OKEx has joined other digital asset exchanges in announcing support for the upcoming Spark (FLR) token airdrop.
Along with other crypto exchanges, OKEx will enable XRP holders leveraging their services to benefit from the Spark Airdrop Program. It is the latest trading platform to have joined, as a growing number of leading exchanges such as Binance, Bithumb, Bitstamp, Poloniex, KuCoin, and more have said that the cryptocurrency distribution would be made available to their XRP holders. Per OKEx’s official Twitter announcement:
“$XRP Deposits and Withdrawals will be suspended from 12:00 pm UTC Dec 11; Snapshot of users’ $XRP tokens at 12:00am UTC Dec 12. After the snapshot, Deposits and Withdrawals will resume.”
How will Spark Airdrop Program work?
December 12 is announced as the official date where Spark will be airdropped, but it will actually be the first step in Flare Networks’ initiative to distribute FLR tokens to XRP holders. On December 12, at 12:00 am UTC, a “snapshot” of XRP holders’ total amount of XRP will be taken by Flare Networks. Traders and investors who hold Ripple’s native digital currency will be able to receive Spark tokens for free on a 1:1 ratio.
The total amount of tokens to be distributed under the Spark Airdrop Program will be approximately 45 billion, made available to all XRP holders except for Ripple Labs. The upcoming release of tokens is said to have triggered an upward price movement for XRP.
Flare Networks, the Ripple-backed smart contract utility fork, will then take into account XRP held on participating wallets and crypto exchanges. An actual distribution day for their native tokens is not known, although it is anticipated for some time between March and May 2021.
It is also recommended that all XRP deposits be locked into the compatible exchanges and wallets before December 11, as most crypto exchanges will temporarily pause withdrawal and deposits of XRP on their platforms.
The easiest way to benefit from the airdrop is to deposit XRP into a crypto exchange that supports the snapshot. Another way to gain free Spark tokens is to hold XRP in compatible digital wallets, although there may be additional steps for users to take before being able to claim their free tokens. Users also have the choice to file a self-custody claim of XRP, although this may not be the easiest way of participating in the token distribution.
Many exchanges have announced their support for the upcoming airdrop. However, Binance.US and Coinbase XRP holders will not be able to benefit from it. A crypto enthusiast retweeted by Flare Networks said:
“At this point in time, pretty much every major exchange minus @coinbase is supporting the @FlareNetworks airdrop.”
Coinbase had previously omitted to confirm their participation in the Spark token distribution and was called out by Flare Networks, as the US-based crypto exchange held about 3 billion XRP on their platform.
Currently, XRP token tracker announced via Twitter that funds for XRP were increasingly being deposited into exchanges supporting the Spark airdrop. Per the Tweet:
“We’ve noticed a lot of $XRP action on the exchanges that will be supporting the airdrop including: @binance, @bitfinex, @Bitstamp and more.”
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