Flare Network Announced New Airdrop For Litecoin Holders

Flare Network announced a new airdrop is on the way for all Litecoin holders as they will get free Spark tokens in advance of its mainnet launch later this year. In our latest Litecoin news, we are reading more about it.

The blockchain interoperability network has just announced its second major airdrop. On Friday, Flare Network announced that it will make another airdrop of the Spark tokens but this time to Litecoin holders. The previous airdrop was meant for all XRP holders. In a follow-up tweet, the company announced that it has reduced the five billion tokens that were initially allocated for distribution among the founders in order to cover the airdrop.

Flare Networks wants to integrate with Litecoin in order to bring decentralized financial services for the currency thus allowing LTC to “be used trustlessly on Flare with Ethereum style smart contracts” and promising more interoperability for it. Right now, Litecoin is the fifth-biggest cryptocurrency by market cap and it joined XRR on Flare. Both currencies increased over the past week with LTC increased by more than 28% while XRP increased by 40% despite the recent lawsuit launched by the US Securities and Exchange Commission.

This is not the first Airdrop for Flare. Back in December 2020, Flare took a snapshot of XRP for the airdrop of 45,827,728,412 Spark tokens which will be issued to XRP holders in 2021. In a blog post, the CEO and co-founder of Flare Networks Hugo Philion said that the ratio between XRP and FLR holders is close to 1:1 so for every XRP that an eligible participant held, Flare will give them 1.0073 Spark tokens. On the other hand, coinbase, Bittrex and other exchanges suspended or some even delisted XRP but Flare assured that XRP holders will still be able to receive the FLR tokens.

Flare promised more details on the LTC holders airdrop in the upcoming week but there’s no guarantee that these tokens will be worth anything once Flare launches.  As recently reported, Ripple-backed Flare will distribute $45 billion Spark tokens to XRP holders in the first half of 2021. Since taking a snapshot of the XRP ledger to determine the viable accounts, the company was combing over the results to determine how many of the tokens it will hand out.