By Shelly Melancon (Switzerland)
Flare network co-founder (Hugo Philion) has issued an update on the reasons for the delay in issuing Flare tokens to XRP holders.
The Upgrade And A New Schedule
Philion stated that the upgrade to Flare’s canary protocol (songbird) is the cause of the delay. Then, he affirmed that immediately the upgrade is complete, eligible ripple token holders will be airdropped their FLR tokens.
The Flare CEO further revealed that this upgrade is crucial to the launch of this network which is why the team is putting in efforts to complete the upgrade efficiently. However, the upgrade should be completed before the end of Q1 2022. Philion made these revelations via his official Twitter account, where he also stated that the team would release a complete roadmap for the network’s launch.
The XRP Community Continues To Anticipate
Following an announcement regarding the airdrop late last, the XRP community has been in huge anticipation. Even when Flare issued a schedule for the distribution of the FLR tokens, there were still several postponements. However, the wait seems to be over based on the latest comment by the Flare network CEO.
Part of the airdrop announcement states that only holders with ripple tokens on December 12, 2020, as of 00:00 UTC, will be eligible for the FLR token airdrop regardless of the exchange where they have their XRP tokens. These eligible holders will receive 15% of the FLR tokens when Flare is officially launched.
Then, they can claim their remaining tokens at 3% monthly over the next two years. Even though some XRP holders expressed their displeasure at these distribution processes, the Flare network team clarified that this distribution process is for the network’s good as there won’t be too much of the token supply in circulation. It will diminish the value of the token.
Flare network CEO told the ripple community that the network is already in discussion with most exchanges on ensuring that there are mix-ups when airdrop commences. “We are in discussion with top exchanges to know what they require of us when the airdrop commences,” Philion reiterated. Popular US crypto exchange, Coinbase, has announced its full support for this airdrop distribution.
Flare network provides smart contract features for several blockchains such as LTC and XRP. After a recent Twitter poll by Flare on which blockchain it should integrate next, most of its followers suggested Cardano. Hence, it may integrate ADA next, but Flare hasn’t made any announcement regarding this integration.
XRP Price Action
XRP rallied by 26% to the $0.76 level after breaking out of its consolidation phase. If this bullish move is sustained, the XRP price will move for the $0.76 level, which acts as its next local resistance.
However, testing this level might seem impossible based on the current BTC price movement, which often affects the altcoins. Also, a break out of a consolidation phase often causes price retracement for digital assets, including XRP.
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