XRP, the native cryptocurrency of the Ripple network and third biggest crypto by market capitalization, has its users scrambling to get all of their XRP onto eligible exchanges to participate in the upcoming SPARK airdrop.
SPARK is the native cryptocurrency of the Flare Network. The new blockchain uses the Flare Consensus Mechanism to integrate ‘Ethereum like’ abilities on the Ripple Network.
What Are the Flare Network’s Goals?
The Flare Network has been growing over the last two years. Only recently, though, did it publicly start promoting its networks plans.
By integrating the Ethereum Virtual Machine in the Flare Network, XRP users will now be able to create and use Ethereum-based smart contracts and applications.
The Flare Network is a Ripple backed start up that wants to fundamentally change how XRP can be used. By creating functionality that allows for decentralized applications, Ripple may be able to branch out past solely payment settlements to attract a whole new developer and customer base.
21 Billion XRP and Counting Are Eligible for the SPARK Airdrop
The Flare Network is conducting the SPARK airdrop through a variety of large and small preselected exchanges. These include Binance, Coinbase, Bithumb, UpBit, and many more.
The Flare Network has been aggregating XRP-related data. And according to one Twitter user there are almost 100,000 individual accounts set up to receive the SPARK airdrop. Those accounts have over 21 billion XRP in total.
The user goes on to explain that since the SPARK airdrop announcement, XRP holdings have increased by close to $500 million. Overall XRP holdings have increased by 12%.
One statistic that may be shocking to XRP holders is the concentration of funds in the largest accounts.
When categorizing the total airdrop percentage that users will receive, the top 15 biggest eligible XRP accounts will receive over 20% of the entire allocation. That amounts to over 1 billion SPARK.
These accounts hold a minimum of 100,000,00 XRP, while the four biggest accounts hold a minimum of 500,000,000 XRP.
How Will the Flare Network Effect the Cryptocurrency Market?
If Flare succeeds and becomes a widely used protocol within Ripple, the use cases that Ripple would be able to offer its clients could drastically increase.
Although Ethereum recently implemented a massive upgrade of its own, a competitive smart contract platform by Ripple could pave the way for increased institutional investment.
If entrepreneurs and enterprises start building applications on the Ripple ledger, would the airdrop pay off for XRP and SPARK token holders?
BeInCrypto has reached out to company or individual involved in the story to get an official statement about the recent developments, but it has yet to hear back.