Uncertain Future Prompts Rush for Airdrop Campaigns

Many projects see early 2021 as the last chance to execute successful airdrop campaigns for XRP token holders, fearing probable penalties from the US government, such as the suspension of the XRP Ledger or a significant financial settlement against Ripple.

The aftermath, however, portrays a dismal image, with most social media accounts affiliated with airdrops either going dormant or disappearing outright. Some ads claimed to assist charity organizations, while others may have exploited celebrity photographs without authorization or used dubious marketing methods.

Read Also: Flare (FLR) Announces New Batch of Airdrop Available to Claim for XRP Holders: Details

Flare (FLR) Airdrop: A Promise That Failed to Deliver

Flare, with its grandiose goals, carried out the largest XRP airdrop in history. However, the long-awaited airdrop, which occurred in January 2023, did not live up to the initial hype.

Based on a snapshot taken in December 2020, when the SEC had just filed its lawsuit, Flare’s airdrop allocated 1 Flare token (FLR) for every 1 XRP held by users. Flare initially traded above $0.04, giving in a $170 million perceived gift to the XRP community. Unfortunately, the FLR price immediately fell as airdrop recipients sold their tokens at any available price.

FLR has struggled to recover since then, currently trading 90% below its initial day of trading. Notably, Flare has diluted the quantity of FLR tokens, reducing original holders’ holdings from 4.28 billion to 18.9 billion circulating FLR tokens.

Furthermore, Flare abandoned its initial aim to develop decentralized finance (DeFi) software using XRP in favor of becoming a Layer 1 blockchain and Oracle network. Although there was a rise of interest in FLR during Flare’s snapshot in January 2021 and the accompanying airdrop in January 2023, interest has since dropped to new lows.

Read Also: XRP Community Accuses Flare Team of Manipulating Voting Process on Proposal To Change Initial FLR Airdrop Plan

Other Airdrops to XRP Holders: A Similar Pattern Emerges

Most XRP airdrops have followed a similar pattern to Flare, failing to deliver on their initial promise. As an example:

XPcoin (XP) Airdrop by xpmarket Validator

xpmarket validator initiated an airdrop campaign in January 2022, delivering XPcoin (XP) to everyone who signed into its website or scanned a code using the Xumm app. The airdrop, however, was a failure, and the value of XPcoin is now stated as $0 on its own website.

XRP Healthcare’s (XRPH) Planned Roadmap

In Q4 2022, XRP Healthcare planned to airdrop its token, XRPH, as well as standalone XRPH wallets. XRPH saw variable price movements after joining Twitter in September 2022, reaching a high of $0.228 and a low of $0.18 on February 10, 2023. The token’s current price is around $0.044 as of July 3, 2023, with a fully diluted valuation of $4,454,002. It reached an all-time high of nearly 30 cents on March 9, 2023.

XNET Airdrop

XNET, for example, planned to take a snapshot of the XRP network on January 12, 2024, and then airdrop XNET tokens to XRP holders on March 20, 2024. Although XNET initially peaked at $4 on November 28, 2022, its current price is $0.035, representing a 99% drop with a fully diluted valuation of around $849 million.

CORE and XCORE Airdrops by Coreum

Coreum executed a snapshot on March 24, 2023, with airdrops set for April 1, June 1, August 1, and November 1, 2023, with the CORE airdrop planned for XRP holders. Coreum also planned an XCORE token airdrop on May 15, 2023. CORE’s value has dropped by 82% to around $0.12 as of July 3, 2022, from a peak of slightly over $0.69 on its launch day, March 7, 2022. The project is presently valued at $59 million when completely diluted.

Read Also: Coinbase Sued for Refusing to Airdrop Songbird (SGB) and Flare (FLR) to XRP Holders

Vagabond (VGB) Airdrop

Vagabond (VGB) took a snapshot of XRP investors upon its inception in November 2021 and witnessed an all-time high of more than $75, boasting a market capitalization in the billions. However, VGB has now dropped by 99% and now trades below $0.01, with a market valuation of less than $1 million.

These examples show that airdrops to XRP holders frequently result in poor results. Most projects have an initial boom during their first week of trade, followed by a dramatic decrease.

Finally, the history of XRP airdrops demonstrates the problems that projects intending to use this distribution mechanism confront. While they originally held great potential for encouraging adoption, the reality has been disappointing. Crypto fans must carefully evaluate the viability and long-term potential of initiatives that rely on airdrops to draw attention and establish a dynamic community.

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The post Underwhelming History of XRP Airdrops: Exploring Disappointing Results Like Flare (FLR) Airdrop appeared first on Times Tabloid.

According to the report, the exchanges agreed to distribute FLR to their customers within 2 weeks of the TDE date.

Read Also: Flare Surpasses Decentralization Threshold, Next Is Distribution Event for XRP Holders: Details

Binance, OKX, Kraken, Nexo, KuCoin, Huobi, Gate.io, Bitfinex, Bitrue, Crypto.com, BitStamp, Bithumb, UpBit, Okcoin, MEXC, Poloniex, Uphold, Bitso, CEX.io, GateHub, Probit, iTrust Capital, Liquid, BTC Trader, and Bitcoin Meester.

Aside from the top exchanges listed above, Flare is still expecting many more crypto exchanges to show on the list over the coming weeks.

Flare also revealed that Japanese exchanges such as Bitbank, Coincheck, Huobi JP, and DMM Bitcoin, have been working through JVCEA and FSA approval in order to be able to support FLR distribution

Exchanges Have To Confirm Their Commitment

Flare Networks also emphasized that FLR will only be released to exchanges that have confirmed their commitment to distribute to their customers within a reasonable period of time. If they fail to confirm their commitment within 6 months of the TDE date, the foundation will burn the tokens.

Read Also: Flare Networks Set to Airdrop Spark (FLR) to XRP Holders As Crypto. Com Announces Support

According to the Foundation, Exchanges that are yet to confirm their commitment are Coinbase, eToro, Binance US, BitFlyer, SBI VC Trade, BITPoint Japan Co., Ltd, Amber Japan K.K. (Former DeCurret Inc.), SAKURA Exchange BitCoin, Inc. (Former Xtheta Inc.), CoinSpot, and BTC Markets.

Also, the supported Songbird includes GoPax, Digifinex, Coinfield, Korbit, and CoinEx.

The Foundation also revealed that it has scheduled a meeting with Bittrex and Bittrex US, urging users to hold off from contacting them.

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A recent update showed that Kraken, a popular cryptocurrency exchange based in the United States, is now among the top exchanges that are set to execute the Flare token airdrop. 

According to Kraken, funding is now available on the exchange in preparation for the FLR distribution event. The update added that two trading pairs will be introduced for the FLR token on the Kraken digital assets marketplace, including FLR/USD and FLR/EUR. Customers will then be able to trade FLR/USD, and FLR/EUR. It is also said that the staking of FLR tokens will be activated on the U.S-based exchange subsequently.  

“Update on the Flare Networks FLR distribution! Funding is now enabled. Here’s what to expect next: Airdrop distribution to take place soon. Staking and Trading will be available,” the announcement read. 

Update on the $FLR @FlareNetworks distribution!

Funding is now enabled

Here’s what to expect next:
Airdrop distribution to take place soon
Staking and Trading will be available

More details https://t.co/dKTKPr35jd pic.twitter.com/ISc7bNrbdM

— Kraken Exchange (@krakenfx) November 24, 2022

In response to Kraken’s update on the FLR airdrop, Hugo Philion, the CEO and co-founder of Flare Networks hailed the exchange for supporting FLR, adding that enabling FLR staking is epic. In his words, “I cannot thank the team Kraken exchange enough for their support of Flare. Enabling staking (FTSO delegation) is massive.”

I cannot thank the team @krakenfx enough for their support of Flare. Enabling staking (FTSO delegation) is massive. https://t.co/OuEvsw7JaS

— Hugo Philion (@HugoPhilion) November 24, 2022

Read Also: Flare Surpasses Decentralization Threshold, Next Is Distribution Event for XRP Holders: Details

FLR Airdrop To Be Distributed Soon

The airdrop which was first announced by the Flare Network team in December 2020 has undergone multiple shifts, given the unpreparedness on the part of crypto exchanges. 

But in September, the Flare team released the FLR token distribution event schedule, stating that the airdrop would play out between October 24 and November 6, 2022. Given that only a few exchanges showed readiness then, it was again shifted till further notice. 

Latest developments in the Flare Networks ecosystem like Flare passing into Beta Mode and also surpassing the decentralization threshold signals that the FLR airdrop to qualified XRP holders would take place soon. Likewise, more exchanges including Crypto.com have announced support for the FLR airdrop. 

Read Also: Coinbase Fails to Distribute Songbird Tokens (SGB) To XRP Holders, Community Launches Petition

It’s worth noting that those who are eligible for the Spark (FLR) airdrop are the XRP holders that took part in the December 12, 2022 snapshot of balances on XRP Ledger (XRPL).

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According to the latest announcement, Flare has surpassed a decentralization threshold as the Foundation now controls less than 33% of network validation power.

In a series of tweets a couple of hours ago, Flare announced that the network has entered Beta Mode.

Read Also: Flare Network New Dapp Will Let XRP Holders See Number of Spark (FLR) They Will Receive

Out of 20 validators on mainnet, only 4 are controlled by Flare Foundation, the remaining 16 validators are evenly operated by Blockdaemon, Figment, Staked, and IntoTheBlock.

Decentralization achieved; Beta Mode engaged

20 validators on mainnet, 4 run by the Flare Foundation, 16 run by validator partners@FlareNetworks (Foundation) = 4@BlockdaemonHQ = 4@Figment_io = 4@staked_us = 4@intotheblock = 4

https://t.co/YGtAlIyXa4 pic.twitter.com/GIbIYUEKLY

— Flare (@FlareNetworks) October 28, 2022

With this new development, the much-anticipated Spark (FLR) distribution event can commence any moment from now.

It’s stated in the report that the distribution event date will be decided by Flare Networks and exchange partners.

During the FLR token distribution event, eligible Flare Time Series Oracle (FTSO) providers will be empowered to contribute as network validators. Also, the holders of FLR will be able to delegate to providers of their choice.

Flare team noted:

“Flare has surpassed the ‘decentralization threshold’ (Foundation controls less than 33% of network validation power) and has entered Beta Mode. The Token Distribution Event can commence once a suitable date has been agreed with exchange partners.

“At Token Distribution, qualifying Flare Community FTSO providers will be empowered to contribute as network validators. FLR token holders will be able to delegate to their chosen providers.

“Flare mainnet is now open for observation nodes; the mainnet peering whitelist has been removed and any entity can spin up an observation node on Flare Network. Interact with the network without restriction on your own node.”

Read Also: Flare Networks Is Set To Airdrop another Token to XRP Holders. Who Are Those Eligible? Details

Recall that Spark (FLR) tokens were initially planned to be airdropped in early 2021, according to an announcement in late 2020. But it never happened as planned, keeping XRP holders in anticipation. However, considering the latest report, the waiting will soon be over.

It’s worth mentioning that the snapshot of XRP Ledger in readiness for the FLR airdrop was taken sometime in late 2020 and there are a total of 100 billion Spark tokens to be distributed.

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Initially, the tokens were planned to be airdropped in early 2021, according to an announcement in late 2020. But it has since been delayed, keeping XRP holders in constant anticipation. It can be recalled that the snapshot of XRP Ledger was taken around late 2020, and there are a total of 100 billion Spark tokens to be airdropped.

Read Also: Flare Network New Dapp Will Let XRP Holders See Number of Spark (FLR) They Will Receive

Crypto.Com Announces Support for Spark (FLR) Airdrop to XRP Holders

Crypto.Com, the leading crypto exchange based in Singapore, has recently announced its support for the upcoming Spark (FLR) distribution.

According to the exchange in the recent official announcement, it will support the Flare (FLR) airdrop for XRP holders from the supported jurisdictions. The exchange also stated that the distribution will be based on the snapshot of the XRP balance on the 12th of December 2020 at 00:00 UTC.

Crypto.Com, “Crypto.com is supporting the Flare (FLR) airdrop for XRP holders from supported jurisdictions. Based on the snapshot of XRP balance on 12 December 2020, 00:00 UTC.”

FLR Token Airdrop

https://t.co/vCNztABJoG is supporting the Flare (FLR) airdrop for XRP holders from supported jurisdictions

Based on the snapshot of XRP balance on 12 December 2020, 00:00 UTC
@FlareNetworks pic.twitter.com/uhMESH0XEX

— Crypto.com (@cryptocom) October 20, 2022

Read Also: Flare CEO Updates XRP Holders on When to Expect Spark Token Airdrop

It should be noted that all those eligible for the airdrop will receive 15% of the claimable Spark tokens allocated to them. Once this happens, the remainder will be released over a minimum time frame of 25 months and a maximum of 34 months, which can be estimated at 3% per month.

All XRP holders on exchanges that support the distribution will be eligible for the much-anticipated airdrop. But blacklisted accounts for acquiring XRP as a result of fraud, theft, and scams, including that of Ripple co-founder Jed McCaleb, will be ineligible.

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Recall that Flare Network released the official FLR Token Distribution Event timing on the 30th of September. The announcement states that the network’s validator code is now live and publicly available.

Read Also: David Schwartz on Why Ripple Chose Not To Pressure Customers on RippleNet to Use XRP

The announcement reads in part:

“Provided sufficient validators have taken up their role, the Token Distribution Event will take place between 24th October and 6th November. The exact date is dependent on feedback from exchanges.”

New DApp for Spark (FLR) Balance

In a recent tweet by the Flare Time Series Oracle Flare.space, it’s stated that the FIP.01 proposal that is targeted at changing the tokenomics of Flare Network is meant to greatly benefit holders.

Flare also said in the tweet that the team is currently working on a Dapp that will show XRP holders the number of FLR tokens they are eligible to receive via the network.

Flare.space tweeted, “Proposed FIP.01 will change the tokenomics of the Flare network for the benefit of the holders! We are developing a dApp that will show you how much MORE FLRs you can get. If you want to access the dApp, follow us. We will release it once we reach 2,000 followers.”

Proposed FIP.01 will change the tokenomics of the #Flare network for the benefit of the holders!
We are developing a dApp that will show you how much MORE FLRs you can get.
If you want to access the dApp, follow us. We will release it once we reach 2,000 followers. pic.twitter.com/NDrBXVtifl

— flare.space (@flare_dot_space) October 1, 2022

According to a blog post, FIP.01 proposal consists of a set of changes that will be made to the distribution and inflation of FLR. It’s coming with changes in payout structure and recipients of the Cross Chain Incentive Pool.

Read Also: Flare CEO Updates XRP Holders on When to Expect Spark Token Airdrop

It’s also designed to preserve existing airdrop recipients’ foundational place in the ecosystem and give newcomers equal rights.

The blog post read in part:

“If FIP.01 is successfully passed by the community, individuals will no longer be reliant on distributions from centralized platforms. If the level of staking on Flare is anywhere near the industry average, then those who delegate will receive more Flare tokens via the new proposal than the current system.

“This proposal substantially lowers inflation and reduces the long-term supply, meaning those that participate could end up with a meaningfully larger share of the token ownership as they would have more tokens with fewer in circulation.”

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It’s stated in an update released today via Flare’s official Twitter handle that the Flare Network validator code is now made available publicly.

Read Also: Flare CEO Updates XRP Holders on When to Expect Spark Token Airdrop

Flare tweeted, “Update: FLR Token Distribution Event timing. The Flare Network validator code is now live and publicly available.”

Update: $FLR Token Distribution Event timing

The #Flare Network validator code is now live and publicly available.

Please see the accompanying blog post for more information on the steps and timings for token distribution.#ConnectEverythinghttps://t.co/33zHJ1Pna5 pic.twitter.com/iE4OSRdAY8

— Flare (@FlareNetworks) September 30, 2022

In the blog post that explains the token distribution timeline better, it’s stated that the availability of the Flare code repository has now made it possible for validators to onboard to the network.

According to the report, the token distribution event will play out between 24th October and 6th November 2022. However, the chosen dates still depend on the efficiency of validators, such as exchanges.

The blog post reads in part:

“We are currently working with exchanges to get them onboarded to Flare such that the distribution to token holders by exchanges is as seamless as possible.

“Provided sufficient validators have taken up their role, the Token Distribution Event will take place between 24th October and 6th November. The exact date is dependent on feedback from exchanges.”

Additionally, the update says Flare will launch in Beta for the first 6-9 months without affecting the token economics.

The team structures the network as follows:

• Flare Foundation – 5 validators.
• Professional Infrastructure Partner 1 – 5 validators.
• Professional Infrastructure Partner 2 – 5 validators.
• Professional Infrastructure Partner 3 – 5 validators.
• FTSO validators – up to 100 validators.

According to the report, each FTSO validator may operate as a full validator. During the beta period, the combined set of validators will be defined in the codebase to bring about an effective network power of two validators.

Read Also: David Schwartz on Why Ripple Chose Not To Pressure Customers on RippleNet to Use XRP

This chosen structure is targeted at providing room for a safe shift of validation power from the infrastructure partners to the FTSO group. This will make FTSO validators control the operation of the network validation power once the beta period ends.

“This gives FTSOs sufficient time to learn to run effective validator infrastructure or outsource this requirement, without putting the burden of launching a new blockchain directly on the FTSO set immediately.

“The validator reward, which consists of 20% of inflation, will be split 50/50 between the infrastructure partner validators and the FTSO validators. The Flare Foundation validators are unrewarded,” the Flare team added.

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The post XRP Holders: Flare Token Distribution Event Schedule Officially Released: Details appeared first on Times Tabloid.

In a tweet on 2nd January, Philion stated that the company is working to upgrade the Songbird network before going ahead with the massive airdrop of Spark (FLR) tokens. He said the upgrade is expected to play out before the end of March 2022.

Read Also: David Schwartz on Why Ripple Chose Not To Pressure Customers on RippleNet to Use XRP

Hugo Philion tweeted, “For all those asking where their FLR is. We are upgrading Songbird, before the end of March 2022, with the final two protocols required before Flare launch. This will then allow us to proceed to Flare launch. A full roadmap to Flare launch will be released in the coming weeks.”

For all those asking where their $FLR is. We are upgrading Songbird, before the end of March 2022, with the final 2 protocols required before Flare launch. This will then allow us to proceed to Flare launch. A full roadmap to Flare launch will be release in the coming weeks.

— Hugo Philion (@HugoPhilion) February 2, 2022

Flare Networks Aims to Bring Smart Contract to Blockchain

Flare Networks, with its native token FLR, aims to bring smart contracts functionalities to blockchain networks, starting with Ripple’s XRP and Litecoin (LTC).

According to the company, as soon as Flare launches, each XRP holder will receive 15% of their claimable Spark tokens, and then claim an average of 3% per month, which will last for at least 25 months and at most 34 months.

Read Also: Flare Networks Is Set To Airdrop another Token to XRP Holders. Who Are Those Eligible? Details

In another tweet on 2nd February, Philion pointed out that Flare has started to speak with top exchanges regarding the upcoming airdrop.

“With regards to exchange distribution of the FLR token, we have reached out to the largest exchanges to get full definition on what they require in order to distribute the token so that Flare meets those requirements.”

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This new development was announced on 20th July 2021. According to the report, Songbird (SGB) will be airdropped to those who are eligible in six weeks’ time.

Read Also: Bitrue to Become the First Crypto Exchange to List Cardano-Based Tokens

The blog post describes Songbird (SGD) as critical to Flare Networks’ architecture and core systems, such as a Time Series Oracle, and F-Asset system.

In the post, Hugo Phillion, the CEO and founder of Flare pointed out that Songbird is designed to be an operational blockchain and adversarial environment for live testing.

The blog post reads in part as follows:

“A “Canary network” is an operational blockchain with a defined (and hence scarce) token supply that is intended to be used to test features for a related main net. On a Canary network users have a balance that cannot just be replenished at will. This is in contrast to a testnet which generally has an unlimited token supply available in increments to any user through a faucet.

“The defined and scarce token supply may confer value to the token, potentially making it attractive to attackers such that testing is as “real” as it can possibly get. This allows for the hardening of the system under testing. Polkadot is the originator of the Canary network concept, with their Kusama Network.”

Read Also: Judge Permits Ripple to Depose SEC Official Who Classified Ethereum (ETH) As a Currency

Purpose of Songbird

The report says Songbird has distinct phases as aforementioned. Before the official launch of Flare, Songbird will play an important role in the continued testing of the Flare Time Series Oracle (FTSO) and F-Asset systems and the network architecture. After the launch of Flare, Songbird will transform into a long-term network for testing governance-led changes to Flare.

Stressing the two other core uses of Songbird, the post says it’s meant for the “advanced testing and community building for applications that wish to launch on Flare. Ideally, all applications that launch on Flare, especially those that utilize the FTSO and F-Asset systems will test initially on Songbird.”

Secondly, the post says Songbird is “a way for FLR token holders to familiarize themselves with key Flare protocols such as delegation to the FTSO, minting of F-Assets and usage of applications that build on Flare without putting their FLR tokens at risk.”

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