Flare to Distribute Its Spark Tokens Based On XRP Ledger Snapshot Slated For December
Tobi Loba
3 min read
The Ripple-funded blockchain firm, Flare Networks, has stated that it plans to distribute its Spark tokens to XRP holders, based on a snapshot of XRP Ledger slated for December 2020.
According to the update shared by Flare, XRP investors, except Ripple, have the opportunity to claim a Spark token for each XRP they hold on 12th December 2020, the chosen date for the aforementioned XRP Ledger snapshot.
XRP holders have the ability to generate returns with Spark tokens, by using their holdings to issue and redeem FXRP tokens, which is the gas that runs smart contracts on Flare Network.
12th December 2020 was specifically chosen by the blockchain firm to honor the birthday of the inventor that developed the maritime flare, Martha Coston.
Flare tweeted, “We named our testnet after Martha Coston who invented the maritime Flare. The snapshot of the XRP ledger for the Spark distribution will be taken on the 194th anniversary of her birthday – December 12th 2020.”
Also, a few days ago, Flare reported the huge number of XRP investors who have already responded to the call of setting up their accounts to claim Spark tokens:
“The XRP ecosystem response to Flare has been massive. More than 5,400 accounts holding a total of 295 million XRP have set up to claim the Spark token in 6 days.”
In a blog post, the blockchain firm also explained how XRP holders can set up to claim the free Spark token before the utility fork plays out.
The blog post reads in part as follows:
“If you self custody, the method of claiming the Spark token is simply to set the Message Key field on your XRP Ledger address to your Flare address…If your XRP is held at a supporting exchange, they will handle the claim process and distribution for you…
If you self custody, your Spark tokens will be delivered by a set of smart contracts operating on the Flare network either at launch or as soon as the network registers your claim from reading the XRPL… If you hold your XRP at a supporting exchange, they will deliver the Spark tokens to your account at the exchange.”
What Brad Garlinghouse Said About Flare Combining XRP and Ethereum
The Ripple CEO, Brad Garlinghouse also has a positive opinion about bridging XRP and Ethereum ecosystems.
During the recent Crypto Town Hall event, Garlinghouse pointed out that Flare is trying to merge the utility embedded in XRP, Ethereum (ETH), and Avalanche (AVAX):
“Flare is combining the best of XRP (VERY fast settlement), Ethereum (smart contracts) and Avalanche (consensus) which helps extend XRP’s utility and allows developers to create smart contracts for new use cases like lending and De-Fi”
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