There are only a few hours left before the Flare ($FLR) token airdrop to qualified XRP holders (and the $FLR token's listing), and over 52 cryptocurrency exchanges have already said they will start distributing $FLR tokens once Flare Networks has finished the $FLR airdrop to exchanges.
A decentralized platform for smart contracts called Flare Network makes use of the Flare programming language. It can run Ethereum smart contracts and dApps since it is built to be compatible with the Ethereum Virtual Machine (EVM). Within the Flare Network, the $FLR coin serves as a medium of trade and a store of value. Additionally, it is employed to thank users for their contributions to the network, such as validating transactions.
Although Flare Network and XRP are independent platforms, they function closely together. While $XRP is a cryptocurrency that is utilized on the XRP Ledger, the $FLR token is intended to be used on the Flare Network. However, Flare has stated that it would support $XRP on its platform as a "first class citizen," which implies that $XRP can be used in the same way as the $FLR token within the Flare Network. This includes the capacity to be used as a medium of exchange and a repository of value, as well as in smart contracts and other dApps developed on the Flare Network.
At least 52 cryptocurrency exchanges, including Binance, Kraken, and Bitstamp, have so far indicated that they support the $FLR token distribution, which is scheduled to begin at 11:59 p.m., according to XRP influencer "XRP Cro." On January 9, 2023, UTC:
The $XRP community should study the Twitter thread started by "XRP Cro" (@stedas on Twitter), as it offers a wealth of information about the $FLR airdrop.
The largest cryptocurrency exchange in the world, Binance, will participate in this airdrop by giving "eligible customers with their first 15% of the Flare (FLR) public token distribution," according to a 30 November 2022 announcement from Flare Network. They also noted that "this will be in the ratio of 0.1511 FLR for every 1.0000 XRP held on Binance at the time of the snapshot on 12 December 2020."
The Flare team continued:
“The full FLR public token distribution will be completed over 36 months with a total ratio of 1.0073 FLR for every 1.0000 XRP. A comprehensive summary of FIP.01 and details on the two possible versions of Flare tokenomics for the different governance vote outcomes are available for further reading. Should Binance choose to support subsequent airdrops, a further announcement will be made.
“Recipients of the Flare token distribution will be able to wrap and delegate their tokens to the Flare Time Series Oracle to immediately start earning inflationary rewards for supporting the provision of decentralized data for the network. If the community votes yes to FIP.01, this will also ensure recipients receive the maximum number of FLR tokens available to them...
“This is not a new airdrop. This is the same airdrop that Binance had previously confirmed support for. The only differences are that the token is now called Flare (FLR) not Spark, and that the date for the token distribution has been finalized as 9 January 2023. Eligibility criteria for the token distribution are unchanged and based on an XRP snapshot completed on 12 December 2020.“
On December 12, 2022, it tweeted that it would support the $FLR airdrop, but regretfully not right away (unlike other significant centralized crypto exchanges), saying that they would only commit to doing so by the end of H1 2023: