Wed. Apr 17th, 2024

The Flare Network (FLR) airdrop for Ripple (XRP) investors will finally take place on January 10. XRP holders will be able to use a self-custody wallet such as Ledger or Metamask to claim future airdrop tokens. The FLR subject to the airdrop will be distributed to users with XRP tokens in their wallet or on supported exchanges on December 12, 2020.

At least 55 other exchanges, including Binance, have confirmed their intention to distribute FLR to their clients within 2 weeks of the airdrop.

The rise of the Flare Network.

With its native FLR token, the Flare Network aims to bring smart contract capabilities to various Blockchain networks, primarily starting with XRP and later Litecoin (LTC). The company previously said that each eligible holder will immediately receive 15% of the claimable tokens, followed by an average of 3% per month, for a minimum of 25 months and a maximum of 34 months. Meanwhile, Flare Network’s Songbird (SGB) gained over 88% last week. SGB’s big gains came as Flare neared its long-awaited airdrop date.

The price increase of FLR and SGB is due to the hope that these tokens will have value in the future. Flare Network expects its network to become the primary method of using smart contracts in the future.

Airdrops and their impact on the market.

Airdrops are often used to promote a cryptocurrency or Blockchain network. Airdrops can have an impact on the value of cryptocurrency, as they can increase demand and therefore the price.. However, they can also have a negative effect on price if there are a large number of tokens in circulation, which can dilute the value of existing tokens.

Conclution.

The Flare Network airdrop event for Ripple investors is scheduled to take place on January 10. The company hopes to provide smart contract capabilities to various Blockchain networks through its FLR token. and hopes that its network will become the main method for the use of smart contracts in the future

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