Table of Contents
- 1 BINANCE CONFIRMS SUPPORT FOR XRP SPARK AIRDROP
- 2 WHAT IS SPARK?
- 3 XRP SPARK AIRDROP FOR XRP OWNERS:
- 4 SUPPORT FOR XRP SPARK TOKEN AIRDROP FROM EXCHANGES:
- 5 Platforms Supporting Airdrop:
- 6 BINANCE CONFIRMS SUPPORT FOR XRP SPARK AIRDROP:
- 7 Monetary transactions to be suspended on December 11, 2020:
- 8 SPARK dispensing formula:
- 9 HOW TO CLAIM FREE SPARK TOKENS?
- 10 HOW TO MOVE XRP TO A SUPPORTED EXCHANGE?
BINANCE CONFIRMS SUPPORT FOR XRP SPARK AIRDROP
In the cryptocurrency world, eyes have turned to XRP as it experiences a renewed interest after its big breakthrough. This huge rise has also reflected on the price of XRP in the crypto markets. At the time of writing, XRP is trading at around $ 0.7078. But what is this big breakthrough that is driving up interest in the payments protocol? Why is retail pumping XRP? An upcoming 45billion token airdrop seems to be the likely answer.
WHAT IS SPARK?
Spark Token is the native token of Flare Network — a Ripple-backed blockchain company that uses a virtual machine powered by Ethereum to help customers run smart contract services on XRP. The Network aims to combine its use with XRP, as both use the same coding.
XRP SPARK AIRDROP FOR XRP OWNERS:
Flare Network has announced an airdrop program named Spark Token AirDrop campaign. In the statements made by the company, it was stated that users who own XRP could benefit from the airdrop campaign. Moreover, XRP owners can only benefit from the SPARK airdrop program if they have at least 10 XRP in their accounts.
The announcement of XRP Spark airdrop has led to the rise of XRP, as Flare Network plans to distribute 45billion FXRP tokens among XRP holders.
SUPPORT FOR XRP SPARK TOKEN AIRDROP FROM EXCHANGES:
As soon as the announcement was made, many exchange platforms announced their support for the XRP Spark airdrop. Apart from Bitcoin and cryptocurrency exchange Binance, there are other names as well that have announced their support for the airdrop program.
Platforms Supporting Airdrop:
As of November 28, 2020, Binance is the latest addition to the list of exchanges to confirm their support for the Flare Network’s airdrop. The rest of the list goes like:
- BTC Markets
- Guarda Wallet
- Cobo Vault
BINANCE CONFIRMS SUPPORT FOR XRP SPARK AIRDROP:
The team at Binance has announced its support for the SPARK airdrop program. The cryptocurrency exchange shared the details about what should be known about the airdrop. In an official statement, the team at Binance stated:
‘’Binance will support the Spark (SPARK) Airdrop Program for XRP (XRP) holders. The airdrop snapshot will take place at the first validated XRP ledger index number with a timestamp greater than or equal to 2020/12/12 00:00 AM (UTC).’’
Monetary transactions to be suspended on December 11, 2020:
Binance also stated that deposits and withdrawals of XRP would be suspended on the day of the snapshot, December 11th, at 10 pm. Snapshot deposits and withdrawals will be carried out according to the XRP balances in the accounts verified on December 12. Moreover, the snapshot of all XRP tokens will be taken. It is also mentioned that XRP trading will not be affected in any way during the airdrop, and XRP transactions will be reopened after the snapshot is complete.
SPARK dispensing formula:
The number of SPARK Tokens to be airdropped for each user holding XRP will be calculated according to this formula:
User A = Amount of XRP held by User A at the time of snapshot / Total XRP held by Binance at the time of snapshot * Total SPARK received by Binance for the airdrop.
HOW TO CLAIM FREE SPARK TOKENS?
With the snapshot approximately two weeks away, the XRP ledger still continues to experience a surge in new accounts and is expected to grow more. If you want to benefit from the XRP airdrop, this is what you have to do:
- Firstly, you need to own XRP tokens. As mentioned above, you need to have at least 10 XRP in your account.
- The wallet or exchange you are using must fully support the XRP Spark airdrop.
- After choosing one of the supported exchanges, transfer your XRP tokens before December 12, 2020. Make sure to transfer your XRP at least two days before.
After the snapshot is taken on December 12, 2020, the SPARK tokens will be distributed to XRP owners in Q1 of 2021. The airdrop will be issued in the first half of 2021 based on the amount of XRP a wallet owns.
HOW TO MOVE XRP TO A SUPPORTED EXCHANGE?
In case you do not know how to move your XRP to a supported exchange, we have put together a small general tutorial. Before starting the tutorial, it is important to note that the tutorial is based on moving your funds from Coinbase to Binance. If you are using some other exchange, there can be a difference in the interface. Just a small mistake can make you lose your funds. We recommend you to try it first with a small amount to avoid any loss.
- First of all, go to your currency XRP provider. This can be a supported exchange or a wallet.
- Then, go to your XRP funds.
- Look for a Withdrawal or Send button on your XRP funds tab and keep it open.
- Now open a new tab and go to Binance.
- Register an account on Binance or log in.
- Once you are logged in, go to the top right corner, which says wallet, and hit Fiat and Spot.
- Search for XRP.
- Click Deposit.
- After you click deposit, a unique XRP deposit address and a tag will then be generated for you.
- Now go back to your XRP wallet tab, and click the Send/Withdrawal button.
- Open the Binance tab, copy the XRP Address and XRP Tag from there, and click Send/Withdrawal.
- A confirmation text will pop up; click to confirm the transaction.
Your XRP will be sent to Binance. Once your funds are successfully deposited, you will receive a confirmation email.