Nexo and Flare have done it - Nexo will support Spark airdrop

[jag216]

Nick (Nexo Help Center)

 

Oct 22, 2020, 16:47 GMT+3

 

Hi Jag216

 

We are reaching to you with news concerning the Spark airdrop.

 

Kindly be advised that after weeks of discussions with the CEO of the Flare Network we decided to support the event. We confirmed that by announcing this news via our Twitter account.

 

We will provide more information at the beginning of December as mentioned in our tweet.

The official snapshot of the XRP ledger for the #Spark distribution will be taken on December 12th 2020.

[thinlyspread]

Nexo are up to something.

https://nexo.io/nexonomics

[jag216]

If paypal buys bitgo then they will be at the base of Nexo, which uses bitgo for custody.

[thinlyspread]

Some interesting XRP related updates from Nexo today. 

https://nexo.io/blog/earn-8-percent-on-xrp-and-create-a-snowball-effect-on-your-wealth

Quote

If 10% of the value of your Nexo Wallet comprises NEXO Tokens, you receive a bonus 1% interest, boosting your yield to 6% APY, paid out daily and in kind.

 

Quote

As a part of Nexo’s commitment to pushing the blockchain space forward, we aim to facilitate the use of as wide a range of assets as possible. With this motivation, Nexo will be supporting the upcoming Flare Networks Spark airdrop. As the Flare Network expands Nexo will work towards integrating it onto our platform, while continuing our support for the existing XRP Ledger protocol and XRP.

 

[techman05]

If I put my xrp in there for this event what the plan to get the flare? Do I need a separate wallet to get it from nexo after the fact?

[Trisky]

On 12/2/2020 at 11:34 PM, techman05 said:

If I put my xrp in there for this event what the plan to get the flare? Do I need a separate wallet to get it from nexo after the fact?

https://twitter.com/NexoFinance/status/1334749677066088448?s=20

Quote

 

 

Edited December 4, 2020 by Trisky

[RecentChange]

15 hours ago, thinlyspread said:

Do they FULLY support the airdrop? Or just the first 15% upon launch? Anyone know? I left a few XRP on there, not much but enough to make it worthwhile knowing. 

They should be supporting it. Why do you have this doubt. All the other exchanges are doing the same 

[thinlyspread]

1 hour ago, strikerjax said:

They should be supporting it. Why do you have this doubt. All the other exchanges are doing the same 

No, that's the whole point. They don't. Some only support the 15% allocation, not the full 100% like e.g. if you're using using a Ledger Nano or Xumm. Which means not only do you not get access to all your FLR tokens from day one, and instead have them dripped over 36 months (the bull market will be  long over by then!), but you also miss out on 85% of the DFLR (Flare FInance) tokens too. I feel like the communication was not very clear on this either from Flare or from participating exchanges. 

On top of that, exchanges like Poloniex (XFLR) will have to do a swap of XFLR to FLR in a highly confusing and complex way to accomodate this, whereas Bitrue will give you 100% allocation upfront from day one. Hence the two totally different prices. But again... very very unclear communications and anyone who isn't technical will get totally confused on this. 

Edited January 20, 2021 by thinlyspread

[BillyOckham]

5 hours ago, thinlyspread said:

No, that's the whole point. They don't. Some only support the 15% allocation, not the full 100% like e.g. if you're using using a Ledger Nano or Xumm. Which means not only do you not get access to all your FLR tokens from day one, and instead have them dripped over 36 months (the bull market will be  long over by then!), but you also miss out on 85% of the DFLR (Flare FInance) tokens too. I feel like the communication was not very clear on this either from Flare or from participating exchanges. 

On top of that, exchanges like Poloniex (XFLR) will have to do a swap of XFLR to FLR in a highly confusing and complex way to accomodate this, whereas Bitrue will give you 100% allocation upfront from day one. Hence the two totally different prices. But again... very very unclear communications and anyone who isn't technical will get totally confused on this. 

I think you might be misunderstanding what happens to all parties including those with a self managed wallet.  They receive 15% like the exchanges will too.  (Please correct me if I’m wrong. I don’t believe I am....)

Since Flare will only be dropping the first 15% in the first month,  its unlikely an exchange will magic up the 85% that doesn’t exist at that time.

Anyone allocating 100% would be giving out hope-filled IOUs.  They would be taking on the risk that Flare don’t change their plans over the next three years.  I don’t think anyone is.

 

[thinlyspread]

4 hours ago, BillyOckham said:

I think you might be misunderstanding what happens to all parties including those with a self managed wallet.  They receive 15% like the exchanges will too.  (Please correct me if I’m wrong. I don’t believe I am....)

Since Flare will only be dropping the first 15% in the first month,  its unlikely an exchange will magic up the 85% that doesn’t exist at that time.

Anyone allocating 100% would be giving out hope-filled IOUs.  They would be taking on the risk that Flare don’t change their plans over the next three years.  I don’t think anyone is.

I hope you're right! I'll re-read all the docs tomorrow once I've had a coffee. Of course it's further complicated by the Flare Finance airdrop as well... thanks for the correction if so. Gladly be wrong (although I still feel the comms aren't great on this from Flare and/or exchanges!).