Top crypto exchanges support Flare Network (FLR) airdrop

abdelaziz Fathi

Flare Network, a decentralized blockchain system that uses its own consensus protocol, has initiated one of the largest token distributions in crypto history for Ripple (XRP) holders.

flare

After a nearly two-year-long wait, the world’s largest cryptocurrency exchanges added FLR support over the last few months. In addition to Binance, OKX, and Kraken, millions of eligible users at other well-known platforms such as Bithumb, UpBit, Kucoin, and BitBank participated in the Flare Token Distribution Event (TDE).

The initial distribution process saw the first 15% of FLR tokens given out to existing airdrop recipients. Following this, the remaining 85% of tokens, which are equivalent to 4.279B FLR, will be handed out in 36 monthly installments.

The distribution follows this schedule because the team behind the innovative layer-1 solution wants to provide strong incentives for network participation that brings value and utility.

The Flare Network is a sophisticated blockchain technology that aims to increase the functionality of the Ethereum Virtual Machine (EVM). The project essentially wants to bring DeFi capabilities to other protocols like Ripple and Litecoin.

In addition, the Flare Token adds value to both the network and the currency, providing functionality related to protocol governance, collateralization, and data via an on-chain oracle.

Hugo Philion, CEO & Co-founder of Flare said: “For the blockchain industry to flourish, we need more useful decentralized applications. Flare is tackling this through data, not just prices but transaction details, Web2 events etc, so that developers can build applications that provide more utility to a larger group of users.”

Hugo continues, “Flare’s objective is to enable developers to build applications that securely access more data. This could enable new use cases to be built, such as triggering a Flare smart contract action with a payment made on another chain, or with input from an internet/web2 API. It also facilitates a new way of bridging, specifically to bring non-smart contract tokens to Flare for use in applications like DeFi protocols.”

Flare’s State Connector is a smart contract that allows anyone to query information from outside the Flare network. It does so in a decentralized manner to offer a powerful class of data on the network and enables more cross-chain solutions to be built.

This is accomplished by combining a decentralized set of attestors with a binary forking protocol, which fetch the required information from the world and deliver it to the Flare network. The State Connector smart contract then checks if there is enough consensus among the received answers and publishes the results if so. This means it is invariant in its safety relative to the size of a transaction, which offers a secure system capable of handling large amounts of value.

Read this next

Market News

USDJPY has surged to levels last witnessed in 2022. Should we consider opening a short position?

The recent resurgence of the US dollar has propelled USD/JPY to new heights, touching levels not seen since 2022. This surge comes against the backdrop of stable short-term yields and ongoing economic data that fails to signal a significant slowdown, prompting questions about the extent of current monetary easing measures.

Digital Assets

DED Trends on Twitter After Memecoin Snapshot Announcement

Polkadot-backed community coin #DED, made it to the trending charts on X, demonstrating community’s engagement and interest behind the memecoin. 

Digital Assets

BlockDAG Presale Nears $10 Million Amid Toncoin’s Momentum, Green Bitcoin’s Presale, and the Rise of Other Top Cryptos

This article will examine three top trending topics: Toncoin’s potential, Green Bitcoin’s innovative presale, and BlockDAG’s sustainable mining approach. These cryptocurrencies take centre stage for their uniqueness and innovation.

Digital Assets

Coinbase scores minor victory vs SEC, but lawsuit to proceed

A federal judge in Manhattan, U.S. District Judge Katherine Polk Failla, ruled on Wednesday that the U.S. Securities and Exchange Commission’s (SEC) lawsuit against Coinbase can largely proceed.

Web3

COTI Teams Up with Civic for Enhanced Digital Identity Control

СOTI and Civic are teaming up to enhance digital identity security in Web3, aiming to provide users with more control over their digital selves through innovative technology.

Digital Assets

BlockDAG Takes on Chainlink (LINK) Crypto, and RON With DeFi Card and 5000x Profit Potential

Explore BlockDAG’s innovative DeFi card, which transforms cryptocurrency into spendable cash, alongside Chainlink (LINK) crypto and Ronin’s advancements.

Digital Assets

Court finally decides on Sam Bankman-Fried sentence, experts predict 20 years

Sam Bankman-Fried, the former CEO of the now-defunct cryptocurrency exchange FTX, is set to face sentencing on Thursday in a pivotal moment that could see the entrepreneur beginning a lengthy period in federal prison.

Crypto Insider

DeFi Winter Thaws: A Look at the Emerging Landscape

The past year has seen a significant shift in the Decentralized Finance (DeFi) market, transitioning from a period of decline (“DeFi winter”) to a potential season of growth.

Digital Assets

KuCoin announces $10 million airdrop as users withdraw $1.2 billion

KuCoin – the fourth-largest crypto exchange in the world by trading volume – today announced plans to distribute $10 million worth of Bitcoin and its native KCS token via an airdrop event.

<