The news comes into discovery in the month of August 2020 that the Flare Network is here with the idea of creating a smart contract mechanism for XRP users by interoperability and collateralization of FXRP and spark involvement. XRPlabs Xpring Early days initiative was taken to incubate the fresh tech startups and entrepreneurs, the Flare Network is invested by XRPlabs and strategic partnership with Ripple company.
XRP is the blockchain-based cryptocurrency created with the idea of instant payments with low fees and global payment solutions of traditional banking channels by using XRP technology and implementing cross-border payments.
As we know that the flare network is funded by XRP labs that’s why we can say that the core beneficiary will be the XRP cryptocurrency by increasing the market utility to ultimately surge the demand of overwhelming supply of XRP and eventually price appreciation which significantly benefited to the XRP large holders.
The flare network will provide a bridge for the people of XRP users to put their XRP on collateral and get an FXRP flare network-based token to use the functionality and overall features of the Flare network with the involvement of XRP and spark token. The spark token will be involved in different events such as originator of collateralization and Redeemer fees and others.
Spark Token Airdrop
The team decided not just to build hype around flare network and spark token along with XRP token demand surge, also to reward the early holders of long XRP believers to meet the high-end interest of demand within the market to build such market cap for price appreciation held early Spark token airdrop of the total amount 45 billion tokens.
Users can claim and simply receive the spark tokens based on their holdings ratio of XRP coins in their supported wallets and exchanges. The tokens airdrop will be distributed through the snapshot of the XRP ledger on the day of 12 December 2020 in commemoration with Martha Coston at the time of midnight time equal to or greater 00:00 GMT ledger of XRP blockchain. for precision snapshot participation time zone convert here.
The amount of airdrop is simply straightforward as of the 1:1 spark token on 1 XRP holder on a possible supported Exchange of wallet. There may be more tokens ratio will be distribution available if the 45 billion tokens will not be distributed to the 45 billion eligible XRP holders. According to the flare announcement that the airdrop will be excluding the XRPlab’s address and only to the individual XRP holders of exchanges and wallets.
Spark Token Airdrop Exchanges Support
Various exchanges have been for supporting upcoming Spark token airdrop to avoid user’s personal XRP wallets funds transmission or inconvenience occurred due to Coinbase, Binance and check more supported exchanges according to official flare network website.
Spark Token Airdrop Wallet Support
Various wallets have been for supporting upcoming Spark token airdrop to avoid user’s personal XRP wallets funds transmission or inconvenience occurred due to Xumm, Atomic Wallet and check more supported wallets according to official flare network website.
Spark Token Price Probability Relative To XRP
The recent surge in XRP price is not just due to the hype and bullishness in the whole crypto market seems to be due to Bitcoin towards $20K but in reality due to the over announcement and wave of Spark token airdrop. The XRP surge about 140% up from its normal price before the hype of airdrop.
So significantly the XRP is pumped due to the greed grabbing Spark tokens, and the spark tokens themselves have a supply of minimum low as 45 billion for holder distribution according to meanwhile checkup total supply yet to be disclosed. Fundamentally the Spark tokens price will eventually decline initially once it successfully distributed to the individual’s wallets and become available to trade after listing on major exchange pairs. As well as XRP will be facing the same sentiment and decline in price as it’s showing a wait watch consolidation range currently.