Quick take:
- The Flare Networks snapshot will be on December 12th, 00:00 UTC
- The easiest way to participate is to have your XRP in an exchange that supports the event
- Secondly, you can have your XRP in a wallet that supports the snapshot
- You can also participate by manually going through the process using an Ethereum wallet
- The distribution of Spark Tokens (FLR) is scheduled between March and May of 2021
The XRP community is getting ready for the Flare Networks snapshot that will happen on the 12th of December at 00:00 UTC. The snapshot is meant to record the XRP holdings of individuals who want to participate in the subsequent airdrop of Spark Tokens (FLR) that will take place between March and May of 2021.
A total of 100 Billion Spark Tokens (FLR) will be created with 45 Billion claimable by XRP token holders excluding known Ripple labs accounts.
How to Participate in the Flare Networks Snapshot
There are three methods of participating in the Flare Networks snapshot on the 12th of December.
- Deposit and/or holding your XRP in a crypto exchange that will support the snapshot (easiest)
- Deposit and/or holding your XRP in a wallet that will support the snapshot. Additional steps will be required
- Self-custody claim with a deadline of June 11th, 2021
Holding your XRP in a Crypto Exchange that Supports the Snapshot
The easiest way of participating in the Flare Networks snapshot is depositing and/or holding your XRP in a crypto exchange that supports the snapshot. All the complex technical procedures will be carried out by the crypto exchange.
It is advisable to deposit your XRP 48 hours before the event (10th December) as most exchanges will halt withdrawals and deposits on the 11th of December.
At the time of writing, the following exchanges have confirmed their support for the Flare Networks snapshot. The list is constantly being updated on the Flare Networks website.
AltCoinTrader, AnchorUSD, Aprobit, Binance, bit4you, Big.One, BitBay, bitbns, Bitfinex, Bithumb, bitkub, bitrue, Bitso, Bitstamp, BKEX, BTC markets, BTSE, Celsius, Coinbit, CoinEx, Coinfield, CoinMerce, Coinone, CoinSpot, Colodax, Crypto.com, eToro, eToroX, FobleGate, Gate.io, GateHub, GOPAX, IndoDax, Kraken, korbit, KuCoin, Liquid, MiraiEx, NDAX.IO, NEXO, Poloniex, Probit, SWYFTX, Tokens.net, UpBit, Uphold, Vebitcoin, WazirX, YouHodler.com, ZB.com
To note is that XRP on Binance.US will not be eligible for the snapshot. Additionally, Coinbase has not yet confirmed participation in the event. Therefore, it might be prudent to move your funds to a crypto exchange supporting the event.
Holding your XRP in a Wallet that Supports the Snapshot
The second method you can participate in the Flare Networks snapshot is to have your XRP in a wallet that supports the event. Additional steps will be needed to claim your Spark Tokens.
Below is a list of crypto wallets that have confirmed their support for the snapshot. A full list is also available on the Flare Networks website.
Cobo Wallet, Exodus, Guarda, Ledger, XUMM, DCENT, Ellipal, Gatehub, SafePal, MetMask (for those willing to manually carry out the procedure)
Additional Steps When Using a Crypto Wallet
To receive the Spark Tokens, you will need to prove that you own an Ethereum Wallet where your Spark Tokens will be airdropped. Once you have an Ethereum wallet that you hold the secret key, you will need to follow the steps below.
- Copy your Ethereum address
- You will then need the XRP toolkit available here. This toolkit will help with the process of storing your Ethereum address on the XRP ledger
If you want to convert your Ethereum address manually without the toolkit, the following steps will be required.
- Copy your Ethereum address
- Remove the “0x” from your address
- Convert the remaining part to all uppercase
- Add the prefix “02000000000000000000000000”
- For example using the Ethereum address 0x2D19a76413370E7c4e5844e7B016F7fC77a716AB, your final result should be 020000000000000000000000002D19A76413370E7C4E5844E7B016F7FC77A716AB
- Store this value in the message field on the XRP ledger using the AccountSet Transaction function
Self Custody Claim
The last way to participate in the Flare Networks snapshot is not that much different from when claiming with a crypto wallet that supports the event. You will need to set the Message Key on your XRP ledger address to your Flare Address as demonstrated above. The deadline for doing so, is June 11th, 2021.
More on Flare Networks
The team at Flare Networks plans on building a two-way bridge connecting XRP with the Ethereum network. This shall be done by integrating the Ethereum Virtual Machine to the XRP ledger to introduce smart contracts on the XRP network.
The Spark Token (FLR) will be the native token of the Flare network. Its main function will be deterring spam transactions. Spark will also be used as collateral within applications. The token will also be the sole contributor to an oracle providing on-chain time series data estimates. Thirdly, the Spark Token will be used for governance across all elements that rely on it.