Investors have committed 1.5 billion XRP to the Ripple-backed Flare Network in anticipation of the launch of its native token.
According to a tweet published on September 28, investors have registered 1.53 billion XRP to the Flare Network with more than 24,000 individual accounts.
The platform intends to issue its native token, dubbed Spark, to investors who pledge XRP to the protocol before its December 12 “snapshot” day. Investors will retain control of their XRP holdings while receiving an equivalent amount of spark.
Flare, backed by XRP’s parent company Ripple, will allow users the ability to generate smart contracts on their network. Spark will also serve as a governance token for the protocol, in addition to a collateral asset for redemption services.
Major cryptocurrency exchanges Uphold, Gatehub, AnchorUSD and Bitrue announced earlier in the month support for the spark airdrop.
According to a Coil post by XRPL Labs founder Wietse Wind, investors will be able to receive spark tokens for XRP held on non-participating exchanges so long as they can prove their ownership.
The post reads,
XRP ledger account holders will prove account ownership by signing a reference, pointing at their account on the Flare network…[Flare] will read all XRP ledger accounts pointing at Flare network accounts, check their balance and distribute an equal amount of Spark tokens to the Flare network account pointed at in the XRP ledger account.
Flare says there will be 45 billion spark tokens available for investors at launch, with the unclaimed balance scheduled for a coin burn six months after December’s snapshot.
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