Flare Networks To Airdrop Litecoin HODLers Free Crypto

Update: This article has been updated to remove a reference to Kraken delisting XRP. 

On Friday, Flare Networks announced that it will airdrop Spark (FLR) tokens to Litecoin holders in advance of its mainnet launch later this year. 

In a follow-up tweet, the company also announced that it has reduced the five billion tokens initially allocated for distribution amongst their founders to cover the airdrop.

Flare Networks plans to integrate with Litecoin to bring decentralized financial services (DeFi) to the currency, allowing LTC “to be used trustlessly on Flare with Ethereum style smart contracts” and promising “interoperability and composability” for it.

Currently the fifth-largest cryptocurrency by market capitalization, Litecoin joins the fourth-largest, XRP, on Flare. Both currencies have increased over the last week, with LTC rising by more than 28%, while XRP has risen to almost 40% despite a recent lawsuit filed against Ripple by the US Securities and Exchange Commission. 

Nor is this Flare’s first big airdrop. Back in December, Flare took a snapshot of XRP for an airdrop of 45,827,728,412 Spark tokens, which will be issued to XRP holders in the first half of 2021. 

In a 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.

Although Coinbase, Bittrex, and many other exchanges suspended trading of XRP, Flare assured XRP holders that they will still be able to receive FLR tokens. 

Flare promised more details on the Litecoin holders’ airdrop next week. 

There’s no guarantee, however, that these tokens will be worth anything when Flare finally launches.