The much-hyped Flair airdrop has come and gone. Similar to most airdrops, the token value has been pumped and dumped.
On January 10, Flare Networks began airdropping FLR tokens to XRP holders. Eligible people need to hold Ripple Coins for the December 2020 snapshot.
Participating exchanges distributed FLR tokens to customers, but rewards were lower than expected.
Furthermore, the coin reached an all-time high of $0.15 on the day of the airdrop. Today, exactly one week later, it is down 71.5% to trade at $0.042 at the time of writing.
There are currently 12 billion tokens in circulation out of a total supply of 100 billion. Additionally, FLR is still being distributed monthly, over 36 months, to those who wrap or hand over their tokens for protocol governance purposes.
Flare Delivery Rewards Not Up To Snuff
In addition to complaints that exchanges such as Coinbase and Bitstamp are not issuing tokens, the rewards have also been questioned.
Some crypto YouTubers have already done it label Flare a Ponzi scheme. Others have commented on the very low rewards and the time frame for the token wrap.
On January 17, the Flair community Twitter account clarified the reduced rewards and provided a brief explanation. Furthermore, it has been said that we are currently at the start of a 3.5-day era and rewards accrue throughout that period.
The rewards will increase as the era progresses but will be set to zero when finished. It was also clarified that now only delegation rewards are being distributed. Additionally, there will be no further airdrops until the distribution method is voted on in FIP-01.
In response to a post by Flair co-founder and CEO Hugo Fillion, a participant complained about 15% being airdropped and the rest being drip fed.
Handing out 15% FLR airdrops over three years won’t reward anyone more than 35% to 45%, they Toldjoin:
âWith FIP.01, Screenshot Time XRP holders are being defrauded by Hugo Fillion. He offered XRP to Flair 1:1 ratio airdrop, while he distributed 1:0.15 ratio.
Dumping on investors?
Additionally, FTSOs (Flare Time Series Oracles) would get “billions of flares for fees and dumped on investors,” he said.
“Flair entities will dump billions of dollars of FLR each bounty cycle as well.”
Flair is a smart contract platform for the Ripple XRP ecosystem. Just a week after airdropping the FLR token, it looks like network participants are already getting excited.
disclaimer
BeInCrypto has reached out to the company or the person involved in the story for an official statement regarding the recent development, but has yet to hear back.