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.