Bittrex Global is supporting the distribution of Flare’s native Spark (FLR) token and will list for trading both FLR and FXRP, Flare’s trustlessly created and redeemed version of XRP.
The Flare Network is a new decentralized network that is bringing full smart contract functionality to the XRP ecosystem. Flare is the first Turing complete Federated Byzantine Agreement network and incorporates the Ethereum Virtual Machine. This means that any existing Ethereum application can be deployed on Flare including Decentralized Finance.
Spark is Flare’s native token. It is used to collateralize the trustless issuance of FXRP on Flare, to generate useful data on Flare through an oracle system, for network governance and for spam prevention. Both the issuance of FXRP and the oracle system can provide cashflows to Spark token holders.
For more information see: https://blog.flare.xyz
FXRP is a fully trustless representation of XRP on Flare. It is minted on Flare from XRP on the XRP Ledger and can then be settled back to the XRP Ledger. A walkthrough of that process can be found here: https://blog.flare.xyz/creating-and-redeeming-fxrp/
FXRP allows XRP to be used trustlessly for the first time with fully fledged smart contracts. This brings a wealth of utility to the XRP ecosystem and allows XRP to be used with DeFi products.
Spark is being distributed only to people who have an XRP balance at 00:00 GMT on 12/12/20. This XRP balance dictates the amount of Spark that Bittrex Global will receive on your behalf. Bittrex Global undertakes to distribute all Spark tokens to its underlying XRP holders as per the following equation:
Number of SPARK obtained by Bittrex Global users = Number of SPARK obtained by Bittrex Global * Percentage of user holdings.
Percentage of user holdings = the number of XRP owned by a user/ the total number of XRP holdings of Bittrex Global.
The Spark token will initially be distributed at the launch of the Flare Network which is expected between mid Q1 and Mid Q2 2021. To understand the distribution model fully a detailed blog can be found here: https://blog.flare.xyz/further-information-on-the-spark-token-distribution/
Bittrex Global will take the following steps in preparation for the snapshot event:
- Disable XRP wallets and markets: Friday Dec 11 at 11:40 PM GMT (Friday Dec 11 at 3:40 PM PST)
- Take XRP snapshot: Friday Dec 11 at 11:50 GMT (Friday Dec 11 at 3:50 PM PST)
- Enable XRP markets and wallets: following snapshot
We would like to thank the Flare Network team for working closely with us!