by 70% and is trading at a price of $0.03 at the time of writing the post.

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Flare was started as a project to develop a DeFi ecosystem for Ripple. That’s the reason why XRP holders received FLR tokens in the first place. However, over the period of two years since its inception, the vision changed.

The project now aims to provide smart contract solutions not just for Ripple but for any blockchain that is lacking such capability like Bitcoin.

The project successfully raised $11.3 million in June 2021 funding round by Kenetic Capital. Genesis and CoinDesk parent company Digital Currency Group also participated in the capital raise.

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