More than 81,500 XRP-holding accounts have been set up to receive a total of 17.5 billion tokens from the Ripple-backed Flare Networks’ upcoming airdrop.
Crypto investors who register their XRP in an eligible account will receive free Spark tokens in a 1:1 ratio when Flare holds the “snapshot” day on December 12th.
Recipients will retain ownership of their XRP holdings while receiving the new tokens.
??#SPARK ??
?[5 DAYS #SPARK SNAPSHOT]
?UPDATE ?
~ 81.564 accounts set up the claim for the #SPARK token
~ 17.5 Billion #XRP balance ??421 Million #XRP holdings increased and 36.646 new #XRP accounts have been created. #XRPCommunity @FlareNetworks#UnlockingValue pic.twitter.com/RRvj9YeSHI
— Ronald (@ronaldonline777) December 6, 2020
Additionally, an increasing number of exchanges have said they will support the airdrop and distribute Spark governance tokens pro-rata to their customers based on their XRP holdings. Coinbase, one of the last high-profile exchange hold-outs just announced on Saturday it will accommodate the airdrop.
Flare is attempting to expand the utility of XRP by allowing users to run smart contracts on Ripple’s native asset. Investors and traders who hold Spark can also leverage the new token as collateral to redeem assets in Flare’s ecosystem.
Meanwhile, those who self-custody or store their XRP in a non-participating exchange can still snag Spark. In a Coil post, XRPL Labs founder Wietse Wind says that XRP ledger account holders must have a private and key account for Flare. Wind notes that all account holders should prove ownership to be eligible.
Flare has extended the claim windows to June for those who practice self custody.
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Featured Image: Shutterstock/Volodimir Zozulinskyi
