Flare ($FLR) Token Airdropped to $XRP Holders Bucks Bearish Trend After Rising Over 30% in a Week

The price of the native token of the Flare Network ($FLR), has been bucking a recent bearish trend in the cryptocurrency pace that has seen the flagship cryptocurrency Bitcoin ($BTC) lose over 5% of its value over the last few days.

The bearish trend if occurring at a time in which the US Commodity Futures and Trading Commission (CFTC) sued leading crypto trading platform Binance for allegedly evading US rules.

FLR’s price, however, surged over 30% over the same period, likely as a result of a new upgrade going live on the network and as it was added to Coinbase’s listing roadmap. Coinbase’s listing roadmap was created to promote transparency and prevent insider trading on its listings.

According to a recent post from the Flare Network, the Songbird Test Proposal 02 has launched on the network, adding a secondary band to the Flare Time Series Oracle (FTSO) reward calculation, further supporting its decentralization.

The band widens the scope of data providers who can receive rewards, with these providers being entities that reliably supply data to decentralized applications via the FTSO mechanism. The proposal retains a “higher rewards allocation to submissions closer to the median value,” while avoiding risks associated with a low number of data providers.

The post adds:

This is intended to enable more data providers to cover their infrastructure costs with their rewards. STP.02 aims to encourage increased network decentralization by reducing the barrier to entry for new data providers while still maintaining a strong incentive for reliability and accuracy.

Another reason that may be behind the cryptocurrency’s recent rise may be an integration from a major cryptocurrency wallet provider, MathWallet. In a tweet shared with their over 500,000 followers, MathWallet noted that users can access decentralized applications on the network using it.

As CryptoGlobe reported, those holding $XRP back on December 12, 2020 have received $FLR tokens as part of an airdrop that initially distributed 15% of the cryptocurrency’s total supply. While the snapshot was in late 2020, the tokens started being distributed earlier this year, with the rest set to be distributed over the next three years.

Over 52 cryptocurrency exchanges supported the FLR token airdrop to XRP holders, distributing tokens at a 1:1 ratio, meaning that for every 1 XRP held at the time of the snapshot, investors received 1 FLR token. A total of 4.28 billion FLR were distributed to XRP holders.

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