Holders of Ripple’s native token are lining up in a big way as they set up nearly a billion XRP to claim free Spark tokens.
In an update retweeted by Flare Networks, the past week marked the distribution of 980 million XRP to 17,077 XRP accounts.
What a great week for @FlareNetworks. @GateHub @UpholdInc, @BitrueOfficial ,@AnchorUSD support $SPARK. ??
980 Million #XRP and 17.077 #XRP accounts have already been set up to claim $SPARK.
64 Million #XRP holdings increased and 3757 new #XRP accounts have been created. pic.twitter.com/dbNm0HZ8BH
— Ronald (@ronaldonline777) September 5, 2020
According to the white paper, the Flare Network is a Turing-complete smart contract platform that integrates the Ethereum Virtual Machine. Its native asset Spark is a governance token that can be used as collateral within applications.
The network is designed to “trustlessly issue tokens from non-Turing complete networks, such as XRP, onto Flare so that they can be leveraged in Turing complete smart contracts.”
Flare says the Spark tokens will be distributed to XRP investors who self custody and those who keep their assets in a crypto exchange that supports the airdrop.
“If you self custody, the method of claiming the Spark token is simply to set the Message Key field on your XRP Ledger address to your Flare address. If your XRP is held at a supporting exchange, they will handle the claim process and distribution for you.
…If you self custody, your Spark tokens will be delivered by a set of smart contracts operating on the Flare network either at launch or as soon as the network registers your claim from reading the XRPL. If you hold your XRP at a supporting exchange, they will deliver the Spark tokens to your account at the exchange.”
While most top exchanges have not yet announced plans to support the Flare airdrop, four exchanges, including Uphold, Gatehub, AnchorUSD and Bitrue have already confirmed their support. Uphold is one of the first major exchanges to announce support for the XRP-Spark distribution due to user demand.
After fervent public commentary: we’re delighted to announce that Uphold is supporting the Spark Token Airdrop. You'll receive Spark Tokens on a 1:1 basis to the amount of XRP you hold on December 12, 2020 – the 'snapshot' date.
— Uphold (@UpholdInc) September 2, 2020
Investors holding XRP are set to receive Spark tokens on a 1:1 basis on the snapshot day, which is set for December 12th.