Quick take:
- The team at Weiss Ratings believes that every crypto project wants to connect to Ethereum
- Their conclusion is based on the Flare Network building a new two-way bridge connecting XRP and ETH
- Ethereum has continued on its path of being the de facto smart contract platform
- DeFI has amplified interest in the Ethereum network
In a recent tweet, the team at Weiss Ratings has concluded that almost all crypto projects want to connect to the Ethereum (ETH) network. Their observation and conclusion are based on the fact that the Flare Network is building a new two-way bridge that will connect XRP to the Ethereum virtual machine.
The team at Weiss Ratings went on to state that Ethereum is the new hot thing in crypto as a result of the DeFi industry. Ethereum has cemented its position as the de facto smart contract platform.
The tweet by Weiss Ratings can be found below.
The Flare Network plans to build a new two-way bridge connecting #XRP to the #Ethereum ecosystem. Everyone wants to connect to #ETH. It’s the new hot thing in crypto.
— Weiss Crypto (@WeissCrypto) August 29, 2020
Flare Network To Distribute Spark Tokens to XRP Holders
Also this past week, the team at the Flare Network has announced that there will airdrop 45 Billion Spark Tokens to all XRP holders except addresses belonging to Ripple Labs and its employees. The team at Flare Network plans to carry out a soft fork of the XRP chain and a snapshot taken to determine the distribution of the Spark Tokens. The distribution will be made to owners of XRP who store their digital assets on exchanges and/or private wallets.
At the time of writing, only the Bitrue Exchange has confirmed that it will be supporting the Spark Token airdrop. The exchange announced their intention to support the Spark Token distribution via the following tweet.
Bitrue are the first exchange to announce support for @FlareNetworks distribution of $Spark tokens to $XRP holders 💪
All you need to do is keep your XRP on Bitrue – that's it. The exact time of the distribution will be shared later. More info @ https://t.co/2FhhYtjUko #DeFi pic.twitter.com/qmQA1opM5o
— Bitrue (@BitrueOfficial) August 21, 2020
Is the Spark Token Distribution Safe?
According to Flare, over 5,400 XRP accounts holding over 295 Million XRP have set up to claim the Spark Token. More information on how to claim Spark Tokens can be found on the Flare Network website.
With regards as to whether the airdrop is safe or not, Bitrue supporting the event is one way of judging its legitimacy. Furthermore, the CTO of Ripple, David Schwartz, gave the following response on Twitter, regarding the safety of the Spark token distribution event.
They're basically just asking you attach a note to your account on the XRP Ledger specifying where you want the tokens to go.
— Ｄａｖｉｄ "ＪｏｅｌＫａｔｚ" Ｓｃｈｗａｒｔｚ (@JoelKatz) August 28, 2020
Additionally, XPRING has made a significant financial investment in the Flare Network. Xpring is the financial investment arm of Ripple Labs.