Ripple: New details on the Spark airdrop, 295 million XRP registered

  • In less than a week, 5,400 accounts with a total of 295 million XRP have registered for the Flare Network’s Spark token airdrop.
  • XRP owners will most likely receive the Spark token at a higher ratio than 1 XRP = 1 Spark, unless all exchanges and XRP owners participate in the airdrop.

As reported by CNF, XRP owners have been able to claim their right for the Spark token of the Flare Network for several days now. The network, which is developing a bridge between Ripple’s XRP Ledger and Ethereum, will perform an airdrop for all XRP owners on a date not yet known. XRP Lab’s founder Wietse Wind presented a tool for XUMM and the XRPToolkit a few days ago, so that non-custodial wallet users can already register their Spark token claim.

Since the announcement, the project has received great attention within the XRP community. According to a tweet shared by Flare a few hours ago, the response has far exceeded the Flare team’s expectations. More than 5,400 accounts with a total of 295 million XRP tokens have signed up to claim their right for the Spark token in just six days:

We’ve been amazed at the amount of interest in Flare over the past few days! Since announcing the process for preparing your XRPL account to receive Spark on Friday, there has been over 295 million XRP contained in XRPL accounts that have set their accounts to receive the Spark token.

In response to the overwhelming feedback from the community, the team around CEO Hugo Philion shared new information on the further roadmap for the project in a blog post.

This is how the Spark airdrop will work for XRP holders

Philion announced that all XRP owners except Ripple Labs and certain former employees of Ripple Labs are eligible to claim the Spark token. Since there are currently approximately 45 billion XRP in circulation that are not held by Ripple Labs or former employees, only 45 billion Spark Tokens will be distributed.

This means that not 100 billion Spark tokens will be distributed, analogous to the total supply of XRP, which will certainly have a certain influence on the price. The team further described that it will create a snapshot of all XRP ledger addresses under a certain ledger index number.

This snapshot is then used to extract the known addresses that belong to Ripple Labs and “certain former employees of Ripple Labs”, as well as all the exchanges that have not confirmed their support for Flare. This will result in XRP holders most likely receiving the Spark token at a higher ratio than 1 XRP = 1 Spark, as Philion noted:

The right to claim the 45 Billion Spark tokens will then be apportioned to each remaining address according to their proportional XRP balance in the snapshot. This may result in valid claimants receiving more than 1 Spark token for each XRP token that they hold. This is due to non participating exchanges being excluded from the distribution but being counted in the 45 Billion tokens that are distributed today.

The date for the snapshot has not yet been fixed yet, but is to be announced at least two weeks in advance. At the moment, Bitrue is still the only exchange that has announced its support, although other exchanges will most likely follow.

If an exchange does not support the Spark token, XRP owners have take action by either sending their XRP to a supporting exchange or by taking their XRP into self-custody via an XRP wallet. This has to be done before the snapshot is taken. After the snapshot, wallet users will have six months to claim their Spark tokens. Otherwise, they are “burned”.

About Author

Jake Simmons has been a crypto enthusiast since 2016, and since hearing about Bitcoin and blockchain technology, he's been involved with the subject every day. Beyond cryptocurrencies, Jake studied computer science and worked for 2 years for a startup in the blockchain sector. At CNF he is responsible for technical issues. His goal is to make the world aware of cryptocurrencies in a simple and understandable way.

Comments are closed.