Terra News
Markets: Flare Concludes Initial FLR Airdrop, Bonk Inu to Mint NFTs on Magic Eden
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Flare Network finally went ahead with its first-ever token airdrop late Monday, completing the event at 11:59 PM UTC. The airdrop, one of the largest in the digital assets space, comes after a two-year-long wait. Market participants have previously traded the coin using an IOU token on supporting digital asset trading platforms like Poloniex.
A total of 4.279 billion native FLR tokens, representing 15% of the full public supply, were distributed to several recipients in this first phase. Centralized exchanges, including Binance, KuCoin, Bitstamp, and Kraken, confirmed support for the token airdrop and are actively providing updates on token distribution to eligible client accounts. Other platforms including wallet provider Ledger, have similarly notified their users of the integration.
More Flare tokens to be airdropped in the next three years
The FLR token airdrop was tied to the Flare Improvement Proposal 01 (FIP.01), which, if approved, will require that the FTSO Delegation Incentive Pool distribute the rest of the supply. The remaining 24,246,183,166 FLR tokens (~85% of the supply) will be distributed evenly over a period of 36 months based on a vote by current holders that choose to wrap their FLR tokens. Further, the current annual inflation rate of 10% for the fully diluted supply of FLR will be slashed to 10% in the first year. This will be followed by a similar adjustment of 7% in the second year and 5% in the third year or beyond, with an annual cap of 5 billion FLR tokens based on the available supply rather than the fully diluted supply.
Flare serves as an oracle network that enables developers to create dapps that can be used on other ‘external’ chains. The company secured an $11.3 million funding boost in a June 2021 raise, which saw participation from Kenetic Capital, Coinfund, and Digital Currency Group. The layer one platform is ambitious to use its technology to allow developers “build applications that securely access more data,” according to co-founder and CEO Hugo Philion. This will be achieved through its ‘State Connector' that allows smart contracts to interact with information from external chains, all in a trustless and scalable manner.
Philion remarked that the latter achievement could open up several possibilities, including bridging non-smart contract tokens for use in DeFi applications. The network's Flare Time Series Oracle uses a highly decentralized feed from nearly 100 independent data providers. They are incentivized to curate reliable data at 3-minute intervals and furnish decentralized applications on the Flare network with pricing and data series without the otherwise usual dependency on centralized sources. Worth noting, XRP holders who had their tokens on the now-bankrupt lending platform Celsius could be eligible to receive Flare (FLR) tokens, according to lawyer John Deaton. The attorney and blockchain enthusiast hinted at the possibility in a Twitter post on Monday.
Bonk launches NFTs to burn BONK tokens
The trending BONK token has received another boost in the non-fungible token (NFT) niche that could deliver even more green runs for Solana. The Shiba Inu equivalent is offering 15,000 NFT collectibles on the Magic Eden marketplace, according to a report from CoinDesk. Part of these will be allocated to owners of items from the ‘Gods' NFT collection whose creators (OMNI creative studio) are involved in the purely art-based project. The Bonk NFTs are obtainable for $25 worth of BONK each and do not bear any utility, as confirmed by a representative statement. The BONK raised from minting the collectibles will be removed from circulation through burning. In addition, up to 50% of the royalties netted from the NFT sales will be used to acquire and delete (burn) more BONK tokens. Governance issues will be based on the Solana-based BONK as opposed to the NFTs.
In other news, Terraform Labs (TFL) has been accused by a Terra community member of being biased in an ongoing conflict involving the individual, Jimmy. The disagreement is based upon the first airdrop following the crash of Terra. The TFL Twitter team updated the community in a post at the end of last week, noting that all multi-sig signers who received accidental LUNA airdrops have complied with directions to return the same but for Jimmy who they claimed was unresponsive despite best efforts to reach out to him. Responding to the publicized allegations on Monday, Jimmy accused TFL of twisting the story to paint him in a bad light.
