The EVM-compatible blockchain protocol went live on Monday. Flare airdropped 4.28 billion FLR tokens to qualified Ripple wallets that were snapshot over two years ago. The DeFi protocol will act as a token bridge between various blockchains and internet-based networks.
Flare Network, a new EVM (Ethereum Virtual Machine) compatible Layer-1 blockchain, airdropped its native token after a two-year wait. The network also launched a data acquisition protocol and an oracle service that will incentivize providers.
On January 9, at 6:59 pm EST (Eastern Standard Time), qualified wallets received a total of 4.28 billion FLR – Flare’s native token – in the airdrop. The tokens were distributed based on a snapshot taken in December 2020 of wallets holding at least 1 XRP (Ripple) that signed up for the airdrop. The initial drop constitutes 15% of Flare’s total supply with the remaining 85%, or 24.2 billion FLR, planned to be distributed over the next three years.
Current holders of the tokens will now be eligible to vote on governance proposals including on remaining airdrops that are set to be completed in a period of 36 months. The vote will go live when 66% of the eligible recipients have received their FLR tokens. Holders will have to wrap 15% of FLR balances in their wallets to participate in the voting process. While Monday’s airdrop marked the official launch of FLR, eligible users have been able to trade the coins on crypto exchanges like Bitrue and Poloniex using an IOU token powered by the Ripple (XRP) network.
Flare was initially planned to be launched as a decentralized finance (DeFi) protocol for the Ripple ecosystem, which is why the token airdrop is linked to XRP wallets. Since then, the project has had an overhaul and now aims to serve as an oracle network that allows developers to build decentralized applications (DApps) that are interoperable with different blockchains. The network also provides smart contract solutions to blockchains that lack the capability to function using smart contracts.
Alongside the token launch, Flare also unveiled two new protocols for its application building suite – State Connector and Flare Time Series Oracle (FTSO). The State Connector protocol uses smart contracts to collect data from various blockchains and sources on the internet to be used when developing DApps. Meanwhile, the Flare Time Series Oracle collects live price and data feeds from different sources and feeds them to applications running on the Flare ecosystem. The FTSO smart contract provides estimates for different types of data.
According to the Layer-1 blockchain’s technical documentation, independent providers can supply the FTSO system with data collected from external sources like decentralized and centralized exchanges. Flare has introduced an incentive model that will reward data providers with FLR for supplying price pairs and other information by calculating them with the median value from various sources to produce a final estimate.
The Flare Foundation, which oversees the protocol, has developed two EVM-compatible networks – Flare and Songbird (SGB). Both networks will allow developers to create smart contracts and applications supported by the Ethereum ecosystem while running independently of the Ethereum (ETH) mainnet.
Hugo Philon, CEO and co-founder of Flare Network, believes that having two independent networks working together can lead to new use cases for blockchain technology, like creating a new type of bridge that could bring tokens from non-smart contract networks to the Flare blockchain in order to be used in other DeFi protocols that support smart contracts.
At the time of writing, FLR is trading at $0.04, while SGB is priced at $0.01. Both tokens are now available on major exchanges including Binance, BTC Markets, and BitStamp. FLR is now supported on Ledger wallets.