Flare Networks has announced that the snapshot will be taken on December 12.

The Spark token is a “utility fork” of XRP.

Binance exchange has announced that it will participate in the next Flare Networks Spark token airdrop.

Spark Airdrop on Binance

XRP owners will receive the Spark token at the start of 2021 in a 1: 1 ratio, which means that 100 billion Spark tokens will be created. The snapshot of XRP balances will take place on December 12 at 12 p.m. UTC. Beneficiaries will retain ownership of their XRP funds while receiving the new tokens.

Other exchanges have already announced that they will support aidrop namely Bitstamp, Bithumb and Crypto.com.

Flare Networks also wants to join other renowned exchanges such as Coinbase, Bitfinex and Kraken. Ripple’s main partner in Japan, SBI, is also exploring whether or not to support the distribution of Spark tokens.

Fork you XRP

Flare Networks will integrate the Ethereum virtual machine so that smart contracts can be executed on the Ethereum blockchain using XRP.

Ripple CEO Brad Garlinghouse said Flare will give users the best of both worlds:

“From my perspective, Flare combines the best of XRP (VERY fast settlement), Ethereum (smart contracts) and Avalanche (for consensus), which extends the usefulness of XRP and creates smart contracts for new use cases like lending and decentralized finance (DeFi) ”.