eToro in Discussions with Flare Networks

eToro is proud to have a large community of XRP holders on our platform and keen to support the continued evolution of the Ripple ecosystem.

As such, eToro is currently in conversation with Ripple and Flare Networks regarding the upcoming distribution of Spark — the native token of the Flare blockchain.

Network snapshot

In a tweet yesterday, Ripple partner Flare announced the date of a network snapshot when all XRP holdings will be recorded to determine the distribution of the Spark token.

The snapshot will take place on December 12th, 2020 — the 194th birthday of the inventor of the maritime flare, Martha Coston. All XRP holders wanting to receive Spark tokens must ensure their XRP is in supported wallets or exchanges on this date.

When the Flare network is launched, all XRP holders, barring Ripple Labs employees, will be airdropped a number of Spark tokens relative to their XRP holdings. The exact date of the airdrop is yet to be determined.

A smart contract platform for XRP

Flare, an independent project partly funded by Ripple Labs, promises to bring advanced smart contracts and greater scalability to XRP. The project could form the critical infrastructure needed for XRP to join the rapidly growing DeFi ecosystem and potentially help create a new two-way bridge connecting XRP and ETH.

Flare’s significance was highlighted by Ripple CEO Brad Garlinghouse in a recent address at the first-ever crypto town hall session.

“From my point of view, Flare is combining the best of XRP (very fast settlement), Ethereum (smart contracts), and Avalanche (for consensus) which helps extend XRP’s utility and allows developers to create smart contracts for new use cases like lending and DeFi.”

eToro will share more details in the coming weeks, and more information about Flare can be found on the Flare Networks blog.