The same XRP holders who are receiving Spark, will also be getting a bunch of the newly announced Songbird (SGB) tokens. There will be a total supply of 100 billion Spark, and the rest of the airdrop distribution will be drip-fed over the course of two to three years.Īvoiding airdropping it all at once should protect the price of Spark from dumping too heavily, if at all, once the XRP Army get their hands on the tokens. The first drop will represent 15% of the 45 billion Spark tokens being gifted to XRP holders. You had to be holding at that time to receive the upcoming tokens on a 1:1 basis according to how many XRP you had on that date.
If you’re not an XRP holder but think this sounds like an idea for a quick flip, there’s no point rushing out to buy XRP for the purpose of getting this airdrop.Ī “snapshot” of XRP addresses on official, affiliated exchanges and wallets was taken on December 12. This could still be a couple of months away, so the XRP Army might need to remain patient a while longer yet. Although, it could also depend on when the Flare network itself is actually launched. The Spark airdrop should be happening “soon” – tokens could be arriving in XRP holder’s designated wallets before the end of July, according to Flare Networks original schedule. You can read more about how Flare and Spark will operate here. The specific F-assets upon the launch of Flare will be XRP, Litecoin and Elon Musk fave, Dogecoin. You can think of them as representations of digital assets that live on other networks, but “wrapped” to function within the Flare network. Spark (FLR) is Flare’s native utility token and will be used to collateralise F-assets and provide liquidity for the smart contract network.į-assets are wrapped tokens. Many other blockchains, including Ethereum, Polkadot, Cosmos and Cardano are building out interoperability functionality as well.įlare is also being used to airdrop various additional crypto assets to XRP holders. One of Flare’s main goal’s is network interoperability – the idea of a system that can become a fully compatible crypto melting pot of cross-chain activity. This means that Ethereum applications will be able to be deployed on the Flare network. Thanks to the sharing-is-caring nature of open-source technology, it’s built on the back of Ethereum’s Virtual Machine (EVM) that enables the creation of decentralised applications.
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More on that further below… What’s Flare?įlare is a blockchain protocol that is going to bring full smart contract and decentralised finance utility to the XRP ecosystem. The SEC (the US Securities and Exchange Commission) has its own beef with Ripple Labs and XRP. Ripple Labs owns a huge amount of XRP and the argument is that the company has too much influence on the value of the token.
It’s also a crypto that generates a lot of hate in the decentralisation-loving cryptoverse for its aims of engaging and increasing the efficiency of traditional centralised banking, and for its perceived centralised nature itself. It’s different from Bitcoin (Proof of Work) and Ethereum (soon to be fully Proof of Stake) in that it can’t be mined and relies on a consensus protocol to validate account balances and transactions.