DeFi on XRP and how to claim XRP utility fork?
Updated: Jul 9
”75% of The Value of Blockchain Tokens is Inaccessible to Decentralised Applications. That changes now. Starting with XRP.” – Flare website
Do you hold XRP? There was a strong rumor about XRP fork since long time and it is happening now. Wietse Wind, the founder of XRP Labs, has already communicated that the XRP holders can start to claim the fork. It is a utility fork of XRP and the name is Flare network.
Flare network will be launching its own blockchain. The native token of the Flare network is ‘Spark’. It aims to overcome many issues of XRP. The Flare network will be based on a different technology in comparison with XRP ledger. The use cases of both the ledgers will be different but there will be relationship between the two ledgers. You can read Flare whitepaper here. Flare network will integrate Ethereum virtual Machine and it will help smart contract execution on Ethereum blockchain using XRP via FXRP. Spark will be used as collateral of FXRP. Finally XRP will get entry into DeFi.
- Scalable and doesn’t base safety on a native token - No risk of safety degradation from competing uses of native token - Integrates Ethereum Virtual Machine - Deep pool of developer talent and easier integration of existing projects - Low transaction costs - Applications can scale without users incurring burdensome costs. - Features of Flare from Flare website
You can start claiming the fork now
Flare network will distribute Spark token to all XRP holders in 1:1 ratio. If you are holding XRP in a non-custodial wallet (where you’ve control of your private keys), you can claim Spark now. Till now only one exchange (Bitrue) has supported the fork. If the exchange, where you hold XRP, supports the fork – you’ll get Spark automatically but otherwise not. Flare network mainnet date is not yet announced. Claim XRP fork by this tool of Wietse Wind if you hold XRP in your private wallet: https://flare.wietse.com/
” 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.” - Ripple CEO Brad Garlinghouse in a statement
Note: The author has used XUMM mobile app to claim the XRP fork without any issue and it is the easiest way to claim the fork. The snapshot date for the fork isn't declared yet. Please DYOR as there is a certain risk associated with this. The information cited in this article is sensitive and be very cautious. The author isn’t responsible for any loss of fund in case of any bug or hack. The article doesn't contain any referral link.