How to Claim Spark Tokens on Coinbase

Flare Network was officially introduced and set in motion in 2021. It was introduced in conjunction with its native token asset spark (FLR). Its simplicity and ease of function are attributed to ETH. Additionally, ETH helps Flare as the XRP ledger.

Since its launch, the Spark token has been taking the waves by storm. Coin base is the most popular crypto exchange out there. As days go by, it’s been gaining more support from users.

Utilizing asset securitization, database access, regulation, and spamming avoidance through transaction cost, Spark is aimed to put usefulness to the Flare network.

During the establishment of the network, up to 100 billion tokens were introduced. Only 45 billion were made available for claiming by the xrp holders.

Furthermore, how many spark tokens are claimed by the stakers entirely varies due to the balance in their XRP wallets. . On elapsing of the claim process, the remaining tokens that have not been claimed are burned.

Holders are assured that the procedure does not necessarily affect their XRP balances. Instead, it is strictly the cost of transactions set at 0.00002 XRP. Additionally, after the period, XRP operations resume normality. In every XRP account, finalizing the claim procedure is sufficient.

Spark Tokens

To claim these tokens, one must first add a critical message that presents a Flare address in their XRP account. It is essential to remember that the account of the user’s security is not affected. This message’s post is relevant and significant since it adds more information.

In addition, this key will be accessible by the Flare network since it will be used when determining the spark distribution channels of the tokens. Users are allowed to update their information.

The Flare network address delivers similar functions to that of the ETH Network. Users can draft their crucial message from their ETH address and go ahead to claim the spark tokens.

Users are advised to have an alternative key that is a secret. Alternatively, users can compose recovery statements that can be used as a backup in the recovery process.

Step 1- Get the wallet

There exists ETH Wallet that holds up with the Flare. They are; MetaMask, Cobo Vault, D’CENT Biometric Wallet, Ledger Nano X, and Ledger Nano S. The above wallets support and work hand in hand with the Flare mobile Apps. If you do not have the stated wallets, you can download MetaMask, and get a Cobo Vault, D’CENT Biometric Wallet, Ledger Nano X, or Ledger Nano S.

What is more thrilling is that even if a user does not get access to the stated wallets, they can still use any ETH wallet, provided they remember their secret code or recovery statement.

Additionally, suppose the wallet you choose fails to compact with the Flare wallet. In that case, a user can use their secret key or recovery statement to transfer the tokens you claimed to a different fresh wallet altogether.

Step 2- Address copying

After finalizing with the wallet of choice, you can now copy your address and set the secret code and the recovery statement. It is recommended to pose a new wallet. You can log in to the extension through metaverse and tap on the address button.

Connect it to your device through the Nano X or S, unlock the device, open the ledger live, and install available updates. After that, tab on receive, choose the wallet of preference, continue, and copy the address on display.

Step 3- Message key field

After the second step, the XRP toolkit must be opened to be connected to your wallet. Click on the menu properties, and put the address in the message key section. The toolkit will change the message to the set format. Allow the desired format and click the update section to continue.

You can also change the format manually.

When information settings are completed, a user will be tasked to check on the transaction. Attentively check if the updated details match the desired address. Only confirm when you are satisfied that the data is correct and to the best of a user’s knowledge. When the sign and submission of the transaction are finished, spark kicks off with the distribution process, and you can now receive spark tokens.

You will be allowed continuously to access their account on the app.

Advantages of claiming Spark tokens

A trustworthy and predictable governance system
It is a bridge between networks since it connects with ETH and the cosmos to create smart contracts.
Spark tokens are available and can be used as collateral assets in the network for Dapp development.
Presence of incentives in the network

Risks of claiming Spark tokens

Despite having the XRP in their ledger, issues have arisen on why the network still needs a snapshot that they already know.
If you do not want to submit the transaction and instead leave your XRP on an exchange that supports the airdrop, you risk that exchange failing or exit scamming.
If you opt to keep your XRP on the ledger, you risk the tool you use for the transaction to set your destination somehow stealing your XRP or compromising your secret.

Should you claim Spark tokens?

Since its launch, the token has been taking the waves by storm. Coin base is the most popular crypto exchange out there. As days go by, it’s been gaining more support from users.

Utilizing asset securitization, database access, regulation, and spamming avoidance through transaction cost, Spark is aimed to put usefulness to the Flare network.

FAQs about Spark token

How did the Spark token airdrop work?

From 100 billion Spark (FLR) tokens created, 45 billion were distributed to existing XRP holders. A snapshot of the XRP ledger was taken on December 12th, 01:00 CET, and each XRP holder was eligible to claim 1 Spark (FLR) for every XRP they held then. 15% of the claimable amount was distributed on the launch date of the Flare network (mainnet), with the rest distributed every month over the 25-34 months following the launch.

Source: https://www.cryptopolitan.com/how-to-claim-spark-tokens-on-coinbase/