November 18, 2020
Update as of January 2021: YouHodler still supports the Spark airdrop. At the moment, we are still waiting for Flare Network to initiate the airdrop on their side. Thank you for your patience.
In just over a month from now, smart contracts platform Flare Network is planning to schedule an airdrop of its Spark Tokens. The news has shaken up the industry with many big names in the industry like Uphold, Bitrue, and Cred coming out to announce their support of the airdrop. Now, we can add YouHodler to this list as we plan to deposit Spark tokens to all XRP holders on the platform. This is a perfect opportunity to start accumulating more XRP onYouHodler via crypto backed loans and Turbocharge.
For those that don’t know, the Flare Network is a smart contracts platform growing rapidly in popularity. Its mission is to increase the usability of cryptocurrencies but using them in its smart contracts. As the network grew, Flare needed a token for operation use and hence, the Spark token was born.
Just last month, the Flare Network announced a new test phase for its entry into DeFi. Flare Finance is the name of this DeFi protocol that will launch on the Flare Network and it is supported by Ripple’s investment branch, Xpring.
Spark is the native token that will power this network and as a result, all owners of XRP will now receive a Spark token at a 1:1 ratio on all platforms that support this airdrop.
Currently, there are 45 Billion XRP tokens in existence that are with non-Ripple Labs holders. On the 12th of December at 00:00 GMT, a snapshot will be taken of all XRP Ledger address using a specific ledger index number. From there, any addresses that are confirmed to belong to Ripple Labs or anyone involved with Ripple Labs in addition to exchanges that have not confirmed their support to Flare will be removed.
Hence, the 45 Billion Spark tokens will then go distributed to the remaining address according to their XRP balance in proportion to the snapshot. This could mean some people receive more than 1 Spark token to 1 XRP since not all exchanges and platforms are participating in this event. But YouHodler is.
YouHodler will follow all these rules in accordance with the Flare network. We will take care of the entire claim process and distribution for you.
The future of Spark is still uncertain which is why we cannot guarantee Spark will join our large family of savings accounts, collateral options and more. Of course, we would love nothing more than to give our community yet another avenue in which to generate profit. However, it is still too soon to tell what the future of Spark holds. We will keep you posted on any news regarding this statement but for now, we can officially say YouHodler is merely supporting the airdrop and nothing more. In the meantime, XRP holders can certainly use our services in which to accumulate more XRP so their Spark airdrop is more productive.
Flare Network stated that all XRP holders should prepare for this event before 12 December when the snapshot is scheduled to take place. So if you have XRP in other wallets or exchanges that do not support this airdrop, you should move XRP over to YouHodler before the 12 of December to qualify for this airdrop. For those that don't have XRP or want to accumulate more XRP before the snapshot date on 12 December, we have a"pro tip" for you.
Use some crypto as collateral to get an instant loan on YouHodler. You can then use that loan to buy more XRP. More XRP means more Spark when the airdrop comes so it's a good idea to start accumulating now. You could also do this with our Turbocharge feature to multiply large amounts of XRP instantly and with small starting capital. You have a few days to prepare so get started!
CLICK HERE TO LEARN MORE ABOUT THE SPARK AIRDROP
As a little bonus piece of news for you, YouHodler will soon offer Spark as collateral to use for instant crypto loans. Use Spark tokens to get quick credit lines with 90% loan to value. No credit checks are required and customizable loan terms are available upon request. So now you have one more reason to HODL Spark on YouHodler. Put it to work for you and get EUR, USD, CHF or GBP without having to sell Spark and miss out on its future growth.
The YouHodler Team is the collective mind of the platform. It's a hive of creativity and diversity in the form of one singular blog author. We are united as one.
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YouHodler promotions are not targeted at UK investors, and bonuses or loyalty programs like the rewards programme or sign-up offers will not be available to residents of the UK. You can learn more about the services offered to UK customers here.
Do not invest with YouHodler unless you’re prepared to lose all your money or tokens invested. Crypto Currency is considered as a speculative and high‑risk investment and you are unlikely to be protected if something goes wrong. Take 2min to learn more about risks.
YouHodler is regulated in the EU (Italy) and Switzerland, and does not have a regulated UK entity. YouHodler is NOT regulated by the FCA, and protections offered under UK law do not apply.
YouHodler promotions are not targeted at UK investors, and bonuses or loyalty programs like the rewards programme or sign-up offers will not be available to residents of the UK. You can learn more about the services offered to UK customers here.
Do not invest with YouHodler unless you’re prepared to lose all your money or tokens invested. Crypto Currency is considered as a speculative and high‑risk investment and you are unlikely to be protected if something goes wrong. Take 2min to learn more about risks.