Flare XRP token airdrop was in the news a few weeks ago when the company called out major exchanges to take part in the event.
More than 45.83 billion Spark tokens have been airdropped until now for the XRP holders across participating exchanges.
Flare Airdrops Spark Tokens
The company took the Snapshot of the XRP ledger last week and ascertained the eligible accounts as it begins to airdrop the Flare tokens to the XRP holders. As per the announcements made earlier, only the users from the participating exchanges would be eligible to receive the Spark tokens equivalent to their XRP holdings based on the Snapshot. Flare networks announced that they would airdrop 45,827728412 Spark tokens to the Ripple token holders.
However, the company said that they would not distribute any Flare tokens to the Ripple Network, the owner of the XRP token. Ripple holds around 54,172,271,587 of its native XRP token. The Ripple charitable organization Ripple Works is eligible for receiving the Flare airdrop.
The token distribution would happen early next year after the Flare network starts functioning, and the airdrop would be done through the participating exchanges. X
RP is one of the most prominent cryptocurrency, and Ripple added Flare protocol to its system to provide a more comprehensive decentralized finance capability on its ledger. Flare acts as a bridge between the XRP ledger and Ethereum protocol, and the Flare enables smart contracts to increase the overall capability and implementation of XRP. With Flare, the XRP holders could generate the XRP pegged FXRP tokens and diligently use the Ethereum DeFi Application. The users need to stake Spark tokens as collateral. The company announced airdrop Flare Spark tokens for XRP holders to help kickstart the activity in the same.
Leading exchanges like Kraken, KuCoin, Binance, Coinbase, and Bitstamp have participated in the airdrop, and hence their users received the free SPARK tokens, which they can claim until June 2021. The company has distributed around 45.83 billion tokens till now.
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