Do You Own XRP? Brace yourself for the SPARK airdrop and get FREE SPARK (FLR) Tokens!
On 12th. December a snapshot will be taken of all XRP account holders. Anyone who holds XRP balance using one of the supported services will receive the same amount in SPARK (FLR) Tokens ratio 1:1 around March 2021.
One important factor is that you have to hold your XRP on one of the many Exchanges or Wallet providers who support this airdrop. (IMPORTANT) If you have your XRP elsewhere I strongly suggest you move to one of them before the 12th. December.
The Flare Network website includes a list of supporting exchanges here.
So that’s what all the fuss has been all about lately!
The value of XRP is soaring along with the two leading cryptocurrencies – Bitcoin and Ethereum. Last few weeks have been dramatic for XRP as its prices have almost doubled within such a short time frame.
There’s no doubt that the growth in the prices of XRP tokens was partly because of the increasing prices of Bitcoin. But there’s one more reason behind the rising prices of XRP tokens.
Any guesses about the second reason? It’s the SPARK airdrop! We will be talking about it in detail in this article
Many cryptocurrency market analysts have said that the airdrop of Spark tokens is one of the major reasons that is causing the upsurge in the XRP prices. With major cryptocurrency exchanges supporting the airdrop, all XRP fans can rest assured that the airdrop will prove to be a success.
Flare Network is going to airdrop a new cryptocurrency to the XRP token holders. This new cryptocurrency is known as Spark.
A total of 45 billion Spark tokens are up for grabs, and RippleX, the investment arm of Ripple, is supporting this free distribution.
Coinbase joined in to Support the Spark Airdrop at the last minute.
Coinbase made an announcement on Twitter about the time of distribution of Spark tokens. They will distribute the Spark tokens to XRP token holders on their platform after the Flare network launch.
What is Spark Token?
The main utility of XRP lies in the cross border payments and banking settlements. It is also the aim of the parent company of the XRP token, Ripple. When it comes to the main utility of Spark tokens, it is different than the XRP tokens.
So, what’s new about Spark tokens? The first thing is that it will be powered by the Flare Network. The second point is that the network runs the Avalanche consensus protocol. It leverages Ethereum Virtual Machine and is specifically adapted to the Federated Byzantine Agreement.
What we said above may feel a bit technical! Let’s get to the main point – The Flare Network makes it possible to deploy the Ethereum application to integrate into the world of DeFi. It is made possible by deploying the pre-existing Ethereum applications on the Flare Network.
The Spark tokens will act as collateral for insurance of FXRP on the Flare Network. It will also play a role in the generation of useful data on the network. The generation of useful data will be done through an oracle system. Now, the Spark tokens will also play a role in keeping the network spam-free. It will also aid in the governance of the network.
Is There any Connection Between the FXRP and Spark Tokens?
The spark token holders stand to benefit from the cash flow once the oracle system is put to use and FXRP is issued. Now, the question is that if there is a connection between XRP tokens and the Spark tokens? Well, there is one. The minting of FXRP happens on Flare Network and that, too, from XRP on the XRP Ledger. It means that you can settle back on the XRP ledger. Interesting, right?
The DeFi space is one of the hottest parts of the cryptocurrencies today. With the airdrop of SPARK Tokens, XRP is cementing its position among the leading cryptocurrencies in the world. The news about the airdrop helped catapult the prices of XRP tokens in the last few weeks. It is possible that if the airdrop of SPARK Tokens become immensely successful, the prices of XRP tokens will breach the barrier of $1.
Go ahead and buy some XRP tokens today to benefit from the airdrop of Spark tokens. We are holding onto ours. The future looks bright for XRP tokens from where we can see.