Lorenzo Stroe
Independent Analyst
- The Flare Networks platform will conduct an airdrop on December 12 for XRP holders.
- Anyone holding XRP is eligible to claim the tokens.
Flare is a protocol created to solve some of the inherent issues with Proof of Stake consensus algorithms. Flare will optimize the way smart-contract platforms scale. The Spark token is a fundamental pillar of the network and will be airdropped to XRP holders on December 12.
At launch, the platform will use a protocol called FXRP to safely enable the issuance and redemption of XRP on Flare. There will be 45 billion Spark tokens available to claim at a ratio proportional to their XRP balance before the snapshot.
What’s the best way to claim Spark tokens?
Most of the largest exchanges will be supporting the airdrop, including Binance, Bitstamp, Huobi and even eToro. For a comprehensive list of all exchanges support check this article. If your exchange is not on the list, you should still check any email sent by the platform just in case the list hasn’t been updated accordingly.
If your exchange supports the airdrop, you will simply need to hold your XRP coins to be eligible. In other cases, you will simply need to send your XRP to an exchange that supports the airdrop or remove them to self custody. You need to do this before the snapshot date which is the first validated XRP ledger with a timestamp greater than or equal to 00:00 GMT on 12th December 2020.
A full list of all the wallets that support the airdrop can be found here. You will also need a non-custodial Ethereum address like MetaMask or MyEtherWallet. Once you have created your own Ethereum wallet, you will need to copy the address and use it inside https://www.xrptoolkit.com/.
XRPtoolkit image
Here you will need to set a message key. Simply connect your XRP wallet and then paste your copied address in the message key field. The XRP Toolkit will automatically convert your Flare address to the required format. Once the transaction is signed and submitted you will be set for the airdrop which will happen automatically after the snapshot.
Note: All information on this page is subject to change. The use of this website constitutes acceptance of our user agreement. Please read our privacy policy and legal disclaimer. Opinions expressed at FXstreet.com are those of the individual authors and do not necessarily represent the opinion of FXstreet.com or its management. Risk Disclosure: Trading foreign exchange on margin carries a high level of risk, and may not be suitable for all investors. The high degree of leverage can work against you as well as for you. Before deciding to invest in foreign exchange you should carefully consider your investment objectives, level of experience, and risk appetite. The possibility exists that you could sustain a loss of some or all of your initial investment and therefore you should not invest money that you cannot afford to lose. You should be aware of all the risks associated with foreign exchange trading, and seek advice from an independent financial advisor if you have any doubts.
Recommended Content
Editors’ Picks
Dogwifhat price pumps 5% ahead of possible Coinbase effect
Dogwifhat (WIF) price recorded an uptick on Thursday, going as far as to outperform its peers in the meme coins space. Second only to Bonk Inu (BONK), WIF token’s show of strength was not just influenced by Bitcoin (BTC) price reclaiming above $63,000.
Runes likely to have massive support after BRC-20 and Ordinals frenzy
PUPS, WZRD, and PEPE are gaining liquidity through Bitcoin Ordinals. Creator of Bitcoin’s Ordinals protocol is debuting a new fungible token standard to rival BRC-20, Runes.
Ethereum shows firm support at key level as its correlation with US indices increase
Ethereum's price continued a sideways movement on Thursday as the market still awaits a trigger. Ethereum isn't alone in this horizontal trend; several major index funds have also traded sideways.
Mango Market attacker convicted of fraud and market manipulation
Mango Market attacker Avi Eisenberg was convicted by a federal jury on Thursday for "fraudulently obtaining" funds from the Solana-based decentralized exchange (DEX). He could face up to 20 years in prison for his role in the $110 million attack.
Bitcoin: BTC’s rangebound movement leaves traders confused
Bitcoin (BTC) price has been hovering around the $70,000 psychological level for a few weeks, resulting in a rangebound movement. This development could lead to a massive liquidation on either side before a directional move is established.