How Canadian XRP holders can participate in the flare spark airdrop
On September 15, 2020, NDAX announced that we will be partaking in the Flare Network airdrop, making NDAX the first Canadian cryptocurrency exchange to support the airdrop of the Flare Network’s native token -- Spark.
Taking part in the Spark airdrop was a no brainer for our team at NDAX. Since listing an XRP to CAD pair in 2018, we have always supported the XRP community, and this time is not an exception.
What is the Flare Network Spark Airdrop?
Once launched, the Flare Network will allow users to run smart contract services on XRP, powered by Ethereum. The Spark token will be an XRP Utility fork. Learn more
The Flare Network announced that clients holding XRP on participating trading platforms and XRP wallets will receive an airdrop of the Spark token in a 1:1 ratio to their XRP holdings.
How can Canadians take part in the Flare airdrop?
In agreement with Hugo Philion, co-founder of Flare, NDAX will supply 100% of the Spark tokens claimed to clients holding XRP in the proportions that they hold on our trading platform at the time of the snapshot.
How will I receive my Spark tokens?
At network launch, users will be rewarded 15% of the total Spark they are eligible to receive -- the remaining Spark will be distributed in intervals of 2%-4% over a minimum of 25 months (about 2 years) and a maximum of 34 months (about 3 years).
Why do I not get all the Spark tokens at once?
According to the Flare website, "The distribution structure has been designed to help achieve a successful network launch and to provide strong incentives for network participation that builds utility."
How do I claim the tokens?
NDAX will handle the claim process. Just make sure your XRP is on the exchange at the time of the snapshot.
When is the Snapshot date?
The snapshot will occur on December 11, at 7 PM EST (December 12, at 12 am UTC). Any deposits after that date will not qualify for the airdrop.
When is the distribution date for the Spark Tokens?
The Flare Network will distribute the first batch of Spark tokens when the Flare Network goes live. Which is expected to take place in Q1-Q2 2021.
Is there a cap on how many Spark I can receive?
Flare has set up a "Whale Cap" of 1 Billion. This means XRP wallets that are believed to belong to the same individual will only receive a maximum of 1 Billion Spark.
Will you be listing Spark?
The support of this airdrop does not mean we will be listing the Spark token. NDAX has a strict review process when listing any coin -- We are currently assessing the token and will release more information in 2021.
If you are not listing Spark, how can we trade it?
We will be giving more details on how you can trade and withdraw Spark after the airdrop in 2021.
How to deposit XRP into NDAX to receive Spark?
Canadians looking to deposit XRP to NDAX can follow the instruction below:
➀ Log in or Create an Account on NDAX to get an XRP wallet address
- • Once you log in you will be redirected to your dashboard
- • Click the WALLET icon on the left-hand side of the screen
- • Select XRP
- • Click the Green Deposit Button
- • Copy the XRP Deposit Address and the 9-digit Destination Tag
- • You will be sending your XRP to this address to deposit your XRP into NDAX
For more information visit: https://blog.flare.xyz/further-information-on-the-spark-token-distribution/
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If you are based in Canada and looking for a Canadian XRP exchange, then take a look at NDAX. NDAX is an easy-to-use, beginner-friendly exchange that can give you easy access to trade Bitcoin and other cryptocurrencies like Ethereum, XRP, Litecoin, Cardano, Dogecoin, EOS and Stellar.
Happy trading!