Flare Network Will Give Out 45.8 Billion Spark Tokens to Eligible XRP Holders

Since the end of the XRP balance snapshot for the Spark token airdrop on December 12, debates have been going on. Investors wonder how much spark token each eligible XRP holder would receive and when the airdrop would occur.

Flare Networks announced during the weekend that it had completed the calculations of the balances involved in the snapshot. The project said it would give out 45,827,728,412 FLR tokens to all XRP holders that have their funds in participating exchanges like Coinbase, Binance, Bithumb, and Kraken, or in participating wallets such as Ballet and Ledger at the time of the snapshot.

As qualified users, investors would receive the tokens free, without having to pay for them. Concerning how much Spark token each individual would receive, Hugo Philion, CEO and co-founder of Flare Networks, mentioned that the ratio between XRP and FLR holders is about 1:1.

This ratio implies that XRP holders would receive 1.0073 Spark tokens from Flare for each XRP he holds from calculations made on the blog.

The airdrop time hasn’t been decided but is expected to happen at Q1-Q2 2021 when the Flare protocol is launched.

When the main network goes live, XRP holders who have their tokens in private wallets would have their spark tokens delivered to them through the Flare address registered at the onset of the Spark claim.

On the other hand, those who hold their XRP in eligible exchanges like Coinbase and Binance would receive their Spark tokens from the exchange as it would be distributed to their accounts when the time is right.

Flare will open DeFi and smart contract possibilities in the XRP ecosystem as the project intends to integrate the Ethereum blockchain to the XRP protocol.