Ripple (XRP) Update: Spark Token Airdrop, Flare Finance’s Beta Program
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Ripple (XRP) Update: Spark Token Airdrop, Flare Finance’s Beta Program

December 14, 2020      Jafrin Ahmed

Around 110,259 accounts and 23.5 million XRP participated in the Spark token airdrop for holders of XRP. Spark token is the native token of the Flare blockchain network. Meanwhile, the blockchain network’s first DeFi project, Flare Finance has announced the launch of its beta testing program.

Update On Spark Token Airdrop

On Dec. 12, the snapshot of the XRP ledger for the Flare Network’s utility fork for the airdrop of the Spark (FLR) token took place.

The tokens, however, were not immediately available to investors. For instance, even if the investors kept their XRP in a self-hosted wallet or on a crypto exchange, the FLR tokens came later.

Flare Network did officially notify that the FLR token will not be issued until its mainnet launches. According to one of their network’s developers, this will likely happen around Q1-Q2 2021.

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However, exceptions can be made here when crypto exchanges that issues IOUs claims for the FLR token. With the snapshot that took place on Dec. 12, an XRP community member evaluated the data of the airdrop.

According to the member, a total of 110,259 accounts and 23.5 million XRP participated. There were 30% (7.1 million XRP) of self-hosted wallets, while exchange wallets accounted for the rest. A total of 51,000 new accounts were also created just to participate in the Spark token airdrop.

Flare Finance Launches Beta Program

Meanwhile, Flare Finance has launched a beta version and introduced a beta program. Over 200 testers were invited on the Coston testnet to check the performance and UX of the new system.

Flare Finance will also perform an airdrop for all FLR token holders a month after the mainnet launch of the Flare Network takes place.

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All the holders of FLR except the Flare Foundation will receive 40 million DFLRs (DAO Flares). It can then be exchanged for YFLRs on the platform. However, the time period for the swap will be only for a week. On the 7th day, all unused YFLRs will be burned or moved to the reserve pool.

#Flare Finance #Flare Network #FLR token #Ripple #Spark Token Airdrop #XRP
Jafrin Ahmed
Jafrin Ahmed

Jafrin is a cryptocurrency journalist/researcher fascinated by the world of decentralization. She is hopeful towards blockchain’s innovation and its potential to reshape the world for good. Currently, she is bringing out the best of cryptosphere via covering the latest ins and outs of the blockchain space.