FLR Trades At $500M Market Cap
Holders of Ripple (XRP), a digital asset designed to function a bridge foreign money for establishments exchanging worth between fiat currencies, have begun to obtain a long-anticipated windfall.
Flare Community, an Ethereum-compatible sensible contract platform, airdropped 15% of its FLR token provide to XRP holders primarily based on a snapshot taken on Dec. 12, 2020.
The remaining tokens might be airdropped over the subsequent 36 months.
FLR is up nearly 12% within the final 24 hours and already has a market capitalization of over $500M, in line with CoinGecko. That places the token forward of established DeFi tokens like MakerDAO’s MKR and Curve Finance’s CRV.
Flare touts what the undertaking calls a State Connector, which permits the blockchain’s sensible contracts to course of data from exterior sources like different chains and the broader net, as a key differentiator. At a excessive stage, State Connectors carry out the same process as decentralized oracles, essentially the most well-known supplier of which is Chainlink.
Customers who held XRP on main centralized exchanges like Binance, OKX, Kraken, and Bithumb are eligible for the airdrop, in line with a post from the Flare staff. Coinbase is notably lacking from the record, although Flare says the distribution will come inside the first half of 2023.
XRP has spiked on the information of the drop — the token is up practically 5% previously 24 hours, in line with The Defiant Terminal.
XRP Value, Supply: The Defiant Terminal
Layer 1 Fatigue
Flare’s launch comes at a time when a level of fatigue for brand new sensible contract platforms has set in. Aptos, one such much-hyped platform, launched final yr with minimal fanfare, whereas new blockchain architectures proceed to garner curiosity.
Nonetheless, airdrops, seen as “free cash” by these in crypto, are nearly by no means met with a scarcity of enthusiasm.
This isn’t the primary main airdrop from Flare — in September 2021, the group introduced an airdrop of 30% of the availability of Songbird tokens, the native asset of the blockchain community by the identical identify, to XRP holders.
To earn a yield, recipients of the FLR airdrop can wrap and delegate their tokens to entities which offer knowledge to Flare.