This article is in response to Binance.US recent guide for claiming SPARK. The guide suggests that Binance.US will not support SPARK as listing on their platform. Holders of XRP on the day of the snapshot can specify a Flare address to receive the SPARK that they are eligible for.
DISCLAIMER: GateHub does not vouch or have any control over Binance.US’ handling, rules and timeliness of the distribution. GateHub will not be held accountable for any delays or mismanagement on Binance.US’ side.
The guide suggests you create a SPARK address at one of the supporting wallets provided on Flare’s website. You will be able to receive the SPARK distribution at GateHub and SPARK will be listed on GateHub for deposits, withdrawals and trading.
You can use a SPARK (called Flare with the ticker FLR on GateHub) address provided by GateHub to create a claim on Binance.US.
- The Flare network is expected to go live in Q2 2021. We don't have the exact date yet but we will keep you posted.
- The initial distribution will only be 15% of the FLR you are eligible to receive. Further distributions will be done programmatically as explained here.
Here’s what you need to do:
Create a FLR address
Follow these steps to create a new FLR address:
- Go to Wallet and select any of your funded XRPL wallets
- Click “Add Funds”
- Click “Spark - FLR Transfer”
- Click “Enable” and then “Confirm”
Note: this will create a FLR trust line on your XRPL wallet which is necessary if you want to receive SPARK to the wallet. XRPL reserve rules apply.
If you had previously generated the address, you can use it with Binance.US.
Follow the instructions by Binance.US
Visit Binance.US and follow the instructions provided in their original article.
Here is a more detailed explanation of what will happen when you follow this flow.
If your wallet contained XRP on Dec 12, 2020, and you followed GateHub’s instructions to claim Spark, you will receive a batch of Spark from Flare’s distribution. If you use the same address to claim Spark on Binance.US, you should receive a second batch of Spark in the amount specified in Binance.US’ snapshot rules. Please expect a delay between the distributions.
Alternatively, you might only get the distribution from one source or the other, depending on your claims and balances at the time of the Flare’s XRPL and Binance’s balance snapshots.
We stress again that none of the actions by Binance.US are under GateHub’s control. Please make sure to educate yourself about the rules of the distribution by Flare and in this case Binance.US and any other implications for you.
If you know of any other exchange that is implementing a similar process, please let us know so we can look into it.