XRP Holders Claim the Flare Network’s Spark Token Airdrop
According to CNF, the announcement of a spark token airdrop for XRP owners has recently caused many controversies. XRP owners can now use a tool to register their eligibility for the new Flare Network token for the XUM and XRP toolkit. The snapshot would be taken on 12 December 2020 to determine the eligible XRP ledger accounts.
Philion claims that all XRP holders, except Ripple Labs, and some former Ripple Labs employees are not eligible to claim the Spark Token. Only about 45 billion Spark tokens will be issued, as approximately 45 billion XRPs currently in circulation, which are not owned by Ripple Labs or former employees.
The Flare Network team announced yesterday that a snapshot of Spark’s distribution tokens will take place on December 12, the 194th birthday of American inventor and businessman Martha Jane Costen (1826-1904). The Coston Torch is best known for its invention, which was used for signaling at sea, later renamed the current “Costan Testnet” and launched in May. Flare Network via Twitter.
Since the AirDrop ad, the Flare Network has received a positive response from the XRP community. The network, which is developing the bridge between Ripple’s XRP Ledger and Ethereum and wants to integrate smart contracts into XRP Ledger, is currently experiencing a significant increase in the number of XRP addresses signing up for Spark token distribution.
This means that 100 billion spark tokens will not be distributed evenly over the entire distribution of XRP, which will definitely affect the price. The team explained that they would create a snapshot of all XRP ledger addresses under a specific ledger index number.
The latest figures released by Flare Network’s official media channels show that more than 15,000 accounts with over 900 million XRPs support Airdrop. However, only 1.7% of all eligible XRP tokens have the action required to claim a Spark token. However, this rate will increase rapidly if large exchanges support the Airdrop.
According to CNF, all XRP owners except Ripple Labs and some former employees of Ripple Labs can claim a spark token. After the snapshot is taken on December 12, these addresses and all Exchange addresses that do not support AirDrop will be removed from the title address pool. Accordingly, approximately 45 billion XRPs are eligible to participate in the AirDrop (minus non-participating exchanges).
Also, if the exchange does not support the Spark Token, XRP owners take action by sending their XRP to a supported exchange or by seizing their XRP on their own through the XRP Wallet or supported hardware wallets. This should be done before taking the snapshot. After the snapshot, wallet users will have six months to claim their spark tokens. Otherwise, they will “burn the tokens”.
