Flare Network’s Spark Airdrop | Beaxy Exchange
Cliff Notes: Beaxy’s custody partner, Curv, provides institutional security on XRP deposited to the exchange. Assets are custodied by Curv meaning that Beaxy’s wallets are under Curv protection. Beaxy will *not* be supporting Flare Network’s Spark Airdrop.
What is Flare Network?
Flare is a distributed network with some unique properties. It can be used to create two-way bridges between networks, such as Ethereum and the XRP Ledger. This means that it allows the XRP token to be used with smart contracts. Spark Token is the native token of Flare.
The move towards broadening smart contract functionality within the XRP ecosystem came after reports showed that 75% of the value currently held in public blockchain protocol’s cannot be used in a trustless and decentralized manner with smart contracts.
What is Spark token (FLR)?
Spark is the native token of the Flare Network. Its base use case is similar to that of other native tokens — to prevent spam attacks. If transactions would be free, spamming and congesting the network with useless transactions would also be free.
In addition, the Spark Token can be used for the following functionality:
1. As collateral within decentralized applications (DApps)
2. For providing data to an on-chain oracle
3. To participate in protocol governance
Flare Network: Governance
Spark token holders will act as the primary decision-makers by using the token to vote on initiatives relevant to the Flare network and its future development. The Flare Foundation has been created to carry out and execute the initiatives agreed upon by Spark token holders. The foundation will exist as a non-profit and is responsible for 5 important areas of development that include:
- Research and Development
- Grants
- Investments
- Marketing
- Education
How is FLR being distributed?
45 billion Spark tokens are airdropped to XRP holders. You can claim these tokens using your own wallet, or you can participate in the airdrop through an exchange that has chosen to support the airdrop.
When is the snapshot?
The snapshot will be taken at 2020/12/12 00:00 AM (UTC). Technically, it will be taken at the first validated XRP Ledger index number with a timestamp greater than or equal to 2020/12/12 00:00 AM (UTC).
Summary
Because Beaxy cannot satisfy its duty of care to U.S. regulators and Curv is not supporting the FLR airdrop, we are unable to support Flare Network’s Spark airdrop to XRP holders. You have until 12/12/2020 00:00 AM (UTC) to withdraw your XRP from Beaxy if you’d like to participate in the airdrop.
