How to Check and Claim Spark Airdrop - CoinGyan

How to Check and Claim Spark Airdrop

If you are an XRP holder, then you will be eligible for the SPARK token airdrop coming as of December 12, 2020. The cryptocurrency community is hyped about this event and many users are interested to know how to qualify for Spark air token airdrop and claim the Flare tokens. In this post, all such aspects have been covered but before we dive in further, let’s start with understanding what is Spark token first.

 

What is Spark Token

Spark token (FLR) is Flare Network’s native cryptocurrency. It is a new protocol and is fulfilling the objective to move decentralized finance to the XRP atmosphere. In simple words, Flare will render the XRP network adaptable with smart contracts with the assistance of the EVM i.e. Ethereum Virtual Machine. As a result, the Flare Network is deployed on the existing Ethereum apps which unlocks the whole new DeFi potential on the XRP atmosphere.

Since FLR is a native token of Flare, the same can be used for collateralizing the distribution of FXRP. FXRP is a trustless depiction of XRP on the Flare network. The possibility that smart contracts can be deployed on the XRP network is an amazing opportunity for the development of Ripple. As such, this will provide an opportunity for Flare to distribute 45 billion+ FLR in favor of eligible XRP holders to celebrate the achievement.

How to Become Eligible for Spark Token Airdrop

It is necessary for a user to have some XRP balance before December 12th, 2020 for receiving the SPARK token airdrop. Before the FLR distribution would initiate, a snapshot of all Ripple balances shall be taken at 00:00 GMT. The XRP balance of a user is directly related to the amount of SPARK he or she will receive in the distribution. If a user has more XRP balance, then he or she shall receive more Spark tokens in the airdrop. The users should also pay attention to the terms and conditions of the cryptocurrency exchanges because only terms will decide the final value of FLR tokens to be received.

In the recent past months, XRP enthusiasts have purchased a lot of XRP so that they can leverage the full benefit from the airdrop. The financial analysts also believe that the sudden surge in the XRP demand is the core underlying reason for the recent price rally. In the graph shared below, it can be seen that the demand for XRP spiked up around the month of November.

XRP Ledger Analysis- CoinGyan
New XRP Addresses Activated |Source- XRPScan|

The Reliable Way For Claiming Spark Tokens

XRP token holders can use their self-custody wallets for participating in the Airdrop, however, most of the top cryptocurrency exchanges like Binance, Bitstamp, Coinbase, etc. are also providing the users with an option to avail themselves of the Spark airdrop benefits.

After verifying that the particular crypto exchange supports the airdrop, the user will only need to hold onto the Flare tokens to claim eligibility. For other cases, the user can either-

  • Transfer the XRP tokens to that specific exchange which provides support for the airdrop

OR

  • Remove the XRP tokens to self-custody

However, the user will have to execute either of the two above before the snapshot date i.e. before 00:00 GMT on December 12th, 2020.

The user will also require a non-custodial ETH address like MyEtherWallet or MetaMask and once the Ethereum wallet has been created the user will have to copy down the address and implement it inside www.xrptoolkit.com

XRPToolkit

 

After getting into the XRPToolkit, the user will have to set a message key by simply connecting the XRP wallet and then pasting the copied addressing the “Message Key” field as shown on the above snippet. After that, the XRP shall convert the Flare address automatically to the required format. When the transaction has been done and submitted, the user will only have to set the airdrop and the same shall be evidenced automatically after the snapshot.

Crypto-Exchanges Supporting Spark Token Airdrop

Some of the popular cryptocurrency exchanges that are supporting Spark token airdrop have been illustrated below:

  • Binance: Binance is the world’s largest crypto-exchange which announced the support for Airdrop tokens on November 25th, 2020. Binance has also revealed that the XRP trading shall in no way get affected during the snapshot time.
  • Coinbase: Coinbase has also announced that it would allow its users to participate in the Airdrop after hesitating to support this event for months because of technical issues.
  • OKEx: OKEx decided to join the FLR Airdrop event on December 1, 2020. The exchange would not allow any deposits and withdrawals at 12:00 PM UTC on December 11, 2020, until the snapshot is completed at 12:00 AM UTC December 12, 2020.
  • Kraken: Kraken made an announcement as of November 30th, 2020 on Twitter that it would support the Airdrop event for XRP holders. However, it was not mentioned in the tweet whether the deposits and withdrawal services shall be suspended or not. The latest tweet from Kraken in this regard has been shown below-

Kraken Exchange Tweet- CoinGyan

  • KuCoin: KuCoin has also made an announcement on November 25th, 2020 that it would be providing support for FLR Airfrop for its Ripple users. Although it should be noted that the Deposits & Withdrawal services shall be paused on December 12 at 06:00:00 (UTC+8). However, there won’t be any effect on the usual trading activities.

There are a lot of other exchanges that will be providing support for this great event for which the entire crypto-community is excited about. Good luck with the event.

Jatin

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