Bitrue, the cryptocurrency exchange with deep ties with XRP, has announced that it will be supporting the upcoming airdrop that will happen on December 12.
Holders of the affiliated cryptocurrency, XRP, who have kept their tokens on Bitrue’s exchange will automatically have their account balances credited with Spark tokens. Once the token has been minted and issued to the said account holders, these Spark tokens’ trading market will start. This launch is expected to happen in March 2021.
Bitrue is a well-known and enduring stronghold for XRP tokens. They have been serving Ripple’s community of investors and token-holders since their launch in 2018. The exchange has since expanded the number of cryptocurrencies it supports. Regardless, it has remained loyal to XRP and has always been a candidate for the exchanges that will support the upcoming Spark airdrop.
With this airdrop, XRP and Defi will meet. Defi is an application that has been synonymous with the lending, staking, and earning yield sorts. And, in many respects, XRP is well suited for it.
However, XRP has remained siloed and isolated from the unrivaled crypto network effects that Ethereum currently holds. Due to its scalability and ultra-low fees, the XRP ledger can only record smaller and more native transactions. After all, the XRP’s interoperability not being built in is its main issue.
Luckily, Spark was made to solve this issue. It will bring the Defi functions and capabilities to the XRP’s ecosystem. The token will operate under Flare Network, which will handily integrate with XRP. Flare is designed to work with non-Turing complete tokens like XRP, and once it launches, its network will support XRP – or FXRP as it will be called on the Flare Network.
In contrast, networks like Ethereum who support small contracts, are crippled by the issue of deploying and querying their contracts.
In a previous interview with CNN by Ripple’s CEO, Brad Garlinghouse, he specifically spoke about the Flare Network project.
He thinks that the Flare Network is an exciting startup. He says that they are doing some very exciting stuff, especially with regards to spark tokens. He also notes how different it is from what Ripple is doing.
“To me, it’s just a further example of the people’s recognition that XRP is such an efficient digital asset, and as you and I have already talked about, utility will drive the long-term value of any digital asset,” he added.
The CEO sees the talent and vision that Flare has in the problem Flare Network is trying to solve. Garlinghouse further added that he thinks XRP holders’ excitement is well deserved because of what Flare is doing, and the company is as well. He thinks the niche that Flare Network has carved out is interesting, especially as it moves forwards with its airdrop of Spark tokens, and is optimistic for the network.