XRP investors have been waiting for a special airdrop since December 2020. Flare Network’s airdrop to coin holders appears to have been prepared with the approval of a final plan for distribution.
Details of the 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 immediately 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 prevent excessive selling pressure and other negative effects on the Spark token. The network will distribute according to the following “demand formula”:
The ingredients in the formula are as follows:
- Spark claimable: The amount of Spark that can be claimed by an XRP address.
- XRP owned (XRP owned): The amount of XRP at the address at the time of the snapshot.
- XRP total (total): The total amount of coins available on the snapshot date.
- XRP Ripple: Coin held in Ripple-related accounts at the time of snapshot, including escrow wallets.
- XRP NPE: The amount of coins held by non-participating exchanges at the snapshot date.
Limit on the amount of tokens whales can hold
The article “Individual Whale Limit” also draws attention in the announcement. This limit specifies the upper limit of 1 billion XRP for any XR Account known to be owned by the same person. That is, those who have more than 1 billion XRP coins will not be able to claim more than this limit.
Cryptocoin. com Flare Networks and its native Spark token aim to bring smart contract capabilities to a variety of blockchain networks, starting with XRP and then Litecoin (LTC). Flare previously said 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.
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