Start Accumulating Spark Tokens With Your XRP Wallet. According to Wietse Wind, the utility fork of the Flare Network is on the way.
This utility fork will allow the spark token to be generated by an XRP fork. The XRP holders will be able to receive Spark tokens in a 1:1 ratio. So, at least 100 billion spark tokens have been created to match the total XRP in circulation. Keep in mind that Spark is still an independent network despite its affiliations with Ripple and the XRP token.
The relationship between Flare and Ripple was established with the Ethereum Virtual Machine. It allows people to execute smart contracts on Ethereum using XRP through FXRP. All the payments on the smart contract can be made in XRP through Interledger.
According to Wiest Wind said;
“Using my tool you will be guided through the process of storing a reference on your XRP ledger account to your (probably: to be generated) account on the Flare network. You can already use the tool today, even though the Flare network isn’t ready yet, and the Flare team didn’t launch their Spark token distribution program yet.
Last Friday, Bitrue was announced as the first exchange to support the utility fork that will distribute Spark tokens to all XRP token holders.”
Brad Garlinghouse also said that he is happy about the partnership with the Flare Network. In his words;
“Cryptocurrency Town Hall” a few days ago and explained that “Flare combines the best of XRP (VERY fast processing), Ethereum (Smart Contracts), and Avalanche (for consensus), helping to extend the benefits of XRP and allowing developers to create Smart Contracts for new use cases such as loans and Defi”.
- Ripple Holders Can Claim Spark Tokens During the Airdrop
- Ripple XRP is Trading in Green but it is Still Stuck In the $0.1270 $0.1280 Range
Flare Network has been working on its mainnet for a while now and is expected to announce the date for the mainnet launch anytime soon. However, they said that members of the XRP community are free to participate in the Spark Token airdrop. Many people have already started claiming their spark tokens and they will keep taking as long as they qualify for the collection and the airdrop is ongoing.
A few days ago, Flare Network asked all the XRP community members to prepare for the airdrop. Spark is the native token of the Flare Network and Flare’s partnership with Ripple is what allows XRP holders to enjoy the airdrop.
Ripple XRP is Trading in Green but it is Still Stuck In the $0.1270 $0.1280 Range
In other news, the XRP token is still stuck in the $0.1270 to $0.1800 range. At the time of writing, the price of the token was $0.289060. It is up by 2.84% against the USD and up by 1.23% against Bitcoin BTC. The trading volume over a 24 hour period was $1,251,224,416 and the market capitalization was $12,991,084,180.
Max writes about blockchain projects and regulation with a special focus on United States and China. He joined Smarterum after years of writing for various media outlets.