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Home Crypto News Market Ripple (XRP) Holders To Receive Spark Token (FLR) Airdrop in March 2022

Ripple (XRP) Holders To Receive Spark Token (FLR) Airdrop in March 2022

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Following the delay in the airdrop distribution of Spark (FLR) tokens to Ripple (XRP) holders, Flare Network CEO has published an update on what is causing the delay. 



Hugo Philion, the co-founder and CEO of Flare, stated that the project is upgrading Songbird, its canary network before proceeding to airdrop eligible XRP holders with the FLR tokens. 

According to Philion, the upgrade, which is expected to be rounded up before the end of March 2022 is an important phase of the Flare Network’s launch, and the project is taking time to ensure everything goes smoothly. 

“With the final 2 protocols [of Songbird] required before Flare launch, [it] will allow us to proceed to Flare launch. A full roadmap to Flare launch will be released in the coming weeks,” Philion said in a recent tweet.  

Flare Network Airdrop

Recall that the XRP community has been anticipating the distribution of FLR to their wallets since last year. 

Since the airdrop exercise was announced in December 2020, the distribution has been postponed on several occasions despite Flare outlining the process of distribution. 

According to Flare, Ripple traders holding XRP in their accounts on various exchanges on the snapshot date of December 12, 2020 at 00:00 UTC will participate in the 100,000,000,000 Spark token airdrop. 

On the launch of Flare, eligible XRP holders will be airdropped 15% of their claimable FLR tokens in their various exchange accounts. 

Furthermore, eligible traders will be required to claim an average of 3% of their remaining FLR tokens monthly, which is expected to last for the next 25 or 34 months after the airdrop commences. 

While most XRP holders may not seem happy about the distribution process of the FLR tokens, Flare Network hinted that the process is designed to prevent negative impacts on the cryptocurrency when it goes live.  

Philion disclosed that the project is already communicating with top trading platforms to meet the requirements for the upcoming airdrop. 

“With regards to exchange distribution of FLR tokens, we have reached out to the largest exchanges to get full definition on what they require in order to distribute the token so that Flare meets those requirements,” Flare CEO added. 

Coinbase has already disclosed plans to support the Flare Network’s token distribution process. 

Spark is Flare Network’s native token designed to offer smart contract functionality to different blockchains, including Ripple and Litecoin. 

Flare is also tipped to integrate Cardano (ADA) after XRP and LTC, following its 2021 Twitter poll that saw a majority of people favor the seventh-largest cryptocurrency. 

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Disclaimer

The content is for informational purposes only and may include the author’s personal opinion, and does not necessarily reflect the opinion of TheCryptoBasic. All Financial investments, including crypto, carry significant risk, so always do your complete research before investing. Never invest money you cannot afford to lose; the author or the publication does not hold any responsibility for your financial loss or gains.

Mark Bernnan
Mark Brennanhttps://thecryptobasic.com/
Mark Brennan has been active in the cryptocurrency sector since 2014. His love and passion for the nascent industry drove him to develop interest in writing about important developments and updates about cryptocurrencies and blockchain. Brennan, who holds a Masters degree in Business Administration, learned about the potential of blockchain technology. Aside from crypto journalism, Brennan runs an education center, where he educates people about the asset class.

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