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The long-awaited airdrop of the FLR token is unceremoniously dumped by most of the XRP community.
A long wait
Two years ago, a project called Flare Networks promised to bring smart contract functionality to the XRP ecosystem by airdropping a new token called FLR to all XRP holders.
Beginning on Monday, that airdrop finally happened and the FLR token has been made available for trading on a number of decentralised exchanges, but the reaction from the market has been less than enthusiastic.
Price plunges
As soon as the FLR tokens were made available, the price immediately dropped by 73%, a clear indication that traders and investors have not been impressed by the long-awaited airdrop.
This can be attributed to a variety of factors, including the overall bearish sentiment in the crypto market, as well as a lack of enthusiasm for the Flare Network project itself.
Issues
Many have criticised Flare for taking so long to deliver on their airdrop promise, and there are also concerns about the project's centralization, with a small group of nodes having control over the network.
Additionally, the Flare team has not been able to secure any partnerships with major companies or institutions, further diminishing investor confidence in the project.
Potential
Despite the poor reception, some experts believe that the Flare Network still has the potential to make an impact in the crypto space. The ability to run smart contracts on the XRP ledger could be a game changer, especially if Flare is able to attract developers and businesses to build on its platform.
The Flare Network's ability to run smart contracts is based on a new consensus algorithm called Avalanche, which was developed by a team at the Interactive Coin Offering (ICO) research lab.
This algorithm has the potential to solve some of the scalability issues that have plagued other blockchain projects and could make Flare a valuable addition to the crypto ecosystem.
Disclaimer: This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.