Flare Networks Executes Spark Snapshot For Much-Awaited XRP Airdrop

It’s been reported that the Flare Networks has finally recorded its official “snapshot” of the XRP Ledger.

Just in case you don’t know, the process is designed to ensure all XRP registered with participating crypto exchanges and self-hosted wallets receive a share of free Spark tokens.

Ripple’s fundraising and dev team said that they are looking forward to the projects that Flare’s smart contract ecosystem will be bringing to the XRP Ledger.

“Congrats to Flare Networks! Exciting to see the ‘year of DeFi’ close out with some unique benefits for the XRP community. Bring on more experimentation, cross-chain interoperability and use cases in 2021!”

Step one of the airdrop is now complete, and from now on, Fare said that it plans to dole out the Spark governance tokens at 1:1 ration to XRP holders in the very first half of 2021.

According to the latest reports coming from the online publication The Daily Hodl, the number of whale XRP wallets with 10 million or more tokens have exploded in anticipation of the snapshot day, reveals the latest data coming from crypto analytics firm Santiment.

“Leading up to [the] SPARK airdrop, Ripple’s addresses have grown rapidly. Particularly, addresses with 10M or more tokens (currently $5.67M or more) have risen to an all-time high number of 339. This looks promising for the tier that has the most XRP at stake.”

Flare to bring DeFi to XRP

The Decentralized Finance movement is growing more and more in popularity, and it seems that it will reach XRP as well soon.

It’s been just revealed that one of the original architects of the XRP Ledger said that XRP would soon make its debut in the booming DeFi space.

During a new interview with Uphold, the Ripple chief technology officer David Schwartz talks about Flare Network’s efforts to bring smart contracts to XRP.

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I am a technical writer, author and blogger since 2005. An industry watcher that stays on top of the latest features, extremely passionate about finance news and everything related to crypto.