At 12:00 AM UTC on December 12th, 2020 the XRP snapshot of the Spark token airdrop will be taken.
From a technical point of view, it will be very simple: the amount of XRP held on each public address will be recorded.
Even the creation of Spark tokens by Flare will be very simple: 100 billion tokens will be created by Flare when Flare Networks will be publicly launched in the first or second quarter of 2021.
The distribution of tokens through airdrop is a bit more complex.
First of all, not all XRP owners will receive Spark tokens. In fact, some exchanges have decided not to participate in the airdrop.
In addition, Ripple will not receive the new tokens, nor will the former Ripple CTO Jed McCaleb, as well as accounts known to have received XRP as a result of fraud, theft or fraud.
Therefore in order to participate in the airdrop at this time, the only thing to do is to make sure to hold XRP at 12:00 AM UTC on December 12th, 2020 on your own wallet or on one of the many exchanges that have decided to join the initiative.
Among other things, every single person will be able to use a maximum of 1 billion XRP to participate in the airdrop, which amounts to around $537 million, in order to put a kind of “cap” only for whales.
When Flare Networks is publicly launched next year, 45 billion Spark tokens will be distributed through airdrop – the rest will be held by Flare.
In addition, the airdrop will not be immediate: at the launch of Flare Networks, only 15% of these 45 billion tokens will be distributed immediately.
The others will be distributed during the next 25-34 months.
How will the XRP airdrop happen?
Those who will hold XRP at the time of the snapshot, and who will be able to participate in the airdrop, will also be able to relinquish or transfer the XRP after 12:00 AM UTC on December 12th, 2020. In fact, for the calculation of the Spark tokens to be received, only the XRP held at the moment of the snapshot will be counted.
At that point, the only thing to do will be… to wait.
If the XRP at the time of the snapshot are deposited on exchanges that support the airdrop, the new Spark tokens will simply be credited to the user’s account when they are distributed by Flare.
If they are stored in a proprietary wallet, it will be sufficient to use Flare’s own wallet with the same addresses.
The number of Spark tokens received can be calculated using the following formula:
45.000.000.000 * XRP owned / (XRP total – XRP Ripple – XRP NPE)
XRP owned means the number of XRP held at the time of the snapshot.
The total XRP are approximately 100 billion.
The XRP still held by Ripple are approximately 54.6 billion.
NPE XRP are XRP held by exchanges that have decided not to join the airdrop.
45,000,000,000 are the 45 billion Spark tokens that will be distributed with airdrop.