XRP investors have been waiting for a special airdrop since December 2020. Flare Network’s airdrop to coin holders appears to be in preparation with the latest confirmation of a plan for distribution.
Details of airdrop for XRP investors
In a blog post shared recently, Flare outlined for the first time how the distribution will take place. The blockchain platform says that once the network goes live, eligible coin holders will quickly receive 15 percent of the Spark tokens they can claim, followed by an average of 3 percent over a period of at least 25 months and up to 34 months. Flare stated that this slow rollout is designed to try and avoid much selling pressure and other negative impacts on the Spark token. The network will distribute according to the following “demand formula”:
The elements in the formula are as follows:
- Spark claimable (Spark claimable): Spark measure that can be claimed by an XRP address.
- XRP owned (XRP owned): The size of the XRP at the address at the time of the snapshot.
- XRP sum (total): A measure of the total coins available on the snapshot date.
- XRP Ripple: Coin held in Ripple-related accounts during snapshot, including escrow wallets.
- XRP NPE: A measure of coins held by non-participating exchanges at the snapshot date.
Limit token size that whales can buy
The “Individual Whale Limit” element also draws attention in the announcement. This cap specifies the upper limit of 1 billion XRP for a random XR account known to be one-to-one. That is, those who have more than 1 billion XRP coins will not be able to demand more than this limit.
As previously reported as , Flare Networks and the native Spark token aim to bring smart contracting capabilities to various blockchain networks, starting with XRP and subsequently Litecoin (LTC). Flare said earlier that they would let the community decide how the distribution should be done, but ultimately decided against it. At the time of writing, the altcoin is trading at $0.60 levels.
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