The XRP community is getting excited about the Spark token airdrop. Users that hold XRP will be able to receive SPARK tokens on a 1:1 basis. Some analyst claimed that due to this new airdrop, the price of XRP skyrocketed surpassing $0.70 for a short period of time. However, not everyone knows what is Spark and how to participate in this airdrop.
What is Spark Token Airdrop?
The Spark token airdrop makes reference to the new Flare network that will operate closely with the XRP ledger. It is worth mentioning that the XRP Ledger and the Flare network are separate blockchains. Moreover, they have different use cases and characteristic.
The first thing to note is that the Flare network and the XRP ledger are two different networks. They don’t run with the same features or characteristics. Moreover, they do not work in the same way and offer different solutions.
Brad Garlinghouse, the CEO of Ripple, stated about the new Flare network:
“I’m excited about what Flare is doing. As we’ve said, any time you’re seeing real utility solving a real problem – and I think Flare has carved out an interesting niche and as they move forward with this airdrop of Spark tokens I’m optimistic for them.”
On December 12th, XRP holders are going to receive Spark tokens according to their XRP holdings. If you want to know what is Spark token, then you are in the right place.
Expanding Decentralized Finance
This network is expected to help Ethereum (ETH) applications to be deployed on Flare. This would allow decentralized applications (dApps) and decentralized finance (DeFi) to run on top of the XRP ecosystem.
With the deployment of Ethereum smart contracts on the XRP ecosystem, new DeFi possibilities are unlocked. WIth the Spak digital asset, users will be able to collateralize the trustless issuance fo FXRP.
The Spark token is a cryptocurrency that runs on top of a Federated Byzantine Agreement network. As we mentioned before, this blockchain is going to be integrated with the Ethereum Virtual Machine. The Spark network will be fully integrated with the decentralized finance market that thas been expanding in recent months.
Considering there is no specific price for the Spark token airdrop, users are speculating with its price. There is no information about it and how the price will fluctuate after the airdrop. However, there are several exchanges that have announced support for the airdrop and that could help the market expand.