There have been ample discussions regarding the upcoming SPARK airdrop for XRP users. Although this airdrop is less than two weeks away, a lot of confusion remains. Partaking in this airdrop is not that difficult, but it may require some minor adjustments.
The Flare Network Airdrop Rewards SPARK
For those still not in the loop, XRP holders are eligible for an upcoming token airdrop. The team behind the Flare Network will airdrop SPARK tokens to all owners of Ripple’s native asset in the near future. A snapshot of account balances will be taken on December 12. Based on that information, users will receive an amount of SPARK. Every SPARK token is valued at $0.01, thus no one will get rich overnight.
The Flare Network is designed to run smart contracts as part of the XRP ecosystem. A welcome development, as Ripple’s business model can certainly benefit from smart contract capabilities. All of this is made possible thanks to the Ethereum Virtual Machine. Thanks to a focus on scalability, Flare certainly has potential. As a utility fork, XRP holders need to pay attention to this airdrop.
A total of 45 billion SPARK will be rewarded to XRP users. For every XRP one owns, you will get 1 SPARK token accordingly. It is possible this upcoming airdrop has triggered the recent price spike for Ripple’s native asset. When “free money” is at stake, people will gladly pay for the asset required to receive this airdrop.
Which Exchanges Support it?
As is often the case with airdrops, not all exchanges and trading platforms will support the crediting of funds. For the SPARK airdrop, there are a few supporting platforms in place already. At the time of writing, this is the updated list. It remains subject to change, as a lot of top trading platforms have yet to render a final decision.
- eToro / eToroX
- MXC Exchange
Even though there are a lot of prominent exchanges and other platforms on the list, it is far from complete. The likes of Coinbase, Kraken, bitFlyer, and many others have not confirmed support for the SPARK airdrop as of yet.
Users of supported platforms can simply keep their XRP in a wallet and await their SPARK tokens. How long the process will take exactly, remains unclear. Currently, the actual airdrop is expected to occur in Q1 of 20021. No further date has been specified at this time.
Can I Keep XRP in my Wallet?
In theory, yes you can. From a practical point of view, however, airdrops like this one will be difficult to credit to regular wallet users. Anyone storing XRP on a Ledger hardware wallet, for example, may opt to move it to an exchange for the snapshot, and simply move funds back afterward.
That being said, there is a tutorial to set up one’s Ledger Nano S or Nano X to support this SPARK airdrop. It will require a bit of work to set everything up, but it is a far better option than trusting third-party exchanges with one’s funds.
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