IN BRIEF

  • Flare Networks has announced that the snapshot will be taken on 12 December.
  • The Spark token is a utility fork of the XRP.

The Binance Exchange has announced that it will participate in the next airdrop of the Flare Networks Spark token.

Spark airdrop on Binance

The owners of XRP will receive the Spark token at the beginning of 2021 in a ratio of 1:1, which means that 100 billion Spark tokens will be created. XRP’s sales snapshot will take place on 12 December at 12:00 UTC. Beneficiaries will retain ownership of their XRP funds while receiving the new tokens.

Other exchanges have already announced that they will support aidrop, namely Bitstamp, Bithumb and Crypto.com.

Flare Networks also wants to join other renowned exchanges such as 1k daily profit Coinbase, Bitfinex and Kraken. Ripple’s main partner in Japan, SBI, is also investigating whether or not to support the distribution of Spark tokens.

XRP Fork

The Flare Networks will integrate the Ethereum Virtual Machine so that smart contracts can be executed on the Ethereum blockchain using XRP.

Ripple CEO Brad Garlinghouse said that Flare will offer users the best of both worlds:

„In my view, Flare combines the best of XRP (VERY fast settlement), Ethereum (smart contracts) and Avalanche (for consensus), extending the usefulness of XRP and creating smart contracts for new use cases such as lending and decentralised finance (DeFi)“.