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Quick grip:
- The snapshot from Flare Networks will be on December 12th at 00:00 UTC
- The easiest way to participate is to have your XRP in an exchange that supports the event
- Second, you can have your XRP in a wallet that supports snapshot
- You can also participate by manually running the process using an Ethereum wallet
- The distribution of Spark (FLR) tokens is expected between March and May 2021
The XRP community is preparing for the Flare Networks snapshot which will take place December 12 at 00:00 UTC. The snapshot is intended to record the XRP holdings of people who want to participate in the next Spark Tokens (FLR) airdrop which will take place between March and May 2021.
A total of 100 billion Spark Tokens (FLR) will be created with 45 billion claimable by XRP token holders excluding known Ripple labs accounts.
How to join the Flare Networks snapshot
There are three ways to join the Flare Networks Snapshot on December 12th.
- Deposit and / or hold your XRP in a crypto exchange that will support snapshot (simpler)
- Deposit and / or keep your XRP in a wallet that will support the snapshot. Additional steps will be required
- Request for self-reliance expiring on 11 June 2021
Keep your XRP in a crypto exchange that supports snapshot
The easiest way to participate in the Flare Networks snapshot is to deposit and / or hold your XRP in a crypto exchange that supports snapshot. All complex technical procedures will be performed by the cryptographic exchange.
It is recommended that you deposit your XRP 48 hours prior to the event (December 10th) as most exchanges will stop withdrawals and deposits on December 11th.
At the time of writing, the following exchanges have confirmed their support for the Flare Networks snapshot. The list is constantly updated on the Flare Networks website.
AltCoinTrader, AnchorUSD, Aprobit, Binance, bit4you, Big.One, BitBay, bitbns, Bitfinex, Bithumb, bitkub, bitrue, Bitso, Bitstamp, BKEX, BTC markets, BTSE, Celsius, Coinbit, CoinEx, Coinfield, CoinMerce, CoinSpot, Colodax , Crypto.com, eToro, eToroX, FobleGate, Gate.io, GateHub, GOPAX, IndoDax, Kraken, korbit, KuCoin, Liquid, MiraiEx, NDAX.IO, NEXO, Poloniex, Probit, SWYFTX, Tokens.net, UpBit, Uphold , Vebitcoin, WazirX, YouHodler.com, ZB.com
Of note is that XRP on Binance.US will not be eligible for snapshot. Furthermore, Coinbase has not yet confirmed participation in case. Therefore, it may be prudent to move your funds to a crypto exchange in support of the event.
Keep your XRP in a wallet that supports snapshot
The second method by which you can join the Flare Networks snapshot is to have your XRP in a wallet that supports the event. Additional steps will be required to claim your Spark tokens.
Below is a list of crypto wallets that have confirmed their support for the snapshot. A full list is also available on the Flare Networks website.
Cobo Wallet, Exodus, Guarda, Ledger, XUMM, DCENT, Ellipal, Gatehub, SafePal, MetMask (for those who wish to perform the procedure manually)
Additional steps when using a Crypto Wallet
To receive Spark tokens, you will need to prove that you have an Ethereum wallet in which your Spark tokens will be distributed. Once you have an Ethereum wallet whose secret key you hold, you will need to follow the steps below.
- Copy your Ethereum address
- You will then need the XRP toolkit available here. This toolkit will help you in the process of storing your Ethereum address in the XRP registry
If you want to manually convert your Ethereum address without the toolkit, the following steps will be required.
- Copy your Ethereum address
- Remove the “0x” from your address
- Convert the remaining part to uppercase
- Add the prefix “02000000000000000000000000”
- For example, using the Ethereum address 0x2D19a76413370E7c4e5844e7B016F7fC77a716AB, the final result would be 020000000000000000000000002D19A76413370E7C4E5844E7B016F7FC77A716AB
- Store this value in the message field on the XRP ledger using the AccountSet Transaction function
Authorization for safekeeping
The last way to join the Flare Networks snapshot isn’t much different than making a request with a crypto wallet that supports the event. You will need to set the message key to the XRP registry address on your Flare address as demonstrated above. The deadline to do so is June 11, 2021.
More on Flare Networks
The Flare Networks team plans to build a two-way bridge connecting XRP with the Ethereum network. This needs to be done by integrating the Ethereum virtual machine into the XRP registry to introduce smart contracts on the XRP network.
The Spark Token (FLR) will be the native token of the Flare network. Its main function will be to discourage spam transactions. Spark will also be used as collateral within applications. The token will also be the only contributor to an oracle that provides estimates of on-chain time series data. Thirdly, the Spark token will be used for the governance of all elements that rely on it.
