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Ripple (XRP) news: Update on Spark airdrop, Flare Finance launches beta program

  • 110,259 accounts and 23.5 million XRP participated in the Spark token airdrop for XRP holders.
  • The first DeFi project, Flare Finance, has announced the start of its beta testing program.

As reported by CNF, the snapshot of the XRP ledger for the Flare Network’s “utility fork” for the airdrop of the Spark (FLR) token took place on December 12. However, contrary to the “expectations” of many investors, the tokens are not immediately visible and available. No matter if investors keep their XRP tokens in a self-hosted wallet or on a cryptocurrency exchange, the FLR tokens come later.

Wietse Wind, founder of XRPL Labs, gave a good explanation on Twitter:

A snapshot of all balances for accounts with their MessageKey set. Now we wait until they finish their own Flare blockchain tech., and distribute the tokens *there*, to be managed with ** a wallet that supports their new Flare network **.

Flare Networks itself also reminded via Twitter that the FLR token will only be issued when the mainnet goes live. “This is expected for Q1-Q2 2021,” the developers said. A few exceptions could be several crypto exchanges that issue IOUs, a claim for the FLR token. The team explained:

We are aware that some exchanges intend to issue an IOU (Future) of Spark $FLR, this is their prerogative. Flare as an entity has zero involvement in this. Caveat emptor.

With the snapshot day now two days ago, the XRP community member “XRP_Cro” also evaluated the data of the airdrop. According to him, a total of 110,259 accounts and 23.5 million XRP participated. In terms of the latter metric, self-hosted wallets accounted for 30% (7.1 million XRP), while exchange wallets accounted for the rest. A total of 51,000 new accounts were also created in anticipation of the airdrop.

spark airdrop

Source: httpss://twitter.com/stedas/status/1337695103310245888

Flare Finance launches beta test program

But not only Flare Networks itself, but also the first DeFi project on the network, Flare Finance, is making great progress. To celebrate the successful snapshot, Flare Finance has launched a beta version and introduced a beta program. On the Coston testnet, 200 testers are invited to try out the performance and UX of the new ecosystem.

In order to join the beta test (at https://beta.flr.finance.) of Flare Finance, interested parties must fill out a form which asks for their previous experience in the crypto space, on decentralized crypto exchanges (DEXes) and their personal strengths. In this sense, the team invites testers with “different experience”. According to the published video, MetaMask is used to synchronize with the Devnet.

httpss://twitter.com/FlrFinance/status/1337574112181379072

As CNF reported only on Saturday, Flare Finance will perform an airdrop for all FLR token holders one month after the mainnet launch of the Flare Network. All FLR holders, except the official addresses of the Flare Foundation, will receive a pro rata amount of 40 million DFLRs (DAO Flares), which can be exchanged for YFLRs on the platform. The time period for the swap will be only 7 days. On the 7th day all unused YFLRs will be burned or moved to the reserve pool.

About Author

Jake Simmons

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.

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