Update on Spark Token distribution

Update on Spark Token distribution

This is an important update on the Spark Token distribution and how the distribution will take place.

 

NOTE:

Flare Networks has made an additional announcement regarding the distribution of Spark tokens. In this article, we briefly explain the Flare Networks’ announcement related to the distribution quantity and the schedule. For more details, please refer to the Flare Network announcement.

Flare Network’s Spark Token Distribution Notice:
https://blog.flare.xyz/further-information-on-the-spark-token-distribution/

Snapshot date:

12/12/20
Specifically the first finalised XRP Ledger on Dec 12 using UTC time.
The amount of Spark you can claim depends ONLY on your XRP balance at the time of the snapshot.

Amount of Spark tokens that can be received:

The amount of Spark tokens that can be distributed is based on the XRP balance held in the D’CENT Wallet at the time of the snapshot. You will receive at least 1 Spark token or more for each XRP. This is because the Flare Networks system will redistribute Spark tokens equal to the amount of XRP held by exchanges that did not participate in the distribution of Spark tokens prior to the snapshot.

For more information on the exact formula of the distribution quantity, please refer to the Flare Networks announcement.

Distribution Date:

When the Flare Network goes live. Expected Q1-Q2 2021.

How the distribution will be made:

At mainnet launch, each account that has claimed Spark will receive 15% of the total Spark for which they are eligible. The remaining Spark claimable will be distributed over a minimum of 25 months and a maximum of 34 months.

How will I receive these Spark tokens:

The Flare Networks system will deliver Spark Tokens to the Flare address with which you claimed. (This is the Ethereum-style address that you have registered in the XRP Ledger through the claiming function in the D’CENT Discovery.)

For D’CENT users, we will be releasing a wallet update at the launch of Flare Networks mainnet, which will support creation of Flare account. This update will allow our users to HOLD and manage Spark tokens in D’CENT wallet.

Useful Links:

Frequently asked Questions on Spark Distribution
Flare Networks announcement on the Spark Token distribution

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