XRP holders are eligible for the upcoming SPARK token airdrop. The community is getting excited about the event as the date draws near. Only users who hold XRP are eligible for the airdrop, and they will receive FLR based on XRP they have.
Below is everything you need to know about it and the exchanges that have announced support for it.
An airdrop means distributing a cryptocurrency or token as rewards or gifts to users or wallet addresses. Crypto projects use airdrops as a marketing strategy to create awareness about their product(s) and increase their userbase.
Although airdrops are usually free, users are sometimes expected to complete a task or meet some requirements to be eligible for the event.
These requirements vary among projects. Some might ask you to share the project’s official posts on social media platforms like Twitter, others might ask you to hold a particular coin until for a certain period to qualify for the airdrop.
So all you need to do is ensure that you meet the airdrop requirements before the deadline.
SPARK (FLR) is the native cryptocurrency of the Flare Network, a new protocol that intends to bring decentralized finance to the XRP ecosystem.
In other words, Flare will make the XRP Network compatible with smart contracts through the help of the Ethereum Virtual Machine. This allows the Flare Network to deploy existing Ethereum applications, thus unlocking new DeFi possibilities on the XRP ecosystem.
As Flare’s native token, FLR can be used to collateralize the issuance of FXRP, a fully trustless representation of XRP on Flare.
The possibility of having smart contracts on the XRP network is a welcome development for Ripple. As a result, Flare will give out more than 45 billion FLR to eligible XRP holders to celebrate the milestone.
To receive the SPARK token airdrop, users must have an XRP balance before December 12, the scheduled date for the FLR distribution. A snapshot of all XRP balances will be taken at 00:00 GMT, just before the distribution commences.
The amount of XRP in your balance will determine the amount of SPARK you’ll receive. It’s also important to take a look at the conditions of each exchange as they will determine the final amount of FLR to be received.
XRP enthusiasts have been buying up as many XRP as they can to benefit from the airdrop. Analysts believe that the increased demand for XRP is one of the main reasons behind the recent price rally in the past weeks.
At the time of writing, there’s no fixed value for the SPARK token, meaning that its price will be determined by the market once the trading starts.
Although XRP holders can participate in the airdrop with their self-custody wallets, using an exchange for the event is also an option. With this in mind, here are some of the popular ones that will support it.
As the world’s largest cryptocurrency exchange, Binance announced its support for the airdrop tokens on November 25.
According to Binance, XRP trading will not be affected during the time of the snapshot. However, the exchange will halt deposits and withdrawal services.
Users who want to use Binance to claim the SPARK token will need to deposit their XRP before the snapshot.
After hesitating to support the airdrop for months due to technical and compliance uncertainties, leading U.S.-based crypto exchange, Coinbase, finally announced that it would join the SPARK token event.
The announcement came as great news for XRP holders using Coinbase because its price increased substantially after that.
Launched in 2017, OKEx is a popular Malta-based crypto exchange for spot and derivatives. On December 1st, OKEx joined the growing list of exchanges to announce support for the upcoming FLR airdrop for XRP holders.
The exchange noted that it would suspend deposits and withdrawals at 12:00 PM UTC December 11 until after the snapshot at 12:00 AM UTC December 12.
.@OKEx will support the $SPARK Airdrop Program for $XRP holders:
💡 $XRP Deposits & Withdrawals will be suspended from 12:00pm UTC Dec 11
💡 Snapshot of users’ $XRP tokens at 12:00am UTC Dec 12
After the 📸, Deposits & Withdrawals will resume
Details: https://t.co/nOhkbrPCZv pic.twitter.com/L8gADyadZQ
— OKEx (@OKEx) December 1, 2020
Kraken is one of the oldest crypto exchanges still in operation today. The company was established in 2011, and it offers spot and derivatives services to its customers.
On November 30, Kraken announced on Twitter that it would support the SPARK token program for XRP holders. The exchange did not mention whether or not it would suspend deposit and withdrawal services.
💥 #XRP holders: Here’s something to put a SPARK in your day – Kraken plans to support the Spark $FLR Airdrop Program.
➡️ Stay tuned! More details will be released on our blog soon ⬅️
— Kraken Exchange (@krakenfx) November 30, 2020
Launched in 2017, KuCoin has grown into a top crypto exchange in the industry. Announcing its support on November 25, KuCoin revealed that it would handle the FLR airdrop for its XRP customers.
However, XRP deposit and withdrawal services will be halted on December 12 at 06:00:00 (UTC+8). Trading activities will not be affected.
Owned and operated by iFinex Inc., Bitfinex is a digital asset trading platform offering state-of-the-art services for crypto traders and global liquidity providers.
XRP holders on Bitfinex will also participate in the Spark token airdrop following the exchange’s announcement on November 29.
Other exchanges that will support the SPARK token airdrop include Huobi, Bittrex, Bithumb, Poloniex, Altcoin Trader, Bitrue, Coinspot, Gatehub, Uphold, AnchorUSD, and CEX.io.