CoolWallet S users will qualify for the XRP-forked Spark airdrop by following these steps (remember to keep a minimum of 20 XRP on our wallet to qualify)
Great news for all you XRP holders out there! CoolWallet S users will be able to apply for Flare Networks’ upcoming Spark airdrop directly with XRP funds stored on the CoolWallet S.
This means you can participate without having to transfer XRP in and out of the wallet. The CoolWallet team has been working around the clock to support the XRP Spark airdrop and we are proud to announce that this feature will be available in time for the event on 12 December 2020.
What is the Spark airdrop?
The Spark airdrop will take place on December 12, 2020, and is available to any holder of XRP. The Spark token is native to Flare Networks, which is a smart contract platform based on the Ripple (XRP) blockchain.
The airdrop is likely to be conducted at a ratio of 1:1, with 45 billion Spark tokens eventually apportioned to the qualifying addresses based on their holdings. As many exchanges will not qualify in time, airdrop recipients should get more Spark tokens than their XRP holdings.
What is Flare’s Spark token?
Spark is the native token of Flare Networks, a smart contract utility fork of XRP. The main purpose of Spark will be to combat spam and govern the network. Spark will also :
- collateralize the trustless issuance of FXRP on Flare
- generate useful data on Flare through an oracle system,
- possibly provide cashflows to Spark token holders
Which exchanges will support the Spark airdrop?
There are currently a number of confirmed exchanges that will be participating in the Spark airdrop (Kraken being the latest) and many others who are currently in negotiations. News reports have indicated that it’s probably too late for Coinbase to qualify. This has led to a healthy rise in the price of XRP over the last few weeks. View all the participating exchanges HERE.
Step by Step: How to claim the Spark airdrop on CoolWallet S
First things first, in order to participate in the Spark airdrop, you will need at least 20 XRP in one address.
CoolWallet users may register and claim the Spark token airdrop by registering via the service in the marketplace.
The snapshot time is 2020/12/12 00:00 AM (GMT) and will capture the balance record on XRP’s blockchain ledger. Users will be eligible to claim the same amount of Spark token based on the XRP they have at the snapshot time.
Step 1: Open the Spark Airdrop tab on our app
Open the CoolBitX Crypto app, and navigate to Marketplace tab, where you will find Spark token notification below. Click on “Register Now”.
Step 2: Select your XRP address for Spark airdrop
Seeing the screen below? Excellent. Now, let’s register your XRP address to nab your Spark token. Obviously, you’ll need to have an existing XRP address in your wallet, containing at least 20 XRP (this is a Ripple requirement, not by us). Select the XRP address of your choice.
There is no limit to how many addresses you want to register, as long as these addresses contain the 20 XRP minimum balance.
Step 3: Register your XRP address
Once you have selected the XRP address, you’ll need to register it by making a “transaction”. Press the button on the card to confirm. Make sure your phone’s Bluetooth is on.
Registration is completed by sending a transaction, which requires a transaction fee, so make sure you have a sufficient balance in your address.
During this process, the app will generate a Flare network address from your seed, which you must later use to claim the airdrop.
Step 4: Get Spark tokens
Well done! Your airdrop page will show that you have now registered for the airdrop.
You are now ready to claim the Spark token airdrop 🙂
You’ll need to register your Spark tokens within 6 months of the airdrop, which is before 2021-06-12 00:00:00（GMT+0) to be precise.
FAQ- XRP Spark Airdrop
Read Flare’s official Spark FAQs here.
Q: What is Spark token?
A: Spark is the native token of Flare Network.
Q: How many Spark tokens can I get?
A: The amount of the airdrop will match the amount of your XRP in the registered addresses on 2020-12-12 00:00:00 (GMT+0).
Q: What is Flare Network address?
A: The address shown is generated by your seed with the Flare Network protocol.
Q: When can I trade with the Flare Network address?
A: CoolWallet will support Flare Network shortly after the mainnet of Flare Network is officially online.
Q: When will the Spark tokens be distributed?
A: The Spark tokens will be distributed when the Flare Network goes live.
Q: How many Spark tokens will be distributed?
Flare Networks will distribute 45 billion Spark tokens to all participating exchanges, custodians and registered users.
Q: How will the 45 billion Spark tokens be apportioned?
The right to claim the 45 billion Spark tokens will be apportioned to each qualifying address according to their proportional XRP balance in the snapshot.
This may result in an airdrop of more than 1 Spark token for each XRP token that a claimant holds, as non-participating exchanges are excluded from the distribution but being counted in the 45 billion tokens.
Q: What is the airdrop registration deadline?
A: Users must submit their registration within 6 months of the airdrop Therefore you need to register for the airdrop before 2021-06-12 00:00:00（GMT+0).
Q: Who is responsible for the airdrop?
A: A smart contract on the Flare Network will conduct the airdrop automatically.
Q: Can I trade my XRP before the airdrop?
A: Yes, the amount of the airdrop will be the amount of your XRP addresses on 2020-12-12 00:00:00 (GMT+0).
Q: What happens to Spark not claimed within 6 months of the snapshot?
They are burned.
Q: What is a Flare address?
Flare uses the Ethereum Virtual Machine for smart contracts. Flare addresses are Ethereum-style addresses that use the same key derivation scheme. Flare addresses are not “on” the Ethereum blockchain.