Litecoin (LTC) worth recorded one of many greatest each day losses yesterday when it closed over 18% within the crimson.
Elementary evaluation: Flare Networks will airdrop FLR tokens to Litecoin house owners
Flare Networks said it plans to airdrop Spark (FLR) tokens to Litecoin house owners forward of the launch of its mainnet later this 12 months. The blockchain community additionally stated it has slashed the 5 billion tokens initially deliberate for distribution to cowl the airdrop.
Are you searching for fast-news, hot-tips and market evaluation?
Sign-up for the Invezz newsletter, today.
Flare stated it’s going to combine with Litecoin to supply DeFi companies to the cryptocurrency, permitting LTC “for use trustlessly on Flare with Ethereum type sensible contracts” and pledging “interoperability and composability” for it.
The fourth and the fifth largest digital currencies on the earth by market worth, XRP and Litecoin, will now each be accessible on Flare. Final week, LTC and XRP soared greater than 28% and 40%, respectively. XRP has surged sharply although the corporate is dealing with a lawsuit filed by the SEC.
That is the second main Flare airdrop. Final month, the community airdropped 45,827,728,412 Spark tokens, which can be distributed to XRP house owners within the first half of this 12 months.
The ratio between XRP and FLR holders is near 1:1, stated Hugo Philion, chief government and co-founder of Flare Networks. Flare will problem 1.0073 Spark tokens for each XRP token owned by an eligible participant.
Whereas main exchanges together with Coinbase, Bittrex, and others have prohibited the buying and selling of XRP, Flare promised XRP holders that they’ll obtain their FLR tokens.
Technical evaluation: Sharp and quick correction
Litecoin worth misplaced over 18% yesterday to speed up the correction that has began on Sunday. This transfer got here after the LTC worth greater than doubled in November and December amid vital buying interest shown in Litecoin.
The correction has stopped close to the $110.00 mark, the place the important thing 61.8% Fibonacci retracement stage is situated. From the technical perspective, the correction could have ended because the pullback is mature sufficient. The key goal on the upside stays the $220 space.
Flare Networks introduced its plan to airdrop FLR tokens to holders of Litecoin earlier than its mainnet rollout later this 12 months.