After Ripple… “Flare Networks” is preparing to distribute a new “Airdrop” for free to LTC holders
After "Flare Networks" has completed the process of identifying Ripple holders eligible for free distribution of "FLR" currencies.
Last Friday, "Flare Networks" announced that it will distribute "FLR" coins to Litecoin holders, as those eligible will be determined prior to the launch of the main network for the project, scheduled for later this year.
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 of Litecoin holders.
Flare Networks plans to integrate with Litecoin to provide decentralized financial services (DeFi), allowing LTC to be used decentralized in the “Flare” blockchain with support for Ethereum smart contracts, and a pledge of interoperability and compatibility with other blockchain networks.
Litecoin is currently the fifth largest cryptocurrency by total market value.
With the latest announcement, Litecoin will join Flare's Ripple.
Both currencies gained over the past week, as LTC rose more than 28%.
XRP rose nearly 40% despite a recent lawsuit filed by the US Securities and Exchange Commission against it.
In a previous post regarding free distribution of FLR coins to Ripple holders, Mr. Hugo Fillion, CEO and co-founder of Flare Networks, said that the ratio between XRP and FLR holders is close enough to 1: 1.
FLR coins will be distributed at a rate of 1.0073 to each eligible participant holding the XRP coin.
Despite the decision by CoinBase, Bitrix and several other trading platforms to suspend XRP trading, Flare has assured XRP holders that they will still be able to receive FLR coins even without the mentioned trading platforms.
Flare has 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.