Bitcoin and cryptocurrency exchange Binance has announced airdrops for XRP investors. Announcing that it will support the airdrop program named SPARK, Binance exchange pointed to December 12th.
Ripple (XRP) investors received good news from the Binance exchange. Announcing that it will support the SPARK airdrop program, the crypto currency exchange shared what should be known about the airdrop. According to the statements on the website, XRP investors who want to take advantage of the SPARK airdrop program must have at least 10 XRP in their accounts. With the snapshot, how much SPARK users will receive will be calculated.
Monetary transactions are suspended on December 11
Binance said that transactions with XRP will be suspended from December 12, 2020. Snapshot transactions will be carried out according to the XRP balances in the accounts of the exchange users verified on December 12, and the snapshot of all XRP tokens will be taken.
Stating that withdrawals and deposits will continue to be made as before after the snapshot is completed, Binance emphasized that the XRP buying and selling activities will not be affected in any way during the airdrop. Reminding that XRPs that are pending for deposits or withdrawals during snapshot will not be included in the balances, Binance said that balances below 10 XRP are not covered by the airdrop.
Snapshot to be made; It will include XRP balances in spot, savings and token-margin futures wallets, and exclude margin accounts and crypto loan accounts.
SPARK dispensing formula
Binance announced that the amount of SPARK to be airdroped will be calculated using the following formula:
“User A = Amount of XRP held by User A at the time of snapshot / Total XRP held by Binance at the time of snapshot * Total SPARK received by Binance for the airdrop”
(User A = the amount of XRP held by User A during the Snapshot / Total XRP held by Binance at the time of the snapshot * The total amount of SPARK received by Binance for the airdrop)
Stating that SPARK will go through a strict listing process, Binance said that airdrop support does not necessarily indicate that SPARK will be listed on Binance.
Crypto experts comment on SPARK news
After Binance shared the announcement about SPARK on Twitter, many comments came from users. Some experts, including Coin Freak and Rookie, talked about Binance’s airdrop program. The Coin Freak responded by saying “Hoppala”, while Rookie commented, “Binance has listened to our call”.