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The Flare Networks airdrop is on the way, giving XRP investors a few more weeks to prepare for the opportunity to earn Spark, the new governance token of the smart contract platform.
Crypto investors who register their XRP in an eligible account will receive free Spark tokens in a 1: 1 ratio when the Ripple-backed blockchain company holds its “snapshot day” on December 12. Recipients will retain ownership of their XRP holdings while they receive the new tokens.
Flare is expanding the use cases of the fourth largest cryptocurrency by market cap, allowing users to run smart contracts on XRP. More than just a governance token, users can also leverage Spark as collateral to redeem assets in the Flare ecosystem.
According to Flare, more than 20 exchanges have said they will support the airdrop and distribute Spark tokens proportionally to their customers based on their XRP holdings.
Those who self-trust or keep their XRP in a non-participating exchange can also earn Spark. In a post on Coil, XRPL Labs founder Wietse Wind states that if XRP accounting account holders have a private and key account to Flare, they can participate in the airdrop.
Wind has developed a tool to simplify the process by specifying how account holders can prove they are eligible for ownership.
“XRP ledger account holders will prove account ownership by signing a reference, indicating their account on the Flare Network. This reference will be stored in an account-level “MessageKey” field in the XRP registry.
This means that your account address “r …” on the XRP registry will point to your account “0x …” on the Flare network …
[Flare] will read all XRP ledger accounts pointing to Flare network accounts, check their balance and distribute an equal amount of Spark Tokens to the Flare network account listed in the XRP ledger account. “
An early November update from Flare indicated that there were more than 295 million XRPs contained in XRPL accounts set up to receive the Spark token.
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Featured Image: Shutterstock / Art Furnace
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