Flare networks announced its second forthcoming major airdrop.
Last Friday, the blockchain network announced that it will airdrop Spark (FLR) tokens to Litecoin hodlers before its mainnet launch later this year. In a follow-up tweet, the company announced that it has decreased the five billion tokens allocated for distribution amidst their founders to cover the airdrop.
Flare Networks wants to integrate with Litecoin to bring DeFi services to the currency, letting LTC “to be used trustlessly on Flare with Ethereum style smart contracts” and promises “interoperability and composability” for it.
Now the fifth-largest cryptocurrency by market cap, Litecoin joins the fourth-largest, XRP, on Flare. Both of the currencies have increased in the previous week, with LTC rising by more than 28%, while XRP has risen to almost 40% notwithstanding the current lawsuit filed by the US Securities and Exchange Commission against Ripple.
This isn’t Flare’s first big airdrop. Last December, Flare took a snapshot of XRP for an airdrop of 45,827,728,412 Spark tokens, which will be given to XRP holders by the first half of 2021.
In CEO and co-founder of Flare Networks, Hugo Philion’s blog post, he said that the ratio between XRP and FLR holders is near 1:1. For every XRP that an eligible participant is holding, Flare shall give them 1.0073 Spark Tokens each.
Though Coinbase, Bittrex, and many exchanges suspended the trading of XRP, Flare promised XRP holders that they will be able to receive FLR tokens.
Flare will launch more details on the Litecoin Hodlers’ forthcoming airdrop next week.
But there is no guarantee that these tokens will be worth anything when Flare is finally launched.
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