Huobi Japan Announces Distribution of $FLR to $XRP Holders 20 Months After Snapshot
Huobi Cryptocurrency
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Huobi Japan Announces Distribution of $FLR to $XRP Holders 20 Months After Snapshot
Japanese cryptocurrency trading platform Huobi Japan, the Japanese subsidiary of popular trading platform Huobi, has announced that it will distribute Flair Network($FLR) tokens to $XRP token holders approximately 20 months after the air drop was taken snapshots. According to a translation of an announcement published by Huobi Japan, who held back $XRP on December 12th, 2020 at 9 AM.
They will now receive $FLR in a 1:1 ratio based on their XRP holdings in Japan. Following the announcement the exchange revealed that it was distributing airdrops to its users on October 12, 2021. It is not clear whether the exchange will also airdrop. Songbird's $SGB token for users, as stated in a previous announcement that the firm "intends to accept and distribute crypto assets", but did not mention the token in its latest announcement.
Songbird, it's worth noting, is the "canary network for flair." The network is intended to be "a long-term network for testing governance, changes in flair, such as the incorporation of new f-assets, changes to FTSOs, the f-asset system, or any other network change. "Flair Network is a blockchain that brings smart contract functionality to XRP and other cryptocurrencies that they do not yet have, although it is bringing them through a different blockchain than the XRP Ledger.
The Spark token is to be used to govern the Flair network through a voting mechanism, and token holders will be able to earn a return on their holding by using the Spark token as collateral to secure the trust less issuance and redemption of FXRP , a protocol designed to “enable the secure issuance, use and redemption of XRP on Flair securely.”
Huobi BTC, the leading Chinese Bitcoin exchange has announced the distribution of $FLR to $XRP holders 20 months after the snapshot, which is a milestone in scaling and providing 100% of the total supply of FLR tokens.