Spark token will not just be distributed to XRP, but also LTC holders
- Flare Networks is a project that seeks to bring smart contracts functionality and decentralized finance (DeFi) to holders of cryptocurrencies that don’t natively support smart contracts. The first blockchain that was targeted by Flare Networks is XRP – the project will be airdropping over 45 billion Spark tokens (FLR) to users who held XRP during a December blockchain snapshot. The Spark token airdrop for XRP holders is expected to happen in the first half of this year.
- Now, Flare Networks is also setting its sights on Litecoin, and will be distributing Spark tokens to LTC holders next. The Flare Foundation has reduced their allocation of Spark tokens in order to accomodate the distribution for Litecoin users. In total, 5 billion FLR will be distributed to LTC holders. The maximum supply of FLR is 100 billion tokens.
- The project is yet to describe details of how the Spark tokens will be distributed to LTC holders, but says more information will be available soon.
- In a tweet, the official Flare Networks account stated: »Flare will be integrating Litecoin ahead of the Flare network launch in Q2. This will allow LTC to be used trustlessly on Flare with Ethereum style smart contracts and gives LTC interoperability and composability.«
- The Spark token airdrop for XRP holders was widely supported by leading cryptocurrency exchanges, including Binance, Coinbase, Kraken and Bitstamp. Given that Litecoin has a market capitalization of around $8 billion and is the 6th largest crypto asset by market cap, it’s entirely possible that a Spark token airdrop for LTC holders would also see widespread support.
- LTC is currently down 30% in the last 24 hours amidst one of the biggest cryptocurrency market sell-offs in recent times.
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