Flare Network Launches Monthly Token Airdrop As FLR Price Craters Amid Bearish Crypto Market Movement

Layer-1 blockchain project Flare Network (FLR) has launched its fourth monthly community airdrop for token holders.

According to the project’s website, Flare’s monthly drops can be claimed by all Wrapped FLR (WFLR) holders.

WFLR holders must have held the wrapped token for 23 days before each claim day to be eligible to claim a portion of that month’s FlareDrop, according to the post.

The Flare team chooses three random blocks during that 23-day period to calculate the average holdings of all wallets. For the June airdrop, the team calculated that 6,120,632,297 WFLR is eligible for the drop. The drop’s distribution ratio is 11.0505 FLR for every 100 WFLR held, according to Flare.

?#FlareDrop.04 is available to claim.

?WFLR holdings were calculated based on blocks 9,003,865, 9,378,624 and 9,620,514.
?6,120,632,297 WFLR is eligible for the drop.
??The FlareDrop.04 ratio stands at 11.0505 FLR for every 100 WFLR held. pic.twitter.com/QR9b5wLGCx

— Flare ?? (@FlareNetworks) June 16, 2023

Flare Network, with its native FLR token, aims to essentially bring smart contract capabilities to various blockchain networks, starting with XRP and later Litecoin (LTC).

FLR was first distributed to XRP holders in January based on a snapshot of the XRP Ledger (XRPL) taken in late 2020. The 117th-ranked token by market cap is trading at $0.0144 at time of writing.

FLR has plummeted by more than 90% from its all-time high of $0.150073, which it set on January 10th, the day after its initial airdrop. The token is also down more than 20% in just the past seven days.

Generated Image: Midjourney