Flare CEO Updates XRP Holders on Massive Upcoming Spark Token Airdrop – Here’s What’s Happening

The road to Flare’s much-anticipated airdrop to XRP holders is in its home stretch, according to the company’s chief executive.

Hugo Philion, CEO and co-founder of Flare, says on Twitter the company is working to upgrade their Songbird network before the airdrop of Spark (FLR) tokens.

“For all those asking where their FLR is. We are upgrading Songbird, before the end of March 2022, with the final two protocols required before Flare launch. This will then allow us to proceed to Flare launch. A full roadmap to Flare launch will be released in the coming weeks.”

Flare Network, with its native FLR token, aims to essentially bring smart contract capabilities to various blockchain networks, starting with XRP and then Litecoin (LTC).

When Flare launches, the company says that each eligible holder will immediately receive 15% of their claimable Spark tokens, and then claim an average of 3% per month, carrying on for a minimum of 25 months and a maximum of 34 months.

Philion says Flare is communicating with top exchanges about the upcoming airdrop.

“With regards to exchange distribution of the FLR token, we have reached out to the largest exchanges to get full definition on what they require in order to distribute the token so that Flare meets those requirements.”

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Featured Image: Shutterstock/Art Furnace


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Flare Networks To Airdrop Litecoin HODLers Free Crypto

On Friday, Flare Networks announced that it will airdrop Spark (FLR) tokens to Litecoin holders in advance of its mainnet launch later this year. 

In a follow-up tweet, the company also announced that it has reduced the five billion tokens initially allocated for distribution amongst their founders to cover the airdrop.

Flare Networks plans to integrate with Litecoin to bring decentralized financial services (DeFi) to the currency, allowing LTC “to be used trustlessly on Flare with Ethereum style smart contracts” and promising “interoperability and composability” for it.

Currently the fifth-largest cryptocurrency by market capitalization, Litecoin joins the fourth-largest, XRP, on Flare. Both currencies have increased over the last week, with LTC rising by more than 28%, while XRP has risen to almost 40% despite a recent lawsuit filed against Ripple by the US Securities and Exchange Commission. 

Nor is this Flare’s first big airdrop. Back in December, Flare took a snapshot of XRP for an airdrop of 45,827,728,412 Spark tokens, which will be issued to XRP holders in the first half of 2021. 

In a blog post, Hugo Philion, CEO and co-founder of Flare Networks, said that the ratio between XRP and FLR holders is near enough to 1:1. For every XRP that an eligible participant held, Flare shall give them 1.0073 Spark tokens.

Although Coinbase, Kraken, and many other exchanges suspended trading of XRP, Flare assured XRP holders that they will still be able to receive FLR tokens

Flare promised more details on the Litecoin holders’ airdrop next week. 

There’s no guarantee, however, that these tokens will be worth anything when Flare finally launches.


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Bitcoin (BTC) $ 43,763.73 0.05%
Ethereum (ETH) $ 2,352.27 0.58%
Litecoin (LTC) $ 77.18 1.13%
Bitcoin Cash (BCH) $ 250.75 0.68%