eToro boasts of a large network of XRP asset holders on its platform and wishes to help Ripple achieve its aim of the evolution of the Ripple network. In a recent tweet, a partner of Ripple, Flare networks released a statement to address the spark token distribution that would take place.
The distribution will be determined by the number of XRP each holder holds. The snapshot which will precede the distribution will happen in December. Coincidentally, the snapshot event will take place on the birthday of the founder of flare, Marta Coston.
XRP holders must have assets in listed wallets and exchanges to be eligible for spark token distribution
According to the statement that was released by Flare networks, the holders of XRP that would be eligible for the spark token distribution must make sure they have their assets in listed wallets and exchanges. The day of the Flare networks launch will see XRP holders receive massive airdrops.
Furthermore, the statement clarified that employees and workers in Ripple Labs are not eligible to enter the airdrops. Presently, a time that the airdrops would occur has not been communicated.
Flare network combines the usage of Ethereum, XRP, and Consensus to help developers
Flare is a side investment by Ripple which seeks to provide advanced smart contract opportunities and scalability to the XRP ecosystem. This new spark token distribution project is touted as the framework that will be used by XRP to enter into the decentralized finance sector.
If this is achieved, it will help Ripple cover the distance that has been created by the difference between XRP and Ethereum. Brad Garlinghouse, CEO of Ripple talked about the importance of the Flare networks in the last town hall meeting that took place. Flare networks which is the combination of three key networks will be used by developers to make new apps and smart contracts that would be useful in special use cases like lending and decentralized finance.