The Ripple-backed crypto startup Flare is tracking how many Spark tokens it will airdrop to XRP investors in the first half of 2021.
The token is part of a new smart contract ecosystem that’s designed to bring Ethereum-type functionality to the XRP Ledger.
Since taking a snapshot of the XRP Ledger last week to determine all viable accounts, the company has been combing through the results to determine just how many tokens it will hand out.
After doing the math and excluding Spark tokens from crypto exchanges that decided not to support the airdrop, Flare says it will airdrop a total of 45,827,728,412 tokens to XRP holders.
Flare highlights it will not issue Spark tokens to Ripple, which holds about 54,172,271,587 XRP at time of publishing.
However, Flare will give Spark tokens to XRP accounts dedicated to Rippleworks, a charitable organization founded by Ripple co-founder Chris Larsen.
The funds will be distributed at a rate of 1 XRP to 1.0073 Spark.
The coming airdrop is supported by dozens of cryptocurrency exchanges and is set to happen early next year once the Flare network is up and running.
The airdrop will trigger a tax obligation for US citizens, according to the head of tax strategy at CoinTracker.Don't Miss a Beat – Subscribe to get crypto email alerts delivered directly to your inbox
Follow us on Twitter, Facebook and Telegram
Disclaimer: Opinions expressed at The Daily Hodl are not investment advice. Investors should do their due diligence before making any high-risk investments in Bitcoin, cryptocurrency or digital assets. Please be advised that your transfers and trades are at your own risk, and any loses you may incur are your responsibility. The Daily Hodl does not recommend the buying or selling of any cryptocurrencies or digital assets, nor is The Daily Hodl an investment advisor. Please note that The Daily Hodl participates in affiliate marketing.
Featured Image: Shutterstock/Liu zishan