What Comes Next for XRP Holders Participating In the Spark Airdrop?

XRP holders can rejoice as the Spark airdrop snapshot process is now complete. Issuance of the tokens will take several months to complete, however. Additionally, there are some rumors as to how there may be a secondary airdrop later on. 

What Is Confirmed So Far

As an XRP holder, the Spark airdrop is of great interest. Being able to claim tokens at a 1:1 ratio to one’s XRP holders is a pretty big deal. Whereas Ethereum users receive regular airdrops, the situation is very different for all other ecosystems. With the Flare Network snapshot now complete for the distribution, this airdrop’s foundation is now whole. 

Another aspect of the Spark airdrop that is certain is when the tokens are issued. Some XRP holders expected this to occur immediately, but that is far from the plan. Instead, the tokens will not be created until the main net for Flare goes live. Currently, that will occur anywhere between Q1 and Q2 of 2021. No specific date is available at this time. 

It is now safe to move one’s XRP holdings to a different wallet again. With so many exchanges participating, many people store their funds in those wallets. However, it is crucial to be in control of one’s wealth at all times. Moving these holdings to a regular wallet is the next logical step. It is best to do so sooner rather than later. 

In terms of overall statistics, 110,259 accounts are eligible for the Spark airdrop. A total of 23.5 billion XRP resides within these wallets, with 70% of them belonging to exchanges. Only 30% of the eligible wallets are self-custodial, which is a somewhat worrisome statistic. 

Spark Airdrop Rumors

As is often the case when an airdrop is concerned, there will be plenty of confusion. In this instance, there are rumors of multiple airdrops taking place over the coming years. The Flare Network team has yet to confirm if this is indeed the case officially. Until further notice, this is nothing more than a rumor.

It may become possible to trade FLR on several exchanges before the token distribution takes place. Several companies want to introduce an IOU of the Spark token.

We are aware that some exchanges intend to issue an IOU (Future) of Spark $FLR, this is their prerogative. Flare as an entity has zero involvement in this. Caveat emptor.

— Flare (@FlareNetworks) December 13, 2020

It is their prerogative to do so, but the Flare Network team does not endorse this approach. Anyone who bets on the value of that IOU token does so at their discretion. 

What To Be Aware Of

It will not surprise anyone to learn fake FLR tokens are already in circulation. On the Ethereum network, the FLR token exists, yet it has no ties with Flare networks or the Spark airdrop. Trading this token is not illegal, but it is crucial to adjust one’s expectations. 

Additionally, fake emails regarding an FLR private sale are in circulation. There is no public or private sale of FLR anywhere. 

Scammers are contacting people offering to sell $FLR privately, via “uniswap” or via IEO. Be careful. There is NO public sale of Spark $FLR.

— Flare (@FlareNetworks) December 13, 2020

If one sees this token on Uniswap or through an “IEO”, it is best to steer away from it altogether. There will be other scam attempts in the future. Nipping these efforts in the bud at an early stage is paramount. 

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