On January 10, Flare Networks published a live feed countdown to one of the biggest token distribution events in cryptocurrency history. Binance on its website claimed that the token distribution from its side for XRP holders has been completed.
After taking a picture of XRP holders for more than two years, Flare finally started airdropping tokens. Flare is a layer 1 Ethereum Virtual Machine (EVM) blockchain that seeks to make the Ripple network compatible with smart contracts.
Flare distributes 4.28 billion tokens
Holders of XRP at the time of the snapshot would receive a 15% airdrop of the claimable token from Flare, formerly known as Spark, according to a statement made in October 2022.
At the first validated XRP ledger index number, Binance had a timestamp greater than or equal to 12 December 2022. Users who had a minimum of 10 coins during the given time were eligible for the Flare tokens. For each XRP token, there were 0.1511 FLR given.
4.28 billion FLR coins will be released, according to the first Flare Improvement Proposal. Those that wrap their FLR tokens will receive the remaining 24.23 billion tokens over the course of 36 months in regular instalments.
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Ripple’s XRP, from which the Flare Network snapshot was obtained in December 2020, received very little response in terms of price.
At the time of publication, the price of XRP was down 0.17% for the day at 0.3488 USD a unit. Despite many around it seeing increases, the cross-border transfer focused coin has not moved much in the past week. Additionally, XRP is down over 10% for the month and a staggering 90% from its all-time high of 3.40 USD in January 2018.
Binance changes policies
On the other hand, the co-founder of Binance, He Yi, informed the employees not to carry out any short-term crypto transactions even for personal reasons, as per a report. This applies to all employees regardless of the designation they hold. They must hold the coins for a minimum of 90 days before sending them out.
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