BTCNEXT and QDAO DeFi users to participate in a Spark token airdrop
November 21, 2020
Add: Anton Dzyatkovskii
BTCNEXT and QDAO DeFi users with XRP on their balance will get Ripple’s Spark token air-dropped in 2021 after the snapshots taken in December 2020. This is the native token of Flare, the new Turing-complete FBA network by Ripple Labs.
About the Spark airdrop
Striving to make blockchain accessible to businesses and enterprise users, Ripple Labs is launching Flare, the world’s first Turing-complete FBA network to integrate Ethereum Virtual Machine, which does not base its safety solely on the native token. Thanks to low transaction costs, it also does not limit the apps’ scalability and can be easily and safely pipelined with third-party smart contracts on Ethereum.
Spark is Flare’s native token and it performs several functions:
- Oracle and network governance
- Increase of XRP and XRP utility
Instead of organizing an ICO, Ripple will launch an airdrop after the Flare Mainnet goes live in Q1-Q2 2021, with the snapshot date planned for December 12th. The total supply of 100 billion Spark coins will be distributed between XRP holders in proportion to the amount of XRP they hold.
IMPORTANT UPDATE: According to Flare Network’s official statement, upon the network launch, each account that claims Spark tokens will receive 15% of the total Spark for which they are eligible. The rest of the tokens will be distributed over a minimum of 25 months and a maximum of 34 months. The percentage of Spark coins received every month (2-4%) within this period is defined randomly for each user. Further information about token distribution is available in the blog post linked above.
Please note that the conditions of the Spark airdrop might be changed by the Flare Network without prior notice! Thus, the distribution of Spark tokens by QDAO DeFi depends on these changes too. We will keep our users informed about these updates in a timely manner.
The ratio of Spark-to-XRP coin distribution is not fixed, but the more XRP you own, the higher your share will be. The process of obtaining these coins is pretty complicated: holders need to set up an XRP Ledger account after obtaining an Ethereum-compatible address. It takes time and there’s always the risk of making a mistake.
Luckily, BTCNEXT and QDAO DeFi users don’t have to set up a XRP Ledger account – everything is much easier for them because our exchange officially supports the airdrop.
You’re one step away from getting your Spark tokens
In order to receive the Spark tokens, you need to transfer your XRP coins to your QDAO DeFi account on the Noah platform before12th December 2020. Spark coins not claimed within the specified period in 2021 will be used for BTCNEXT and QDAO DeFi development.
IMPORTANT UPDATE: According to Ripple Labs’ official blog post, Spark tokens will be distributed after the Flare Mainnet goes live in Q1-Q2 2021. The snapshot will be made at 00:00 GMT (+0) on 12th December 2020. However, we ask you to have your XRP coins transferred to your QDAO DeFi account before 23:00 GMT (+0) on 11th December so that our team can make all the necessary preparations. XRP coins transferred after this time won’t be included in the airdrop!
There’s no minimal XRP ownership threshold for claiming the Spark tokens. However, the more coins you own, the higher your bonus will be. So don’t hesitate to purchase XRP and store it on your QDAO DeFi wallet.
So far, Ripple Labs isn’t disclosing any information about Spark’s value. However, we believe that this token has huge potential and will be a great addition to your crypto portfolio. It is expected to be a tradable cryptocurrency and some major crypto exchanges have already confirmed its listing (eToro, Bitpay, Bitrue, Celsius, Coinspot, Nexo and a few others). We are considering listing Spark on our exchange too.
Be the first to know when the airdrop is on! More info is available at BTCNEXT, QDAO DeFi and our social media: Twitter, Facebook, Telegram, LINE (for the Japanese-speaking community), and Telegram for English-speaking participants.
Disclaimer: The opinions expressed in this blog post are for general informational purposes only and are not intended to provide specific advice or recommendations to any individual or on any specific security or investment product. It is only intended to provide some education about the financial product. The views reflected in the post are subject to change at any time and without prior notice.