XRP network snapshot for the spark (FLR) airdrop was taken and XRP price dropped, but the debates within the Cryptoverse are ongoing – when and how much are eligible holders getting?
On December 12, blockchain platform Flare Network, which is backed by Ripple‘s investment arm RippleX, took a snapshot of the entire XRP blockchain in search of the addresses that had XRP in eligible exchanges and wallets. Per the numbers, retweeted by Flare, 110,259 accounts set up the claim for the token, while some XRP 23.6bn were captured in the snapshot. Most of it was on exchanges, with Coinbase, Binance, and Bithumb coming on top. Still 30% of XRP was self-custodied at that moment.
1. Correct. 2. That’s really odd, they are probably just advancing it, a number in their database, awaiting the real distribution. Confusing and misleading.
— WietseWind { : } (@WietseWind) December 12, 2020
Indeed, as some users were apparently confused about, Bitrue announced that they would “be supporting trading for Spark FLR on the XRP pair before the end of the year,” and that that they “will be working alongside the Flare Networks team to determine the exact amount of Spark that each user is entitled to.” Given that the first distribution will be a fixed 15% of each user’s total entitlement, the exchange said they’ll be able to know the exact amount of Spark that each user will receive in the first distribution which is expected to happen in the first half of next year.
As previously reported, Flare decided to airdrop 45 billion of their native token Spark tokens at a 1:1 ratio to XRP holders who hold funds in the exchanges and wallets that have participated in the event. But there is another debate going on online related to this ratio. The Bitrue post also stated that the “specific distribution ratio […] is currently unknown but is likely to be higher than 1:1,” and while some maintain it’ll remain (close to) 1:1, many are arguing the ratio is closer to 2:1.
It means we are almost getting 2 for each XRP how cool
— Mohamed Salah (@SalahMuhamme) December 12, 2020
Our contacted Flare Network for comment.
According to the website, 98 exchanges participated in the airdrop. Eight wallets are allowing the Spark token claim only, while six support the token as well.
Furthermore, “[w]e are aware that some exchanges intend to issue an IOU (Future) of Spark FLR, this is their prerogative,” tweeted the network. “Flare as an entity has zero involvement in this.”
Meanwhile, given the increase in scams using non-existing FLR tokens as a bait, the network is warning the Cryptoverse that they haven’t launched yet. Flare is creating 100bn spark tokens to be distributed when the network goes live, expected to happen in Q1-Q2 2021.
