Flare project has announced the airdropping of its Spark (FLR) coin to XRP holders, bringing a two-year-long delay to an end. In the announcement, Flare unveiled a new distribution plan that indicates that the distribution of the token would commence between October 24 and November 26. However, the project team divulged that the proposed date is subject to its discussions with cryptocurrency exchanges.
Recall that Flare first disclose plans to airdrop the token in the first half of last year. Then, the announcement surfaced around late 2020, It became known that there is about 100 billion Spark (FLR) coins. Also, the snapshot of the network emanated around that period. Now, the airdrop is finally going to take place after much delay.
However, eligible recipients of the airdrop will get about 15% of the available Spark (FLR) coins allocated to them. The remaining allocated tokens will be distributed within 25 to 34 months on a 3% distribution ratio per month. Additionally, holders of XRP in the cryptocurrency exchanges that are participating in the airdrop are eligible to receive the token.
One of the prominent cryptocurrency exchanges participating in the airdrop is Crypto.com. However, the accounts of Ripple co-founder Jeb McCaleb and other accounts that received XRP through fraudulent means won’t obtain the Spark (FLR) token. Notably, the Flare team is sticking to this schedule due to their belief that it will aid a prosperous network launch. The team hopes that the schedule will offer good incentives that will encourage network participation that facilitates utility. Likewise, the team stated that there are bigger incentives for users that bring utility and value to the project.
Distribution process of Spark (FLR) according to Crypto.com
In a blog post, Crypto.com confirmed its participation in the airdrop. The cryptocurrency exchange said it would distribute the Spark (FLR) to XRP holders from supported jurisdictions. Holders of the token on the Crypto.com App and Exchange will receive the token based on the snapshot of their XRP balance within the distribution period.
As indicated in the blog post, there are no minimum XRP holding requirements to become beneficiaries of the airdrop. Eligible accounts will receive Spark (FLR) on a ratio of 1 XRP:1 FLR. For the current round of the airdrop, accounts will receive 15% of the total token they are eligible to receive.