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You are here: Home / Archives for Airdrop

Airdrop

Eligible XRP HODLers On Coinbase To Recieve Spark Tokens

December 6, 2020 by Reena Shaw

Nearly a week before Flare Network’s scheduled airdrop of Spark tokens to the XRP holders, Coinbase announced its plan to support the event. As revealed in the official blog post, the eligible customers holding an XRP balance on Coinbase or Coinbase Pro on the snapshot date and time of 12th of December 2020, 00:00 AM UTC, will receive Spark tokens from Coinbase at a later date after the launch of Flare network.

Furthermore, the amount of Spark tokens received by the user depends on the amount of XRP holdings in their account at the snapshot time. Prior to the snapshot time, sends and receives will be disabled and would resume shortly after the snapshot is complete.

While acknowledging that Coinbase’s decision to support any asset requires significant technical and compliance review and may be subject to regulatory approval in some jurisdictions, the platform further notified,

“We, therefore, cannot guarantee when or if Spark will be available for distribution in any specific jurisdiction at this time. We will add support jurisdiction-by-jurisdiction, subject to applicable review, and authorizations.”

More than 65 platforms have extended support for Flare Network’s airdrop. Apart from Coinbase, other prominent platforms in the list include names such as Binance, Bitfinex, Bithumb, Bitstamp, eToro, OKEx, Kraken, Huobi.

Why the Hype?

Coinbase has been a little late in the game as just last week, Flare Networks had claimed the platform of “barely engaging” with Flare. It went on to say that the crypto exchange was likely “too late to do the work” to support the Spark’s FLR distribution at this point. Nevertheless, Coinbase became the latest platform to have signed up for the airdrop, but why the hype?

To answer that question it is essential to understand that Flare Networks is essentially a blockchain network that is funded by Ripple. On the 13th of November, it announced an upcoming airdrop, called the Spark Airdrop Program which enabled anyone holding XRP to receive free tokens at a 1:1 ratio.

Spark is the native token of the Flare Network, which is a system that is focussed on bringing Ethereum-like functionality to the XRP Ledger. Flare Network’s official release had previously outlined,

“Flare is the world’s first Turing complete Federated Byzantine Agreement [FBA] network. It integrates the Ethereum Virtual Machine [EVM] and does not derive safety from a token… Flare’s token, Spark is created through what may be the first-ever utility fork whereby the origin network, in this case, the XRP Ledger, benefits through increased utility”

The latest airdrop development has caused a stir in terms of XRP’s value as well. This could be attributed to Ripple’s CEO Brad Garlinghouse’s push in a recent interview with CNN wherein he said that Flare “doing some very interesting stuff with something called the Spark token”. While admitting that the network was quite different from that of Ripple the exec had claimed that the latest stint as an example of people’s recognition that “XRP is such an efficient digital asset”.

XRP’s Breaks A Major Downtrend

XRP e1607238302574

XRP has witnessed a monumental rise as the day for the much-anticipated airdrop neared. Despite this, XRP’s price has not been able to break the $1 barrier yet. However, after a pretty mundane consolidation over the past two months, XRP’s price rose to levels not seen since June 2018. It touched $0.705 before retracing to its press time price of $0.609.

Filed Under: Altcoin News, News Tagged With: Airdrop, Coinbase, xrp

Binance Concludes 2nd Week Of $16M SXP Token Airdrop

September 1, 2020 by Sahana Kiran

Binance, the world’s largest cryptocurrency exchange, is well known for its consistent development for both its users and the ecosystem. The Platform has entered into several partnerships over the last year and has paved the way for new initiatives through these connections. Swipe is one such platform. Just a few months ago, Binance acquired the crypto-fiat gateway, Swipe, and even listed its native token SXP. To boost the growth of the Swipe and Binance ecosystem, it rolled out the “12-week SXP token airdrop to BNB holders on Binance,” Binance extended its support for the same.

In more recent updates, the Malta-based cryptocurrency exchange confirmed that it had concluded the 2nd week of SXP token distribution. The exchange, elaborated on the same in a blog post and pointed out that a total of 333,333.33 SXP tokens were distributed to BNB holders for the week.

The latest distribution was recorded from 0:00 AM [UTC] on 24 August to 11:59 PM [UTC] on 30 August 2020. Users would be able to confirm their receipt through the “Distribution History” page found in the User Center.

The third week of the BNB snapshot period is already underway as it started back at 0:00 AM [UTC] on 31 August 2020 and would go on till 11:59 PM [UTC] on 6  September 2020.

Binance Aids $16M Airdrop Of SXP Token

Last month, Binance announced that it would support the Swipe network in carrying out a whopping $16,000,000 airdrop program of the SXP token specifically to BNB holders. Binance wrote,

“The Binance Ecosystem Reward program aims to provide greater access and awareness to projects within the Binance Ecosystem, of which Swipe is the first.”

This initiative started on 17 August 2020 and required users to hold a minimum of 0.1 BNB in their accounts to make use of the rewards. The 12th and last week of distribution will be considered from 2 November to 9 November 2020.

While both Swipe and Binance have been making use of the current circulating supply of the SXP token, the price of SXP was at a low of $2.90 and dropped by 6.4 percent since the first SXP distribution week.

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Filed Under: Altcoin News Tagged With: Airdrop, Binance, Swipe, SXP

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