In a major announcement, Binance.US, the leading cryptocurrency exchange, has confirmed the arrival of the highly anticipated Flare Networks airdrop for XRP holders. This significant development marks the distribution of FLR tokens to XRP holders who had a balance of over 10 XRP during the snapshot taken on December 11, 2020.
We’re thrilled to announce that the @FlareNetworks airdrop for $XRP holders is finally here! #BinanceUS has successfully airdropped FLR on 10/25 at 10 a.m. ET to $XRP holders with a balance of ≥10 XRP during the snapshot on 12/11/20.
— Binance.US 🇺🇸 (@BinanceUS) October 25, 2023
Learn more: https://t.co/XMLpkD6NHD pic.twitter.com/YDA9vzG06W
The airdrop installment, comprising 15% of the claimable FLR tokens, was successfully distributed on October 25, 2023, at 7:00 a.m. PDT/10:00 a.m. EDT, aligning with the token distribution timeline specified in Flare Protocol’s Flare Improvement Proposal 01 (FIP.01).
The snapshot encompassed the total XRP balance held by users in Binance.US accounts at the specified time. Eligible XRP holders are set to receive FLR tokens at a ratio of 1 XRP to 0.1511 FLR. Notably, this distribution on Binance.US follows almost ten months after similar distributions on other crypto exchanges. The initial distribution occurred in January when 4.279 billion Flare (FLR) tokens were disbursed to millions of recipients across various platforms.
BinanceUS had temporarily delisted XRP from its platform following the legal challenges faced by Ripple in December 2020. Members of the cryptocurrency community showed their solidarity by urging BinanceUS to relist XRP on its platform.
However, the crypto landscape witnessed a turning point on July 13 when a landmark ruling clarified that XRP sold on exchanges did not qualify as securities. This ruling prompted major exchanges, including Coinbase and Gemini, to relist XRP. Binance.US also joined the ranks, reinstating XRP trading on its platform.
Following the initial airdrop in January, Flare initiated a series of FlareDrops spanning 36 months, involving the distribution of 24.2 billion FLR tokens. Recipients who have wrapped their acquired Flare tokens are eligible to claim a portion of these tokens. The most recent distribution, constituting one-eighth of the 36 planned airdrops, occurred on October 13, 2023.
Crucially, Binance.US has yet to decide whether it will support the buying, selling, or trading of FLR tokens on its platform. This move by Binance.US underscores the evolving landscape of cryptocurrency regulations and the resilience of the XRP community, marking a significant milestone for holders eagerly anticipating the Flare Networks airdrop. Stay tuned for further updates as the crypto market continues to unfold.
