Holders Set 1.1 Billion XRP to Participate in Upcoming Spark Token Airdrop

XRP holders have set up nearly 20,000 XRPL accounts to participate in an upcoming massive token airdrop to those who hold XRP. These accounts have a total of 1.1 billion XRP in them.

According to XRP blockchain forensics firm xrplorer, a total of 19,997 accounts have set a message key to receive tokens in the Spark token airdrop later this year. The largest set up account has around 168 million XRP in it, with the second-largest having 24 million, and the third one 13 million.

The airdropped tokens will be Spark governance tokens from Ripple partner Flare, which is set to give one Spark token per XRP token an eligible account that was set up has on its wallet. A “snapshot” of the blockchain will be taken on December 12 for the airdrop to occur.

Flare’s airdropped token is meant to bring smart contracts to the XRP ecosystem. In an interview with Crypto Eri, the company’s co-founder Hugo Philion revealed that the goal is to “expand the use cases without affecting the XRP Ledger itself.”

Philion added that Flare will “have minimal-to-no effect on the XRP Ledger,” but will transport the value of XRP onto Flare to allow users to take advantage of smart contracts “in many different ways.” One of the use cases of the new network, he says, will be collateralizing the issuance of stablecoins, something that already has “several parties” interested.

The token airdrop will see Flare distribute a total of 45 billion Spark tokens to XRP holders, but Ripple itself and some of the startup’s former employees will not be eligible. As reported, crypto exchange Uphold announced earlier this month it was supporting the airdrop.

Featured image via Pixabay.