We’re excited to introduce support for a new IOU token today! 

Earlier this month, we snapshotted all XRP balances to prepare for the upcoming Spark airdrop for XRP holders. Today, we’re introducing an IOU token for Spark (FLR) so that Poloniex customers can begin participating in price discovery for FLR before the network launches.

Spark [IOU] (XFLR) has been airdropped to Poloniex customers who held XRP at the time of our snapshot at a 1:1 ratio. Customers can now begin trading XFLR/USDT. Since XFLR is an IOU token, it cannot be deposited or withdrawn.

Once the Flare network launches in a couple of months, we will snapshot all XFLR balances and convert them to FLR for customers. The conversion ratio of XFLR : FLR will be dependent on the final amount we receive in the Spark airdrop.

What is Spark?
Flare aims to be the world’s first Turing complete Federated Byzantine Agreement (FBA) network. A protocol has been built on top of the Flare network to safely enable the trustless issuance, usage, and redemption of XRP on Flare, called FXRP. The general methodology of the protocol and the system that connects Flare to other networks is extendable to any non-Turing complete token. Flare’s token, Spark, will be created through a utility fork of the XRP ledger.. 100 billion Spark tokens will be created at the outset of the Flare network when it launches in 2021.

What is Spark [IOU]?
Spark [IOU] (XFLR) is a tradable IOU token that entitles the users who held XRP at the time of the Spark airdrop snapshot to receive XFLR tokens before the network launches. Once the Flare network launches and we list Spark (FLR), we will convert all XFLR balances to the mainnet FLR proportionally to what we receive when the airdrop occurs. Learn more about XFLR on our Help Center.

Interested in our Spark IOU token? Tell your friends and earn 20% on their trading fees.