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Ripple Ally Strikes Gold: Logs 20M Blocks, 64M Transactions

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Key Ripple partner Flare Network has notched up some major milestones, gaining tremendous traction across the space. According to data from CoinGecko, FLARE is among the top gainers in the last 60 days. The token’s upward charge has seeped into the network’s activity. There are now 20 million blocks created and 64 million transactions made on Flare.

“What awesome milestones to hit this weekend! I couldn’t be prouder of the progress being made by all involved,” remarked Flare Labs VP, Joseph Edwards.

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Ripple Ally Strikes Gold: Logs 20M Blocks, 64M Transactions 2

From its positioning as a Ripple-focused decentralized finance [DeFi] application, Flare has evolved into a layer 1 blockchain and Oracle provider with major backing from the leading payments entity. Recently, some of the earliest investors—such as Hong Kong- and US-based Kenetic and New York-headquartered Aves Lair—have doubled down on investment by extending token vesting, limiting token sales, and committing significant new capital to invest across the Flare ecosystem.

The backers are voluntarily extending their token vesting period from 2024 through to Q1 2026, and they have agreed to limit their token sales to a maximum of 0.5% of the 30-day daily average volume.

To bolster support for sustained ecosystem growth and provide additional incentives for builders, the investors have also committed to reinvesting at least 50% of the proceeds of all token sales over the next two years back into Flare ecosystem projects.  At the current market valuation, the potential reinvestment in the ecosystem comes to $35 million, per the blog post.

Flare Onboard Ripple’s XRP

Earlier, the Ripple partner announced an important integration that boosts XRP adoption. According to co-founder of Flare Networks, Hugo Phillon, Flare is all set to integrate the Ripple-affiliated token into its network as well as other ecosystems through LayerCake. To facilitate a seamless entry of XRP into Flare Networks, the new collaboration also features the addition of the wrapped token FXRP, opening up tons of possibilities for cross-chain innovation.

Phillon, in particular, shone the spotlight on the limitless capabilities in case hooks arrive on the XRP Ledger mainnet, emphasizing that Flare could provide high-quality decentralized data to dapps developed using hooks.

Weekly Highlights: Bitcoin & Ethereum Hold Strong, Altcoins Surges

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Bitcoin (BTC) and Ethereum (ETH) have remained firm on their support levels, while many other alternative coins within the top 60 were performing impressively. Uniswap (UNI) has been the best performer of these, while Flare (FLR) and Filecoin (FIL) have taken the second and third places, respectively, for a significant increase.

Uniswap (UNI) surged by 40% in the past week, pushing UNI toward $12.79. As of the time of writing, UNI trades at $10.65 and has increased by 1.80%, while its 24-hour trading volume indicates a sharp decrease of 55%.

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Uniswap (UNI) 7-Day Chart | Source: CoinMarketcap

Flare (FLR) also gain significant attention, with a weekly increase of more than 32%. At present, it trades for $0.04635 per FLR, marking a massive surge of 17.81%. Most interesting is that trading volume has increased by 185.56% in the last 24 hours.

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Flare (FLR) 7-Day Chart | Source: CoinMarketcap

Another coin with a huge surge this week was Filecoin (FIL), where its price surged by 23%. According to the latest data, FIL currently exchanges hands at $8, gaining 1.23% in price, while the trading volume increased by 11% within the last 24 hours.

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Filecoin (FIL) 7-Day Chart | Source: CoinMarketcap

Apart from these, weekly data for some other altcoins, including Mantle (MNT), Render (RNDR), and BNB (BNB), had also depicted figures in green, with MNT surging by 18%, RNDR at 17%, and BNB experienced a rise of 10%, according to data from CoinMarketCap.

Bitcoin (BTC) & Ethereum (ETH) Weekly Review

Bitcoin tested near $52,945 before correcting lower to test the critical $50,556 support level. Currently, BTC exchanges hands at $51,346 with a 24-hour trading volume amounting to $29.04 billion; its market capitalization is positioned at $1.01 trillion. During the last 24 hours, BTC decreased by 0.78%.

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Bitcoin (BTC) 7-Day Chart | Source: CoinMarketcap

Santiment highlighted that despite Bitcoin’s price increasing by an impressive 74% over just four months, it had shown no signs of usual FOMO behaviour from investors. The interest in BTC increased sharply when the SEC approved 11 ETFs; however, the absence of fresh enthusiasm points to a possible rally continuation. Analysts are watching crypto forums carefully for signs of irrational exuberance which might indicate a nearing market top.

Crypto analyst Ali Matinez identified a critical range for Bitcoin, with two significant supply zones to watch. The first zone that serves as support ranges from $50,000 to $51,570, which is estimated to hold about 670,220 BTC within about 1.3 million addresses.

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Weekly Highlights: Bitcoin & Ethereum Hold Strong, Altcoins Surges 9

In addition, the second zone that acts as resistance lies between $51,640 and $53,200 representing about 351,600 BTC held by over 752k addresses. If there is an upside breakout above resistance, it may result in a bullish upsurge towards $57,130, while a failure through support could end at$47,700.

Meanwhile, Ethereum (ETH) confirmed a positive correlation with Bitcoin, rallying to $31.29 before settling around $30.99. ETH’s 24-hour trading volume currently sits at a value of $24.47 billion, while its market capitalization is worth $372.71 billion, ETH has risen by 2.02% within the last 24 hours.

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Ethereum (ETH) 7-Day Chart | Source: CoinMarketcap

Pointing to the reason why Ethereum price is set for a bullish breakout, the borovik.eth cryptocurrency analyst points out that Ethereum is now rushing at full steam ahead toward new all-time highs as ultra-bullish factors of the cryptocurrency continue to converge. There will certainly be major improvements in two weeks on the predictions within the Ethereum network as EIP-484 becomes activated, making it more effective and scalable.

In addition, a pending spot ETF would further increase Ethereum’s clout, with improved access by investors and potential massive inflows from institutional buyers. And while at it, Layer 2 solutions are increasingly bringing back life to the Ethereum ecosystem as they address many of its current congestion problems, unlocking possibilities for development.

Moreover, the airdrops have been indicative of a lively community and good enthusiasm on the part of the adopters of various Ethereum-based projects. Most importantly, the NFT market is due for a very bullish explosion, signaling the era of expressions and possessions in digital form. With such potent catalysts at play, the sentiment around Ethereum is overwhelmingly bullish, thus instilling confidence among investors and enthusiasm alike.

Ripple CTO Takes A Dig At Flare Network: “You Lose Nothing”

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Ripple’s chief technology officer, David Schwartz, recently voiced his disapproval of Flare’s much-publicized airdrop on Twitter.

Schwartz pointed out in a five-tweet thread that there is now no incentive to store FLR tokens and wait to receive airdrops under the existing rules. Schwartz contends that since anyone who purchases Flare tokens can wrap them and receive the airdrop, holders have nothing to lose by selling right away.

He claims that the new regulations constitute “a very strange decision” and that Flare appears to have tried “to only give 15% of what they promised.”

Flare Grows At The Cost Of Ripple’s XRP Community

Schwartz added that Flare initially strengthened its commitment to the XRP community when it thought it no longer required its members before using the community to develop. The Ripple CTO softened his tone and emphasized that his statement was not meant to disparage Flare Networks when he closed the Twitter chat. However, this does not imply that they are dishonest or that their project is flawed. Some of the early “promises” made by Ripple’s XRP were broken as the technology developed.

Schwartz further said,

“You can love Flare and love XRP too. It’s not one or the other. But I don’t have happy fuzzy feelings about how it went down.”

Early this week, the long-awaited Flare Network airdrop to XRP holders finally happened as a result of key exchanges announcing their support.

The Flare token IOU on the Bitrue exchange has decreased by more than 64% in the previous 24 hours, according to an image shared by XRP fan Bill Morgan.

The FLR/USDT pair on Bitrue has experienced a significant dump in the last two days, as can be seen on the TradingView chart. On Jan. 9, the token saw a flash crash and hit a low of $0.15 before rebounding to trade at $0.30 today. It is still down 33.24% as of the time of publication, a substantial amount from the $0.53 high set on January 8.

The first exchange to allow trading of FLR-pegged IOUs was Bitrue. In less than 15 hours, “real” FLR tokens will be released.

XRP Investors’ Long Awaited Flare Token Distribution Has Arrived

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XRP holders who qualified for the December 2020 snapshot have finally hailed the highly anticipated Flare [FLR] token airdrop.

XRP representative John E Deaton called it a breath of fresh air amidst the SBF scandal and the legal tussle with the SEC.

Flare Network is a decentralized platform for smart contracts that utilized a new programming language called Flare and it is Ethereum Virtual Machine [EVM] compatible.

Within the Flare Network, the FLR coin serves as a medium of trade and a store of value. Additionally, it is used to award users for their contributions to the network, such as validating transactions.

Besides that, the Flare network and its FLR token, aim to essentially bring smart contract capabilities to various blockchain networks, starting with XRP and then Litecoin [LTC].

In addition to that, Flare stated that it will support XRP as a “first-class citizen” on its platform, meaning that the token can be used in the same way as the FLR token within the Flare Network.

This includes the capacity to be used as a medium of exchange and a repository of value, as well as in smart contracts and other dApps developed on the Flare Network.

According to prior statements made by the network’s team, each qualified holder would first receive 15% of the Spark tokens that are entitled to claim before continuing to claim an average of 3% per month for a minimum of 25 months and a maximum of 34 months.

FLR was planned distributed to XRP holders based on a snapshot of the network taken in late 2020.

That said, over 52 cryptocurrency exchanges have verified that they will be releasing FLR tokens after Flare Network has finished the FLR airdrop to exchanges, and there are only a few hours left before the Flare token airdrop to qualifying XRP holders [and the FLR token gets listed].

XRP On Chain Metrics Points To Bullish Scenario

At least 52 cryptocurrency exchanges, including Binance, Kraken, and Bitstamp, have thus far declared their support for the $FLR token distribution, which is scheduled to begin at 11:59 p.m. UTC on January 9, 2023, according to influencer “XRP Cro”.

As reported by TronWeekly, XRP’s on-chain data recently showed some intriguing network divergences that point towards a bullish scenario, leading data platform Santiment noted.

These movements include whale addresses increasing their holdings by 25%, over the past six months.