• Ripple CTO David Schwartz has expressed his disapproval of the Flare token (FLR) airdrop distribution for Ripple XRP holders.
• Flare token is the native cryptocurrency of the Flare Network, and can be used for payments, transaction fees, and staking on validator nodes.
• The distribution started on January 10 at a ratio of 1.0073 FLR for each XRP token, granting XRP holders 15% of the Flare supply.
The long-awaited Flare token (FLR) airdrop distribution for Ripple XRP holders has finally come through. The distribution began on January 10th, where XRP holders were granted a ratio of 1.0073 FLR for every XRP token. This gave the XRP community 15% of the total Flare supply.
However, David Schwartz, Ripple CTO, appears to be displeased against the current holding rules for Flare tokens, claiming they lack incentive. In a recent tweet, he urged the airdrop receivers to sell their Flare tokens quickly.
So what is Flare token? Flare token is the native cryptocurrency of the Flare Network, which is a layer-1 Ethereum Virtual Machine blockchain. This blockchain provides developers with the ability to create decentralized applications that are interoperable with other blockchains. Flare tokens can be used for payments, for transaction fees to prevent spam, and for staking on validator nodes. The tokens can also be wrapped into WFLR, an ERC-20 variant that can be used for governance or delegated to FTSO data providers.
The Flare Network protocol was officially launched on July 11, 2020 and the tokens went live on January 9, 2023. The Network posted a live feed on Twitter showing the countdown to the airdrop distribution event. The Flare team captured snapshots of XRP holders for over two years before finally releasing the airdrops.
In October 2020, the Flare Network announced that XRP holders would receive a 15% airdrop of the FLR tokens. According to the announcement, users with a minimum of 10 XRP coins during the snapshot were eligible to receive the airdrops.