There has been a very exciting process recently for XRP owners. The eagerly followed SPARK token airdrop even affected the XRP price. For those who don’t know, SPARK (FLR) is the Flare Network’s own crypto unit, a new protocol that aims to bring decentralized funding to the XRP ecosystem.
Flare was created to make the XRP Network compatible with smart contracts. This will allow the Flare Network to deploy existing Ethereum applications and thus unlock new DeFi capabilities in the XRP ecosystem. In this direction, a snapshot of the wallets holding XRP was taken on December 11 and SPARK tokens will be distributed to these people in the following days.
In a new blog post, Hugo Philion, CEO and co-founder of Flare Networks, announced that the December 11 snapshot revealed that a total of 45,827,728,412 Spark Tokens (FLR) will be distributed to all eligible participants of the airdrop. This means that the tokens will be distributed at the rate of 1 XRP to 1,0073 Spark tokens.
About 45 billion tokens make up about 45% of the total FLR supply and will be distributed when the company launches the mainnet next year. Through airdrop, Flare Networks wants to draw attention to its own project as well as its new features. The big goal is to increase the use cases of XRP by increasing interoperability with other ecosystems.
The top 50 exchanges worldwide, including Coinbase, Binance or Kraken, as well as wallet providers such as Ledger have joined the airdrop and will give XRP holders the corresponding amount of tokens in FLR without any further effort from users. 54,172,271,587 XRP held in custody of Jed McCaleb and Ripple was excluded from the airdrop.
New Airdrop in January
In addition to these, another project independent from Ripple and Flare Networks and similarly named “Flare Finance” announced an airdrop for January. Flare Finance’s goal is to create a multi-token ecosystem by allowing users to distribute other digital assets as well as XRP. To celebrate the launch of the network, Flare Finance will also hold an airdrop. According to the latest announcement, the airdrop will take place one month after the official launch and therefore in January 2021.
“Investors with FLR in their account will be detected 1 month after the Flare Network is opened. 7-10 days after that, DAO Flare (DFLR) airdrop will be organized for these investors. After that, take one more step to enter the Flare Finance ecosystem. You will be able to convert the DFLR tokens you receive to Yield Flare (YFLR), the official token of the Flare Finance ecosystem. ”
DFLR tokens can be used for management purposes or exchanged with “YieldFlare” assets. The YieldFlare (YFLR) token will be the official token of the Flare Finance ecosystem, with a maximum supply of 110,000,000.