Cryptocurrency

Flare crashes 83% following two-year delayed airdrop

Hull Invest

The long-awaited Flare (FLR) token airdrop took place on January 9th at 23:59 UTC, resulting in a severe drawdown of 83% in the last 24 hours.

FLR will start trading in January 2021 and hit an all-time high of $2.26 on May 1, 2021. Then, in November, he fell into a macro downtrend that largely followed broader market movements, including the sale of FTX.

The first signs of trouble appeared on January 8, when the stock fell 18% and closed at $0.451838. The selling continued on Jan. 9, with a 42% loss that day. At the time of writing, the FLR token has bottomed out at his $0.025329.

flare daily chart
Source: FLRUSDT on TradingView.com

Airdrop delayed by 2 years

FLRMore air drop Tokens set to be distributed 1:1 using snapshotted XRP balance December 12, 2020.

With several delays continuing since the snapshot and no airdrops in sight, some have speculated fears that it could be dragged into the SEC v. Ripple lawsuit.

that later Appeared that the team decided to delay the rollout “to launch the Canary network before launching the official network”; This process allowed for thorough network testing and ensured a more robust final product.

On January 9th, more than two years after the snapshot, 4.3 billion FLR tokens were airdropped in the first round of distribution.this is 15% of the total distribution; the remaining 85% will be paid out over the next 36 months, but the exact distribution will be subject to community voting.

What is flare?

Flare Network started as Ripple’s DeFi ecosystem, but during a two-year delay,Layer 1 Oracle NetworkIt incorporates technologies such as Native Data Ingestion Protocol, State Connector and Flare Time Series Oracle.

State Connector refers to a protocol that enables secure and scalable information transfer. Flare Time Series Oracle, on the other hand, is a distributed data oracle with over 100 independent providers.

Flare CEO and co-founder Hugo Philion says the project will give developers secure and reliable data access to build apps. This feature could facilitate new use cases in the blockchain and cryptocurrency sectors.

“This has the potential to build new use cases, such as triggering Flare smart contract actions on payments made on another chain or inputs from internet APIs. We are facilitating new methods of bridging to bring non-smart contract tokens to Flare for the benefit of Flare.”

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