Icrypex supports Flare Networks’ upcoming SPARK Distribution Program for XRP users. The processes of the Spark Distribution program to be implemented by Flare Networks are detailed below and brought to the attention of our users. Our users who wish to benefit from the Distribution Program must comply with the terms and conditions set forth below.
What is Spark Token?
SPARK is a token to be issued by Flare Networks and used on Flare Network. We can say that the goal is to be able to use XRP on DeFi platforms that use the Ethereum infrastructure. 45 Billion of the Spark Token, which will have a total supply of 100 billion, will be distributed as airdrops.
How will Spark be deployed in Icrypex?
The amount that the investors of our exchange are entitled to Spark Token will be calculated as follows.
Number of Sparks = [The amount of XRP available in the user’s account at the time of the snapshot / The amount in the ICRYPEX XRP Ripple Wallet] * Total number of Spark tokens that Flare Network will distribute.
Spark Token distribution will begin once Flare Network is active. In the first stage, 15% of the amount entitled will be distributed. The remaining amount will be sent monthly and will be completed by Flare Network between a minimum of 25 and a maximum of 34 months. The amount of Spark tokens that the users of our exchange are entitled to will be defined to their accounts according to the above formula with the Flare Network submission.
The amount and duration of the submission will be determined by Flare Network.
Sample Spark Token Deployment
You deserve 1000 sparks as an example. With the launch of Flare Network, 150 Spark accounts, which is 15% of the airdrop, will be credited to your account. After that, Flare Network will send Spark Tokens at rates ranging from 2% to 4% on a monthly basis. Shipping will continue until the total shipping amount is 1000 and will take 25-34 months. If there is a shipment over 4%, the remaining 850 Spark Tokens will be completed in 25 months as 850 * 4% = 34 pieces per month.
Requirements to Participate in Spark Deployment on Icrypex
- The amount not in the open order will be considered to qualify for the included Spark Token.
- They must hold at least 10 XRP in their account that is not included in the open order.
- You must have sent XRP before 22:00 Turkey time on 11.12.2020.
- The amount of Ripple on accounts that meet the above conditions at 03:00 Turkey time on 12.12.2020 will be taken into account.
What You Can Do If You Don’t Want to Be Included in a SPARK Airdrop
If you do not want to participate in Airdopa, you need to withdraw your XRP from your account before 22:00 Turkey time on 11.12.2020.
Legal Obligations
- Flare Networks is the competent authority regarding the procedures and principles regarding the Spark Tokens to be distributed, the determination of accounts, and the introduction of new rules and/or restrictions in addition to the relevant criteria. ICRYPEX Bilişim A.Ş. does not have any guarantee and obligation in this field. Program details on the subject can be found at https://flare.xyz/supporting-exchanges/ .
- All of the Tokens to be distributed are under the control and discretion of Flare Networks, and there are risks such as the relevant distribution not being made in accordance with the specified procedures and principles, Flare Networks not transferring the Tokens entitled to ICRYPEX Bilişim A.Ş. at all or failing to transfer them as calculated. In this respect, ICRYPEX Bilişim A.Ş. has no commitment and no obligation on the subject.
- The distribution date and other details of the Spark Tokens to be distributed to the accounts will be determined by Flare Networks, and Flare Networks is authorized to make changes to the specified details. ICRYPEX Bilişim A.Ş. is not in a position to intervene in the relevant situation. The relevant details must be followed https://flare.ghost.io/adresinden by the user.
- Users are required to follow the rules and procedures set forth by Flare Networks, which may vary from https://blog.flare.xyz/further-information-on-the-spark-token-distribution/.
- Spark Token is not yet listed on the ICRYPEX Bilişim A.Ş. platform and no trading transactions are made on the platform. The fact that ICRYPEX Bilişim A.Ş. supports the distribution of Spark Tokens does not mean that it will list or allow trading on its platform at any time.
- It is the user’s obligation to follow the terms and conditions of the Spark Token to be distributed, and the procedures and principles for distribution are determined ex officio by Flare Networks. ICRYPEX Bilişim A.Ş. has no obligation in this field.
- The fact that ICRYPEX Bilişim A.Ş. supports the Spark Token program does not mean that the relevant token is in compliance with the applicable legislation or that it undertakes that it complies with the relevant law in another country. The User is responsible for all legal and tax matters applicable in Turkey or in the country where the Spark Token is located, and ICRYPEX Bilişim A.Ş. has no obligation in this regard.
- The User accepts and declares that there is a risk of sudden price changes that may occur in the Spark Token and the termination of the network program of the relevant Token, and ICRYPEX Bilişim A.Ş. has no obligation in this area.
- The fact that ICRYPEX Bilişim A.Ş. supports the Spark Token Distribution program does not mean that it will support another distribution program.
