Flare Executes Spark Snapshot for XRP Airdrop – Here’s What’s Next for Crypto Holders

Flare Networks has recorded its official “snapshot” of the XRP Ledger.

The process is designed to ensure all XRP registered with participating crypto exchanges and self-hosted wallets receive a share of free Spark tokens.

Ripple’s fundraising and development team says it’s looking forward to the projects that Flare’s smart contract ecosystem will bring to the XRP Ledger.

“Congrats to Flare Networks! Exciting to see the ‘year of DeFi’ close out with some unique benefits for the XRP community. Bring on more experimentation, cross-chain interoperability and use cases in 2021!”

Now that step one of the airdrop is complete, Flare says it plans to dole out the Spark governance tokens at a 1:1 ratio to XRP holders in the first half of next year.

The number of whale XRP wallets with 10 million or more tokens ballooned in anticipation of the snapshot day, according to data from crypto analytics firm Santiment.

“Leading up to [the] SPARK airdrop, Ripple’s addresses have grown rapidly.

Particularly, addresses with 10M or more tokens (currently $5.67M or more) have risen to an all-time high number of 339. This looks promising for the tier that has the most XRP at stake.”

Source: Santiment

XRP’s price rallied in the weeks and months leading up to Flare’s snapshot day, moving from a price of $0.25 on July 31st to a high of $0.73 on November 23rd, according to CoinMarketCap.

The third-largest cryptocurrency is currently at $0.52, down 2.99% in the last 24 hours.

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