CEX.IO will support Spark (SPARK) Airdrop Program
Responding to numerous customers’ requests, we would like to inform you that CEX.IO will support the upcoming Spark (SPARK) Airdrop Program for Ripple (XRP) holders. To participate in SPARK token distribution CEX.IO will make a snapshot of all XRP balances on December 12, 2020. We will stop the XRP deposits and withdrawals before that, on December 11. Plan your trading activity accordingly!
Update on February 3, 2021
Since we’re receiving a lot of customer queries as to SPARK airdrop updates, we’d like to inform you about the current state of things on this matter.
As for now, we haven’t received any news about the date of Spark tokens distribution, or further plans from the project’s team.
What we are aware of is that the project has changed the token ticker — it’s now FLR instead of the previous SPARK. There is no info about the market data of Spark (FLR) at coinmarketcap.com since the FRL trading has not started at any platforms yet.
Some crypto exchanges launched trading of Spark IOU token (XFLR), which is not the same as actually FLR token.
The IOU stands for “I owe you”, it’s a document that confirms a debt one party owes to another. In cryptocurrency, an IOU is a token representing the same value as the underlying asset. It allows discovering the price fluctuations before the project mainnet goes live and gives the right to receive tokens once the network launches.
We’d like to emphasize that the listing of the Spark (FLR) token on CEX.IO is not guaranteed. First, we will conduct careful due diligence of the token to check whether it meets our strict listing policy requirements and then make a decision on the listing.
As soon as we receive any updates regarding Spark (FLR) airdrop, we’ll inform you additionally in this post and our social media channels.
About Flare network and Spark (SPARK) token
Flare Networks is a smart contract utility fork of Ripple. This consensus protocol will enable advanced smart contracts to run on the XRP Ledger using the Ethereum Virtual Machine (EVM).
Spark is the native token of the Flare network. It is primarily used to control spam in the network. Other use cases of the token include collateral within applications, a contributor to an oracle, and governance on the Flare network.
Spark airdrop
To promote a new consensus protocol, Flare had announced the launch of more than 45 billion Spark (FLR) tokens airdrop. On December 12, 2020, a snapshot of all XRP accounts will be taken to decide how many tokens each XPR holder will receive. Later, when the Airdrop occurs, the SPARK tokens will be sent to XRP holders at a ratio of approximately 1:1.
To participate in the tokens distribution, you just need to to-up your CEX.IO account with some XRP.
How CEX.IO will handle the airdrop
CEX.IO team will handle the airdrop preparation as follows:
- XRP deposits and withdrawals will be suspended starting from December 11, 2020, at 10:00 PM (UTC).
- We will then take a snapshot of all XRP tokens held by CEX.IO users on December 12, 2020, at 00:00 AM (UTC).
- An hour after the snapshot we’ll enable deposits and withdrawals back.
- XRP trading on CEX.IO and on CEX.IO Broker will not be affected.
Once the project completes the SPARK token distribution CEX.IO will credit SPARK tokens to all eligible XRP holders. We’ll announce the distribution additionally in our official channels.
We kindly pay your attention that the support of this airdrop does not guarantee the listing of SPARK at CEX.IO. We will subject the SPARK token to our standard listing process review. Should we decide to list SPARK on CEX.IO, we’ll make an additional announcement.
Get your account ready
If you want to participate in the Spark airdrop, make sure you have XRP on your CEX.IO balance before we make a snapshot.
When planning your XRP deposits and withdrawals, ensure you leave sufficient time to complete them before the suspension (December 11, 2020, at 10:00 PM (UTC). XRP tokens that are pending deposit or withdrawal at the time of the snapshot will not count towards your XRP balance.
When making a snapshot, we will consider your Total XRP balance on CEX.IO. It includes your current active balance and those tokens that are involved in trading (In orders).
When will Spark tokens be distributed?
The distribution for Spark tokens is currently set to happen in the first half of 2021 and this is subject to change at Flare’s discretion. We’ll communicate the distribution date update when we receive such information from the project.
Meanwhile, if you would like to get free SPARK tokens, make sure there is some XRP on your CEX.IO account.
The post CEX.IO will support Spark (SPARK) Airdrop Program appeared first on Bitcoin & Crypto Trading Blog – CEX.IO.
