OKCoin Supports Spark Airdrop for XRP Holders

written by OKCoin

OKCoin Supports Spark Airdrop for XRP Holders

The Flare Network will launch as a soft fork of the XRP ledger, creating Spark tokens that will airdrop to holders of XRP

On December 11th at 4:00 PM PT (December 12th at 12:00 am UTC), the Flare network will make a snapshot record of the value of XRP in all XRP wallets that are participating in the Spark airdrop. These XRP wallets will receive an airdrop of Spark (FLR), the native asset of the Flare Network. The Flare network and Spark token were created to provide Ethereum-like functionality to the XRP ledger.

What OKCoin holders of XRP can expect

OKCoin will support the upcoming Spark airdrop, which is expected to take place early next year when the Flare network mainnet launches. All OKCoin customers holding XRP as of December 11th at 4:00 PM PT when the snapshot is taken will receive Spark (FLR) tokens proportional to the XRP holdings in their account at that time. There are 45 billion Spark tokens allocated to the airdrop and these will be distributed across all wallets who have participated in the airdrop snapshot.

The amount of XRP you have in your OKCoin portfolio will determine the amount of Spark (FLR) tokens you receive. XRP must be deposited in your OKCoin account by December 11th at 4:00am PT when deposits and withdrawals close, or bought by December 11th at 4:00pm PT when trading closes. You still have time to qualify – add more XRP to your portfolio now. View our support page and the Flare Network blog for more.

Anticipation of the airdrop is a likely driver in the more than 140% growth XRP has seen over the past 30 days. The price of XRP increased from $0.24 on November 10th to $0.58 on December 10th.

Spark token (FLR) 

Spark provides a bridge between networks, including Ethereum and the XRP chain. This enables XRP to be used with smart contracts. 

Spark has a number of use cases within the network including payment of transaction fees, Spark Dependent Applications (SDAs), collateral for assets requiring backing, and for governance. SDAs are applications built on top of the Flare Network. Spark holders can earn a return on their holdings by committing Spark tokens to the Flare time series oracle, Flare Network’s oracle. 

The Flare Network

The Flare Network is a distributed network designed to support scalable smart contracts. It relies on the Avalanche consensus mechanism, integrating the Ethereum Virtual Machine (EVM). The Avalanche consensus mechanism differs from other consensus mechanisms in that there is no leader election; each validator, or node, is an independent decision maker. The network randomly samples each node to determine whether to accept a transaction. 

The Ethereum Virtual Machine (EVM) is the software application on Ethereum that allows for dApp creation. Because it relies on the Avalanche consensus mechanism while integrating the EVM, Flare Network enables users to quickly build smart contracts without having to stake assets. Instead, Flare Network has its own native token, Spark. 

OKCoin plans to support the Spark airdrop, however all assets that are supported on platform must meet our compliance requirements. The Spark (FLR) token will be re-evaluated closer to mainnet.

Are you ready for the airdrop? Add more XRP to your portfolio to receive more Spark tokens. Questions? We’re here to help, reach us at support@okcoin.com.

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