After Ripple … the “Flare Networks” project is preparing for free distribution of a new “airdrop” for LTC holders
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Answer After Ripple … the “Flare Networks” project is preparing for free distribution of a new “airdrop” for LTC holders
After “Flare Networks” completed the process of determining the eligible Ripple holders for the free distribution of “FLR” coins.
announced The company “Flare Networks” last Friday that it will distribute “FLR” coins to holders of Litecoin, as the qualifications will be determined for this before the launch of the main network of the project scheduled for later this year.
And the details of the announcement stated that the company decided to reduce the five billion digital currencies initially allocated for distribution among its founders to cover the upcoming free distribution to Litecoin holders.
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Flare Networks plans to integrate with Litecoin to provide decentralized financial services (DeFi), allowing the decentralized use of LTC in the Flare blockchain with support for Ethereum smart contracts, and a promise of interoperability and compatibility with other blockchain networks.
Litecoin is currently the fifth largest cryptocurrency in terms of total market capitalization.
With the latest announcement, Litecoin will join Ripple in Flare.
Both coins rallied over the past week, with LTC up more than 28%.
While XRP rose to nearly 40% despite the recent lawsuit filed by the US Securities and Exchange Commission against it.
In a previous post regarding the free distribution of FLR coins to Ripple holders, Hugo Filion, CEO and co-founder of Flare Networks, stated that the ratio between XRP and FLR holders is close enough to 1:1.
The FLR tokens will be distributed at a rate of 1.0073 to each eligible participant and holder of the digital currency XRP.
Despite the decision by Coinbase, Bittrex, and many other exchanges to suspend XRP trading, Flare assured XRP holders that they would still be able to receive FLR coins even without the mentioned exchanges.
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Flare promised more details about the free distribution to Litecoin holders next week.
And there is no guarantee that these cryptocurrencies will be of value when Flare finally launches.
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