In fact, this has been clearly seen as one of the main reasons XRP’s price has been spiking in the past few weeks. XRP fans have been clearly buying up as many coins as they can in order to benefit from the fork which will result in an equal amount of Spark tokens as well. This is a free token airdrop that is determined on how much XRP one holds, and as such, it makes sense for believers in XRP to buy up and hold as much XRP as they can for this event.
The same wallet will later be used on the Flare Network to access your Flare tokens, make sure you have a backup of the secret key or recovery words. Essentially, anyone who holds XRP in self-custody services can participate in this airdrop and will be eligible to receive the Spark tokens. However, actually claiming Spark will require some work and will differ depending on the type of wallet or exchange that you are using. The idea of an airdrop, and especially one based off of a fork, will have a few people confused as to how they receive these Spark tokens, and would like to understand more about the distribution of the tokens to all XRP holders. Most other wallets work like MetaMask and Ledger, you’ll need to find and copy the Ethereum address that you’d like to use on the Flare Network. Your claimed Flare tokens will be distributed to this address on the Flare Network after launch.
- Although we try to list only legit projects we can not be responsible for any issues or loss due to scam.
- More so, because it is based around an established blockchain, and forked from XRP, it holds a lot more legitimacy.
- The function of this new network is to allow any existing Ethereum application to be deployed on Flare including Decentralized Finance.
- In November, the number of new XRP addresses spiked due to hype around the project, as new account activations rose from 1,250 to 7,500.
More recently, hype around the project drove up the value of XRP, which gained 200% in less than a week. In November, the number of new XRP addresses spiked due to hype around the project, as new account activations rose from 1,250 to 7,500.
Spark Tokenomics
The snapshot occurred on XRP Ledger index 60,155,580 and the Flare (FLR) claim period ended on XRP Ledger index 64,204,315. Eligible users’ last valid message key was used for the initial Flare (FLR) distribution. Flare uses the Ethereum Virtual Machine for smart contract functionality and a similar consensus algorithm as Avalanche. Flare is designed to bring utility to Flare, through collateralization of assets, data provision, governance and spam prevention via transaction fees. To start trading XRP, PrimeXBT offers a free account sign up which is easy to do and quick to get started. Click here to sign up and to start trading XRP in order to benefit from the volatile market.
Having clicked update, you will be required to review the transaction. Take some time to review all transaction details in your connected wallet and only confirm if the message key corresponds to your intended address. Once you have signed and submitted this, you are ready to receive your spark distribution.
Immediately after the airdrop announcement, there was uncertainty around whether some of those exchanges were fully prepared to support the airdrop. However, over the last few days, leading exchanges like Coinbase and Kraken have confirmed that they will indeed participate in the airdrop. If you don’t have any of the listed wallets, either download MetaMask, get a Keystone, D’CENT Biometric Wallet, Ledger Nano X or Ledger Nano S. You can use Bifrost Wallet developed by Towo Labs to send, receive and delegate Flare tokens. However, once the event has happened, history dictates that the price will likely see a fall as the incentive to own XRP in the short term will be over and many people will sell at the new heightened price causing a quick collapse. As mentioned above, the growth of the XRP market will probably continue until the 12th of December as more and more XRP will be sought and bought by users.
As it stands, Bitcoin is trying to topple over $20,000 and is driving the entire market up, but the XRP market will use this and probably grow even more before December 12. The function of this new network is to allow any existing Ethereum application to be deployed on Flare including Decentralized Finance. Spark is Flare’s native token and can be used to collateralize the trustless issuance of FXRP, a fully trustless representation of XRP on Flare. If you’re using a Ledger Nano X or Ledger Nano S, plug in your device, unlock it, open Ledger Live and install any pending updates. Then click Receive, select your desired Ethereum account, click Continue and copy the displayed address.
Flare is a new blockchain network based on the Flare Consensus Protocol – the first Turing Complete Federated Byzantine Agreement protocol. Flare’s native token will be an algorithmically managed, pegged stablecoin, aiming to keep network usage costs predictable and providing a primary input for DeFi use cases. If you plan to claim Spark in your own Ethereum wallet instead of through an exchange, follow these instructions.
What is Spark token?
From now on, we’ll refer to your copied address as your Flare address. The Spark token’s value is uncertain at the moment, but it certainly will have value when it is released, and that value is expected to probably climb in the long run. Because the Spark token is addressing DeFi and key utility cases in this arena, there is a use for it. More so, because it is based around an established blockchain, and forked from XRP, it holds a lot more legitimacy. You can use other Ethereum wallets that are not MetaMask or a Ledger device, but you just need to make sure that you have a backup of the secret key or recovery words. Also, If your wallet that you use is actually not incompatible with the Flare Network, there is an option where you can use your secret key or recovery words to migrate your claimed Spark tokens to a new wallet.
- Carefully review all transaction details in your connected wallet and only confirm if the message key corresponds to your intended address.
- If your chosen wallet turns out to be incompatible with the Flare Network, you’ll be able to use your secret key or recovery words to migrate your claimed Flare tokens to a new wallet.
- You can claim Spark by adding a message key, representing a Flare address, to your XRP Ledger account.
- If you don’t have any of the listed wallets, either download MetaMask, get a Keystone, D’CENT Biometric Wallet, Ledger Nano X or Ledger Nano S.
- You can double-check your Flare address by entering your XRP account address in a transaction explorer like XRP Scan or Bithomp.
It is no longer possible to claim Flare by setting a message key on the XRP Ledger. Distributions are now made to Wrapped Flare (WFLR) token holders on the Flare Network. You are solely responsible for withholding, collecting, reporting, paying, settling and/or remitting any and all taxes to the appropriate tax authorities in such jurisdiction(s) in which You may be liable to pay tax. The Spark Token Airdrop is a major event in that it is a new utility token that will offer the opportunity to grow out of the DeFi space. It is also a major event for XRP as the fork will come off the Ripple blockchain and have a role to play there.
Flare Networks is attempting to introduce Ethereum-like functionality to XRP Ledger. Furthermore, Ethereum wallets like Metamask and Ledger have decided to support the airdrop, meaning that users will be able to use those wallets with Flare apps. There are many ways to participate in the airdrop, but eligible users must hold XRP in order to receive FLR tokens.
Step 1: Get the Wallet
By doing this you will be able to use those wallets with coming Flare Network interfaces, similar to Uniswap and Ledger Live to view, send and receive Spark tokens. As has happened with forks in the past, the price of the newly forked coin is bound to be a lot lower than the token it was forked off. Currently, XRP is experiencing a big price surge thanks in part to the Spark announcement and is trading at around $0.62. The first round of distribution on Flare Networks launch will transfer 15% of the total claim amount to users. The total supply of FLR tokens is 100 billion, and Flare Networks’ collective userbase will be able to claim 45 billion FLR through the airdrop.
PrimeXBT products are complex instruments and come with a high risk of losing money rapidly due to leverage. You should consider whether you understand how these products work and whether you can afford to take the high risk of losing your money. For those using a Ledger Nano X or Ledger Nano S, first plug in and unlock the device, then click Receive, select your desired Ethereum account, click Continue and copy the displayed addresses shown below. Although we try to list only legit projects we can not be responsible for any issues or loss due to scam. If it succeeds, Flare Network will show that XRP Ledger has applications beyond basic payment settlements.
#Step 1: Get Wallet
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Because many people will be receiving this free token airdrop by the simple virtue of holding XRP, there will be a lot of questions about its value at launch — and even how its value will change after the airdrop. However, there is a set amount of Spark tokens that will be created — and that figure is 100 billion. This means that with XRP having 45 billion, 45 billion out of a total of 100 billion Sparks will be airdropped to XRP holders — just under half of the tokens. The easiest way to claim FLR tokens is to hold XRP on an exchange that supports the airdrop. The list includes top exchanges like Coinbase, Kraken, Binance, Bitstamp and others.
Once you have an Ethereum wallet to which you hold the secret key or recovery words, it’s time to copy your address. If you’re using the MetaMask browser extension, open the extension and click on your address, see the screenshot below. You can use an Ethereum wallet not listed above, just make sure that you have a backup of the secret key or recovery words. If your chosen wallet turns out to be incompatible with the Flare Network, you’ll be able to use your secret key or recovery words to migrate your claimed Flare tokens to a new wallet.
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This means of distribution indicates that the creation of Spark Tokens airdropped will of course closely mirror what is currently available in XRP. Currently, XRP’s main utility has been towards cross border payments and internal banking settlements as this is the aim of Ripple, the parent company. However, Spark token is quite different from this, and actually has nothing to do with Ripple. Flare Networks, a startup backed by Ripple, will begin to distribute its Spark (FLR) token via an airdrop that begins this week. The price of XRP is also often determined by the health of the cryptocurrency market, and that is then determined by how Bitcoin’s is doing.
Once the transaction has been signed and submitted, you’re all set for the Flare distribution. You can see your Flare address and claimed Flare amount on the XRP Toolkit account overview. You can double-check your Flare address by entering your XRP account address in a transaction explorer like XRP Scan or Bithomp. In terms of a starting price when it goes live and is available to the general market, the prediction is quite speculative currently as there is no set price. The official website claims that there is no fixed value for spark token, but there is evidence of a number of exchanges supporting this project which will mean a marketshould bloom for it.