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FLARE NETWORK: Ripple Holders Get Ready to Claim Spark Tokens

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@xabi
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Evening

Flare Network, the network bridging Ripple Ledge and Ethereum, is air dropping Spark Tokens to all Ripple holders. There will be 45 billion Spark tokens airdropped against approximately 45 Ripples in circulation.

CEO and co-founder of flare network, Hugo Philion announced that snap shot will happen at 00:00 GMT on 12th December 2020 and will exclude Ripple addresses belonging to Ripple Labs, certain former employees of Ripple Labs and all exchanges that doesn't confirmed support for Flare. Meaning all custodial accounts and supporting exchanges accounts will receive Spark token at a higher ratio than 1 XRP = 1 Spark.

How to Claim Spark Tokens

Self Custody Ripple holders can claim Spark Tokens by setting Message Key field on their XRP Ledger address to their Flare address. Details on Flare addresses can be found here. Ripple holders of supporting exchanges need to do nothing, as the exchanges will do the claiming and distribute the Spark tokens.

Here is the list of Supporting Exchanges.

XRP holders for non-supporting exchanges need to move their XRP to supporting exchanges or in self custody, before the snapshot. Also airdropped Spark Tokens needs to be claimed within 6 months after airdropped. After that all unclaimed airdropped tokens will be burned.

Not much can be said about the price of airdropped Spark Tokens, but considering the potential of Flare Network and excitement in Ripple community regarding Flare network application, Spark Tokens might be a worthy asset to own. Moreover the low transaction fees of XRP transfer makes moving XRP to self custody or supporting exchanges to claim airdrop worth it.

Also keep an eye on XRP price as the snapshot date arrives.

Posted Using LeoFinance Beta