1 year ago
The long-awaited Flare (FLR) token airdrop took spot astatine 23:59 UTC connected Jan. 9, starring to a terrible 83% drawdown implicit the past 24 hours.
FLR began trading successful Jan. 2021, managing to deed an all-time precocious of $2.26 connected May 1, 2021. It has since been caught successful a macro downtrend that has astir followed wider marketplace movements, including the FTX sell-off successful November.
The archetypal motion of occupation showed connected Jan. 8, with an 18% downside plaything that closed the time astatine $0.451838. Jan. 9 saw a continuation to the selloff — resulting successful a nonaccomplishment of 42% connected the day. As of property time, the FLR token had bottomed astatine $0.025329.
Source: FLRUSDT connected TradingView.comTwo-year hold successful airdrop
FLR airdrop tokens were acceptable to beryllium distributed 1:1 with snapshotted XRP balances connected Dec. 12, 2020.
Since the snapshot, respective delays followed with nary airdrop successful sight, starring immoderate to speculate fears of being dragged into the SEC vs. Ripple suit was to blame.
It aboriginal emerged that the squad had decided to dilatory rotation retired “to motorboat a canary web anterior to launching the authoritative network.” This process enabled thorough web testing, ensuring a much robust last product.
More than 2 years aft the snapshot, 4.3 cardinal FLR tokens were airdropped connected Jan. 9, successful the archetypal organisation round. This amounted to 15% of the full allocation; the remaining 85% volition beryllium paid retired implicit the adjacent 36 months but the precise organisation is taxable to a assemblage vote.
What is Flare?
Flare Network began arsenic a DeFi ecosystem for Ripple but — during its two-year hold — has evolved into a “layer 1 oracle network.” This incorporates technologies specified arsenic autochthonal information acquisition protocols, the State Connector, and Flare Time Series Oracle.
State Connector refers to protocols enabling unafraid and scalable accusation transfer. While Flare Time Series Oracle is simply a decentralized information oracle drafting connected implicit 100 autarkic providers.
Flare CEO and co-founder Hugo Philion said that the task gives developers unafraid and trusted information entree to physique apps on. This functionality tin perchance facilitate caller usage cases successful the blockchain and cryptocurrency sectors.
“This could alteration caller usage cases to beryllium built, specified arsenic triggering a Flare astute declaration enactment with a outgo made connected different chain, oregon with input from an net API. It besides facilitates a caller mode of bridging, specifically to bring non-smart declaration tokens to Flare for usage successful applications similar DeFi protocols.”
The station Flare crashes 83% pursuing two-year delayed airdrop appeared archetypal connected CryptoSlate.
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