Flare Will Distribute $45 Billion Spark Tokens To XRP Holders

Ripple-backed Flare will distribute $45 billion Spark tokens to XRP holders in the first half of 2021 as we are reading more in the latest Ripple news today.

The token is a part of the new smart contract ecosystem which is designed to bring ETH-type functionality to Ripple’s ledger. Since it is taking a snapshot of the XRP ledger over the past week to determine the viable accounts, the company combined the results in order to determine how many tokens it will hand out. Since taking a snapshot of the XRP ledger last week to determine the viable accounts, the company was combing over the results to determine how many of the tokens it will hand out.

After doing the math and excluding Spark tokens from exchanges that decided not to provide support of the airdrop, Flare will distribute $45 billion or $45,827,728,412 tokens to the XRP holders. Flare outlined that it will give Spark tokens to the XRP accounts that are dedicated to Rippleworks which is a charitable organization founded by Ripple’s co-founder Chirs Larsen. The funds will be distributed at a rate of 1 XRP to 1.0073 spark. The upcoming airdrop is supported by a few dozen crypto exchanges and is set to happen early in 2021 once Flare’s Network is up and running. The airdrop will trigger a tax obligation as well for all US citizens.

As recently reported regarding the Spark airdrop, The price of XRP which is the third-largest cryptocurrency by market cap crashed moments after the Flare Network airdrop that was supposed to credit all XRP holders that hold funds in exchanges and wallets with free crypto. While all of the top coins by market cap increased like BTC that increased 3.2% over the past day, ETH by 2%, LTC by 4.
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4%, XRP Crashed 8% over the past 24hours with a current price of $0.5. Airdrops are similar to giveaways as they work in a way for developers to create a buzz around certain crypto projects. Wallets and crypto exchanges need to support the airdrop for their customers in order to receive free tokens. If a wallet or exchange doesn’t support it, anyone that holds XRP will not receive any free spark tokens. Flare network wanted all bigger crypto exchanges to support the airdrop but they said that coinbase didn’t engage with Flare Network at all.