On Saturday, December 12th, a snapshot of the XRP Ledger Index 60155580 was taken, and the users that will receive Spark Token were selected. Flare’s official website states that the platform’s coins will be distributed to XRP holders after the official release of the Flare Network. The network is expected to be released in the first half of 2021, so it will be possible to receive Spark tokens within the next 6 months.
How Has The Snapshot Affected XRP’s Price?
As predicted by crypto experts, the rapid price rise of the XRP, the internal coin of the Ripple system, turned into a sharp drop during the last days before the airdrop. XRP lost 18% during the week after the event. The buying and selling price on December, 18 was $0.564. The cost of 1 XRP is $0.56 at this moment. XRP remains the third-largest digital asset and amid bullish cryptocurrency market sentiment, it rose more than 23% in one day.
The Target Of The Past Ripple Hard Fork
The “Air Giveaway” has ensured the loyalty of the crypto community to the new Spark coin (FXRP). The amount of support Flare has received from crypto exchanges is a solid effort to create a new ecosystem for XRP. So, the Spark Airdrop (FXRP) is a way to kick off an important milestone for Ripple.
Flare is a new blockchain that is based on the Ethereum virtual machine (EVM) with its Spark coin. Once the platform update is posted, XRP holders will be able to generate an FXRP hard fork and use it in Ethereum-based DeFi apps. With XRP integration into the Flare Network, a mature decentralized development platform has emerged to unlock the full potential of XRP DeFi. Flare solves the interoperability lack between blockchains, which is the current disadvantage of DeFi.
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Originally published at https://coinjoy.io.