The long-awaited Flare (FLR) token airdrop occurred at 23:59 UTC on Jan. 9, resulting in a extreme 83% drawdown during the last 24 hours.
FLR started buying and selling in Jan. 2021, managing to hit an all-time excessive of $2.26 on Might 1, 2021. It has since been caught in a macro downtrend that has roughly adopted wider market actions, together with the FTX sell-off in November.
The primary signal of bother confirmed on Jan. 8, with an 18% draw back swing that closed the day at $0.451838. Jan. 9 noticed a continuation to the selloff — leading to a lack of 42% on the day. As of press time, the FLR token had bottomed at $0.025329.
Two-year delay in airdrop
FLR airdrop tokens have been set to be distributed 1:1 with snapshotted XRP balances on Dec. 12, 2020.
Because the snapshot, a number of delays adopted with no airdrop in sight, main some to take a position fears of being dragged into the SEC vs. Ripple lawsuit was guilty.
It later emerged that the crew had determined to sluggish roll out “to launch a canary community previous to launching the official community.” This course of enabled thorough community testing, making certain a extra strong ultimate product.
Greater than two years after the snapshot, 4.3 billion FLR tokens have been airdropped on Jan. 9, within the first distribution spherical. This amounted to 15% of the full allocation; the remaining 85% can be paid out over the subsequent 36 months however the exact distribution is topic to a group vote.
What’s Flare?
Flare Community started as a DeFi ecosystem for Ripple however — throughout its two-year delay — has advanced right into a “layer 1 oracle community.” This incorporates applied sciences similar to native knowledge acquisition protocols, the State Connector, and Flare Time Sequence Oracle.
State Connector refers to protocols enabling safe and scalable info switch. Whereas Flare Time Sequence Oracle is a decentralized knowledge oracle drawing on over 100 unbiased suppliers.
Flare CEO and co-founder Hugo Philion mentioned that the undertaking provides builders safe and trusted knowledge entry to construct apps on. This performance can probably facilitate new use instances within the blockchain and cryptocurrency sectors.
“This might allow new use instances to be constructed, similar to triggering a Flare good contract motion with a fee made on one other chain, or with enter from an web API. It additionally facilitates a brand new method of bridging, particularly to carry non-smart contract tokens to Flare to be used in functions like DeFi protocols.”
