A little more than a week after blockchain platform Flare Network took a snapshot of the XRP blockchain, it has completed its calculations and found out how many spark (FLR) tokens the eligible XRP holders will get.
According to Flare’s blog post, “after a week of analysis with Flare’s partners, XRPLORER and Towo Labs, the XRP:FLR claim ratio can now be set out.” They said that to maintain the strict minimum 1:1 distribution ratio, the distribution amount is increased from 45bn Spark tokens previously stated to FLR 45,827,728,412.
Therefore, “for each 1 XRP held then 1.0073 FLR (rounded to 4 decimal places) can be claimed,” wrote CEO Hugo Philion.
As a reminder, Flare Network is backed by Ripple‘s investment arm RippleX, and it’s working on a system that aims to help blockchains interact with XRP. Its native token is spark, created by a utility fork of XRP. The team behind the network took a snapshot of the entire XRP blockchain on December 12, searching for the addresses that held XRP in the crypto exchanges and wallets that participated in the 45bn-spark-heavy airdrop.
Flare is creating 100bn spark tokens, which will be distributed as they become available, with the network excepted to go live in Q1-Q2 2021. As for the airdrop, the eligible users need to nothing, given that they will receive the tokens automatically. They’ll receive 15% of the total spark for which they are eligible at launch, and the rest should be distributed over a minimum of 25 months and a maximum of 34 months, after which any remaining undistributed spark will be burned or distributed based on a governance vote.
As reported, 110 exchanges supported the airdrop, including Binance, Coinbase, Kraken, OKEx, Huobi, and others, as well as a number of wallets.
At 10:54 UTC, XRP is trading at USD 0.53. It dropped 8% in a day and appreciated more than 7% in a week. Meanwhile, it went up 43% in a month, and 173% in a year. Out of the four time frames, it outperformed bitcoin (BTC) in the monthly gains one.
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Learn more:
Snapshot Done, XRP Holders Debate How Much Spark They’ll Get and When
Here’s What You Need to Know About the Incoming Spark Airdrop to XRP Holders
XRP Deemed a Security Wouldn’t Harm Ripple, but Might Hurt US – CEO
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