Binance.US Distributes Flare Tokens to XRP Holders
Binance.US, the American subsidiary of cryptocurrency exchange Binance, has recently completed the distribution of Flare (FLR) tokens to XRP token holders. The distribution was made to those who had XRP on the exchange at the time of the snapshot, which occurred on December 12, 2020.
Successful Airdrop by Binance.US
Binance.US successfully airdropped FLR tokens on October 25 at 10 a.m. ET to XRP holders who had a balance of over 10 XRP during the snapshot. This move is in line with Binance.US’s commitment to providing support for its users and ensuring they receive their entitled tokens.
Coinbase to Honor Commitment in 2022
Coinbase, a cryptocurrency exchange listed on Nasdaq, has also announced its plans to distribute FLR tokens to XRP holders who had them at the time of the snapshot. However, Coinbase intends to fulfill its commitment in December 2022, which is two years after the snapshot was taken.
Widespread Support for the Airdrop
The airdrop of FLR tokens is not limited to Binance.US and Coinbase. Numerous other exchanges have also supported this initiative. In August, Huobi Japan, the Japanese subsidiary of popular trading platform Huobi, announced its support for the airdrop.
Understanding Flare and FLR Tokens
Flare is described as a Layer-1 network that incorporates data acquisition functionality based on the Ethereum Virtual Machine (EVM). This allows it to support smart contracts and decentralized applications written in Solidity for use on any EVM chain.
The FLR tokens of Flare serve various purposes within the network. They are used for governance through voting mechanisms, as well as for payments and transaction fees. Additionally, FLR tokens can be wrapped into an ERC-20 variant called wrapped FLR (WFLR), which can be delegated to the Flare Time Series Oracle (FTSO) for retrieving external time series data.
Burning Tokens for Ecosystem Health and Development
Flare has decided to burn 2.1 billion FLR tokens, which is over 2% of its total supply. This action aims to support the health and development of the ecosystem. By reducing the token supply, it prevents dilution of community holdings and incentivizes new users to join the network.
Hot Take: Binance.US and Coinbase Fulfill Commitments by Distributing Flare Tokens to XRP Holders
Binance.US and Coinbase have demonstrated their commitment to their users by distributing Flare tokens (FLR) to XRP holders who had them at the time of the snapshot. This airdrop has been supported by various exchanges, ensuring wider access to these tokens. Flare’s Layer-1 network, along with its FLR tokens, offers exciting possibilities for smart contracts and decentralized applications. Furthermore, the decision to burn a significant portion of FLR tokens showcases Flare’s dedication to maintaining a healthy ecosystem while attracting new participants. Overall, this distribution of FLR tokens highlights the ongoing innovation and growth in the cryptocurrency space.
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