Sunday, April 18, 2021

Flare to Integrate Litecoin (LTC) Following SEC’s Lawsuit against Ripple

Flare Networks has a couple of hours ago announced that it will integrate Litecoin (LTC), the fifth-largest cryptocurrency by market cap, ahead of its much-awaited release, which will bring about the distribution of Spark tokens.

According to the report shared by Flare via its official Twitter handle, this move will add smart contract features to the blockchain, which is expected to enhance its functionality:

Read Also: Prominent Crypto Lawyer States What Ripple Must Do Now For XRP to Survive

“Flare will be integrating Litecoin ahead of the Flare network launch in Q2. This will allow LTC to be used trustlessly on Flare with Ethereum style smart contracts and gives LTC interoperability and composability.

.”Flare foundation token allocation will be reduced so that 5 Billion FLR can be distributed to LTC participants. Full details to come next week.”

Read Also: Top Analyst: Ethereum (ETH), Ripple’s XRP, Litecoin (LTC) and Six Others Are Set For Major Uptrend

Five Billion Spark Tokens for Litecoin (LTC) Holders

Ripple-powered Flare Networks is set to distribute 45.8 billion Spark tokens following the snapshot of XRP Ledger that played out in December 2020.

As soon as the network is officially launched, everyone will receive 15% of the total airdrop. While the rest of the tokens will be distributed over approximately 34 months.

According to Hugo Philion, the co-founder and CEO of Flare Networks, the rest of the Spark tokens would be received by the Flare Foundation.

Howbeit, it will now be reduced by 5 billion tokens that are meant to be distributed to Litecoin (LTC) participants.

Read Also: Ethereum Foundation Launches Attacknets; Challenges Hackers to Attack Proposed ETH 2.0 Network

Exchanges Delisting XRP Will Not Affect the Airdrop

After the SEC filed a lawsuit filed against Ripple for offering an unregistered security, a number of major exchanges and crypto-related firms, including Coinbase, have moved to either suspend or delist XRP. However, they will still go ahead with the anticipated airdrop.

Also, Flare is set to lower XRP’s dependency on its issuer, Ripple, by creating a set of new applications for the cryptocurrency.

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Solomon Odunayo
Solomon has a growing passion for writing, this propelled him to keenly work on Eagles News Media for about two years before delving into the cryptocurrency and Blockchain industry he finds more interesting. He worked as a crypto Journalist and Editor at NewsLogical before joining Herald Sheets, owing to the priceless experience he has accumulated since he became a contributor in the crypto community.

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