What is the Spark airdrop?
Spark is the native token of the Flare Network, designed to offer smart contract functionality to XRP, but on a separate blockchain.
Will Coinbase support Flare Networks’ Spark airdrop?
Yes, Coinbase will facilitate the future airdrop of Spark tokens to eligible Coinbase.com, Pro and Prime customers. No action will be required from you to receive Spark tokens if you are participating in the airdrop. Coinbase is yet to determine whether it will support the buying, selling or trading of Spark. In the event Coinbase does not support these features, any Spark held in your Coinbase account will be available to withdraw only.
Who is eligible for the Spark airdrop?
Coinbase.com, Pro and Prime customers in eligible regions holding XRP in their accounts on the snapshot date of December 12, 2020 at 00:00 UTC (December 11, 2020 at 4:00 PM PT) will be automatically qualified to participate in the airdrop at a later date. XRP Send/Receives will be paused 15 minutes prior to the snapshot and re-enabled shortly after. Trading XRP will not be affected. There is no minimum balance required.
Coinbase Wallet app will not offer native support. If you’re a Wallet user, you won’t be able to claim Airdrop tokens through Coinbase Wallet. Coinbase Wallet users will instead have two options:
- You can use your 12 word recovery phrase on another wallet that does support the Spark airdrop. This method is less secure but you’ll be able to can claim for the full amount
- You can transfer to Coinbase.com, but wallets outside of Coinbase may require a minimum balance of 20 XRP. This means some amount will get left behind.
What regions will support the Spark airdrop?
At launch, we anticipate that Spark will be available in all regions with the exception of New York. Our decision to support any asset requires significant technical and compliance review and may be subject to regulatory approval in some regions. We therefore cannot guarantee whether or when the airdrop, buying, selling or trading of Spark will be available in any region.
What if I have XRP in my Coinbase.com vault?
Any XRP in your Coinbase vault will be included in the snapshot.
How many Spark tokens will I receive?
The amount of Spark you’ll receive depends on how much XRP you have in your account at the snapshot time stated above. Coinbase intends to distribute this pro-rata to each user based on the number of Spark tokens Coinbase receives for all its users. For example, if you hold 1% of eligible XRP on our platform, you will receive 1% of airdropped Spark tokens to your Coinbase accounts that were holding XRP at the snapshot time.
How do I get the airdropped Spark tokens?
No action is required from XRP holders. You will get Spark from Coinbase at a later date after the Flare network launches.
When will I get Spark tokens?
You’ll receive Spark tokens from Coinbase at a later date after the Flare network launch.
Do Custody clients need to move funds to Pro/Prime?
No, Custody clients just need to email Client Services to indicate they would like to participate in the airdrop.
Is there a minimum balance of XRP that Coinbase.com/Pro users need?
No minimum balance is required.
For further information on how Spark will be distributed to XRP holders, please refer to Flare Network’s announcement.