Flare Network Has Worked Out How Much Free Crypto it Will Give to XRP Holders

Flare Networks has determined how many free Spark (FLR) tokens it shall issue to XRP holders that held funds in the cryptocurrency exchanges or wallets that participated in its airdrop earlier this month. 

Flare announced in a blog post on Friday that it shall issue 45,827,728,412 FLR tokens to people that held XRP in eligible wallets or exchanges when the company took a snapshot of the XRP blockchain on December 11.

In the blog post, Hugo Philion, CEO and co-founder of Flare Networks, said that the ratio between XRP and FLR holders is near enough to 1:1. For every XRP that an eligible participant held, Flare shall give them 1.0073 Spark tokens.

All for free. This is an airdrop: a promotional gift provided to as many people as possible to raise awareness for the coin. Anyone who held funds on participating exchanges, including Coinbase, Binance and Kraken, or in participating wallets such as Ballet and Ledger, will receive the token without lifting a finger. Some wallet holders must claim the tokens from Flare Networks. 

There’s no guarantee that the tokens will be worth anything. The 45 billion tokens comprise 45% of the total FLR that the company shall create when the company’s blockchain launches at some point next year. 

Flare Networks is a blockchain company that is creating a system to help blockchains interact with XRP, the third-largest cryptocurrency that San Francisco-based crypto company Ripple launched in 2018.