Hoping to attract organic activity, airdrops were once a popular way to kick-start adoption for new crypto networks. XRP was especially attractive due to its ultra-low transaction costs.
When the SEC sued Ripple in December 2020 for conducting an unregistered securities sale, several XRP-friendly airdrops were quickly launched.
Fearing that the US government would shut down the XRP Ledger, win a grueling financial settlement against Ripple, or otherwise inhibit growth in the industry, many projects saw early 2021 as the last chance to launch a successful airdrop campaign to XRP. token holders.
However, most of the airdrops’ social media accounts from that era no longer exist or have become inactive. Some bills claimed support a good cause; others used a celebrity’s image — possibly without permission — or used suspicious marketing tactics.
Flare (FLR) airdrop
The largest airdrop in XRP history was Flare. It took a snapshot of the XRP network in December 2020 — the same month the SEC filed its lawsuit. It intended to reward XRP holders with its 1:1 FLR airdrop.
After a two-year wait, Flare finally performed its airdrop in January 2023. Specifically, Flare dropped 4.28 billion FLR, allocating 1 token for every 1 XRP held, as of the December 2020 snapshot.
Flare opened to trade north of $0.04 and initially appeared to be a $170 million market cap “gift” to the XRP community. In reality, FLR immediately plummeted as airdrop recipients sold their gifts at any cost.
The price of FLR never recovered. Today it is trading 90% below its first day of trading.
Even worse, Flare has been steadily diluting FLR’s offerings; original holders have diluted from 4.28 billion to 18.9 billion FLR tokens in circulation.
Initially, Flare planned to build a DeFi app using XRP, but turned to a Layer 1 blockchain and oracle network. Google queries for XRP FLR peaked in January 2021 – shortly after Flare’s snapshot – and again in January 2023 during Flare’s airdrop. Today, interest in this question is once again languishing near lows.
Other airdrops to XRP holders
Most XRP airdrops are new projects looking for a bit of promotion. An XRPL validator called xpmarket launched in January 2022 and offered an XPcoin airdrop to anyone who logged into its website or scanned a code using the Xumm app.
That airdrop flopped and is now worth $0, according to its own website.
XRP Healthcare’s planned roadmap promised to release its token (XRPH) and independent XRPH wallets in Q4 2022. joined Twitter in September 2022.
The earliest available price data indicates that on February 10, 2023, XRPH was trading at a high of $0.228 and a low of $0.18.
The price history of the token indicates an all-time high of nearly 30 cents on March 9, 2023.
On July 3, 2023, it hovered around $0.044 and had a fully diluted valuation of $4,454,002. XRP Healthcare has capped XRPH’s supply at 100 million tokens.
Read more: Ripple network overloaded by airdrop spam, crypto wallets disabled
XNET promised to take a snapshot of the XRP network on January 12, 2024 and send XNET tokens to XRP holders on March 20, 2024.
XNET’s all-time high was $4; the same day it launched, on November 28, 2022.
Gecko Terminal places XNET’s current price at $0.035 with a fully diluted valuation of approximately $849 million. That’s a 99% drop.
Coreum planned a CORE airdrop for XRP holders. It scheduled its snapshot for March 24, 2023 with airdrops booked for April 1, June 1, August 1, and November 1, 2023. It also scheduled an XCORE token airdrop for May 15, 2023.
At Coreum Token’s launch on March 7, 2022, it reached a high of just over $0.69.
As of July 3, 2022, it is down 82% to less than $0.12, with a fully diluted valuation of $59 million.
Vagabond (VGB) took a snapshot of XRP holders. VGB Token hit its all-time high of over $75 when it launched in November 2021 with a market cap in the billions.
It crashed 99%. At the time of writing, VGB is trading below $0.01 with a market cap of less than $1 million.
Other examples of XRP airdrops follow a similar trend. Most are open to trade near all-time highs and few get back their highs from their first week of trading.
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