Flare Networks is preparing an airdrop of 45 billion Spark token, based on a snapshot of XRP addresses on December 12, supported by Ripple’s investment arm RippleX (formerly Xpring). This is also seen as one of the factors driving XRP’s uptrend.
What is Flare Networks? What names will support the Spark airdrop token
The Flare Network is considered a smart contract platform that aims to increase the availability of different cryptocurrencies. It is known that Flare Networks will airdrop Spark token to XRP holders at a ratio of 1: 1. Spark will be used for network administration and other purposes. To operate a smart contract, it is necessary to issue FXRP (same value as XRP) – and this token is issued through Spark as collateral.
The Spark Token Free Distribution event will take place with the launch of the Flare Network mainnet, and it will take some time to distribute to all users. Screenshots of accounts receiving the airdrop will be taken on 12/12/2020.
At the time of writing, the new names announced to support the Spark token airdrop include Binance and Luxembourg-based cryptocurrency exchange Bitstamp.
The announcement from Binance states:
“Binance will support the Spark (SPARK) Airdrop Program for XRP (XRP) holders. The airdrop snapshot will occur at the first validated XRP ledger index number with a timestamp greater than or equal to 2020/12/12 00:00 AM (UTC). XRP deposits and withdrawals will be suspended starting from 2020/12/11 10:00 PM (UTC).”
Binance also said XRP transactions would not be affected during the airdrop.
Elsewhere, Bitstamp also said the decision to support the airdrop did not mean they would list Spark tokens. Bitstamp is currently undergoing thorough due diligence on Flare and the Spark token airdrop by December 12 to provide the most accurate service to their customers.
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