More than 81,500 XRP-holding accounts have now been pre-arranged to receive a total of 17.5 billion tokens from the Ripple supported Flare Networks’ upcoming airdrop.
Crypto stakeholders who register their XRP in eligible accounts will collect free Spark tokens in a 1:1 ratio when Flare holds the “snapshot” day, scheduled for December 12th.
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What it means
Flare is trying to expand the use of XRP by allowing crypto users to operate smart contracts on Ripple’s native token. Crypto owners who hold Spark can also optimize the new digital asset as collateral to redeem assets in Flare’s ecosystem.
- Leading crypto exchanges such as Coinbase have recently disclosed that they will support and enable the airdrop to distribute Spark governance tokens pro-rata to such clients, based on their XRP holdings.
- Spark tokens will be used for guidance on the Flare network through voting processes, and XRP holders will be able to earn such a reward on their Ripple holdings by using Spark tokens as collateral to secure the less credible and redemption of FXRP.
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Ripple owns more than half of the total supply of XRP. In late 2017, the company vowed not to sell all of its tokens (XRP) at once, keeping up to 55 billion XRP in protected escrow accounts.
- Ripple (XRP) plays a dual role as a payment platform and a currency.
- The platform is an open-source platform that is created to allow quick and cheap transactions.
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