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OKEx Announces Support for Spark (FLR) Airdrop as XRP Holders Prepare for Token Distribution




OKEx has joined other digital asset exchanges in announcing support for the upcoming Spark (FLR) token airdrop.

Businessmen anticipating crypto giveaway

Along with other crypto exchanges, OKEx will enable XRP holders leveraging their services to benefit from the Spark Airdrop Program. It is the latest trading platform to have joined, as a growing number of leading exchanges such as Binance, Bithumb, Bitstamp, Poloniex, KuCoin, and more have said that the cryptocurrency distribution would be made available to their XRP holders. Per OKEx’s official Twitter announcement:

“$XRP Deposits and Withdrawals will be suspended from 12:00 pm UTC Dec 11; Snapshot of users’ $XRP tokens at 12:00am UTC Dec 12. After the snapshot, Deposits and Withdrawals will resume.”

How will Spark Airdrop Program work?

December 12 is announced as the official date where Spark will be airdropped, but it will actually be the first step in Flare Networks’ initiative to distribute FLR tokens to XRP holders. On December 12, at 12:00 am UTC, a “snapshot” of XRP holders’ total amount of XRP will be taken by Flare Networks. Traders and investors who hold Ripple’s native digital currency will be able to receive Spark tokens for free on a 1:1 ratio.

The total amount of tokens to be distributed under the Spark Airdrop Program will be approximately 45 billion, made available to all XRP holders except for Ripple Labs. The upcoming release of tokens is said to have triggered an upward price movement for XRP.

Flare Networks, the Ripple-backed smart contract utility fork, will then take into account XRP held on participating wallets and crypto exchanges. An actual distribution day for their native tokens is not known, although it is anticipated for some time between March and May 2021.

It is also recommended that all XRP deposits be locked into the compatible exchanges and wallets before December 11, as most crypto exchanges will temporarily pause withdrawal and deposits of XRP on their platforms.

The easiest way to benefit from the airdrop is to deposit XRP into a crypto exchange that supports the snapshot. Another way to gain free Spark tokens is to hold XRP in compatible digital wallets, although there may be additional steps for users to take before being able to claim their free tokens. Users also have the choice to file a self-custody claim of XRP, although this may not be the easiest way of participating in the token distribution.

Many exchanges have announced their support for the upcoming airdrop. However, Binance.US and Coinbase XRP holders will not be able to benefit from it. A crypto enthusiast retweeted by Flare Networks said:

“At this point in time, pretty much every major exchange minus @coinbase is supporting the @FlareNetworks airdrop.”

Coinbase had previously omitted to confirm their participation in the Spark token distribution and was called out by Flare Networks, as the US-based crypto exchange held about 3 billion XRP on their platform.

Currently, XRP token tracker announced via Twitter that funds for XRP were increasingly being deposited into exchanges supporting the Spark airdrop. Per the Tweet:

“We’ve noticed a lot of $XRP action on the exchanges that will be supporting the airdrop including: @binance, @bitfinex, @Bitstamp and more.” 

Image source: Shutterstock Source: https://Blockchain.News/news/okex-announces-support-spark-flr-airdrop-xrp-holders-prepare-token-distribution


BeInCrypto Weekly News Roundup: January 22, 2021

With institutions at the reigns of the market, no one knows how far BTC will drop, or if Ether will follow through into price discovery. Either way this is the first period of the year that crypto seems to be slowing down. Below we’ll highlight some of the week’s most important stories involving Bitcoin, Ethereum, … Continued

The post BeInCrypto Weekly News Roundup: January 22, 2021 appeared first on BeInCrypto.




January is nearing an end, and bitcoin is starting to see its first sustained downturn since breaching another all-time high. It briefly dropped to $29,000 but has already recovered to near $34,000.

With institutions at the reigns of the market, no one knows how far BTC will drop, or if Ether will follow through into price discovery. Either way this is the first period of the year that crypto seems to be slowing down.

Below we’ll highlight some of the week’s most important stories involving Bitcoin, Ethereum, and of course, America’s new president.

Joe Biden and Crypto: What You Need to Know

Joe Biden has been officially sworn in as the US President. The world’s most powerful man will surely have an influence over the global reserve currency, the US dollar.

Biden may be more crypto-friendly than his predecessor, with key members of his administration having a background in blockchain tech. He may also choose an ex-Ripple Labs board member to head the Office of the Comptroller of the Currency (OCC).

Joe Biden BTC Twitter

If Biden approves large stimulus checks and prints more money, crypto will likely benefit from the inflows.

Bitcoin and ETH Flying Off Exchanges

These two events appear to be tied together. Ethereum is at its lowest level of exchange supply since 2018. And 270,000 BTC worth billions has moved into cold storage.

This suggests that investors are buying for medium to long-term holdings. They are likely moving assets off exchanges and into more secure solutions like hardware wallets.

This could eventually create a liquidity crisis for cryptocurrency exchanges. Top-tier cryptos have a limited supply, and a supply shortage will probably heavily affect most exchanges.

Ethereum 2.0 Staking Attracts Over 2% of Circulating Supply

Ethereum is also being withdrawn from exchanges and into the Ethereum 2.0 deposit contract. Approved stakers are currently earning an annual percentage rate (APR) of about 9.4%.

Recently launched, the staking contract has received over 2% of the entire circulating supply, a multi-billion dollar amount. With the staking address locked for at least the next year or two, funds will be inaccessible.

This will add another dimension to the growing liquidity crisis that the market will have to take note of.

It’s been a wild ride over the last few months in crypto, and it’s probably only natural that the market recovers after experiencing such substantial growth.

When looking at the fundamentals surrounding the networks, everything still looks good for both hodlers, traders, and institutional investors alike.


All the information contained on our website is published in good faith and for general information purposes only. Any action the reader takes upon the information found on our website is strictly at their own risk.

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Harrison is an analyst, reporter, and lead specialist at BeInCrypto based out of Tel Aviv, Israel. Harrison has been involved in the cryptocurrency space since late 2016 and is passionate about decentralized ledger technology and its potential.

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5 DeFi-Related Projects to Watch During Alt Season




As Bitcoin dominance falls and the alt-market picks up speed, here are five DeFi cryptos to watch out for during the impending alt-season

DeFi: 1. Polkadot (DOT)

The Polkadot network is a web-based platform designed for blockchain interoperability. Its mission is to “enable a completely decentralized web,” giving control to web users.

It also aims to allow developers to easily build web-based, decentralized apps (dApps) and connect them to businesses or other organizations.

Several projects use Polkadot’s network as a foundation, including distributed ledger consultancy ChainSafe, and recently launched DeFi project Reef Finance.

Its token sale took place in July last year. The network’s native token DOT launched at just $0.29 a coin. Since then, the price has surged to $17.22, a more than 59x increase.

This price puts DOT’s market capitalization at $16.4 billion, making it the fourth-largest cryptocurrency behind only Bitcoin, Ethereum, and Tether USD.

2. Aave (AAVE)

Aave, formerly LEND, is a “decentralized non-custodial liquidity market protocol” that allows its users to lend or borrow crypto-assets without the need for a third party.

The concept works by allowing individuals to stake several crypto-assets in return for interest paid in Aave-based assets. The staked assets become part of a pool that borrowers can tap into by using other crypto-assets as collateral.

The protocol’s native token AAVE is currently worth $188.31 and has a market capitalization of $2.32 billion. It’s currently ranked number two in DeFi in terms of Total Value Locked (TVL), with over $3.23 billion staked.

3. (YFI) is a DeFi portal that aggregates several staking opportunities into one easy-to-use platform. This allows its users to stay on top of the cryptocurrencies that provide the best farming yields.

The platform also collaborates with some of the top DeFi applications in the cryptocurrency space, including Cream Finance and Cover Protocol. YFI, the platform’s token, led last year’s “Summer of DeFi,” rising from its launch price of $3,000 to today’s price of $31,016.96.

That may just be the start. Founder and lead developer Andre Cronje was named DeFi person of the year in 2020 by analysis portal DeFi Prime. There is still more to come with, including the second version of its flagship vaults service.

4. SushiSwap (SUSHI)

SushiSwap is a decentralized platform that allows crypto-holders to provide liquidity in return for interest. The platform then uses this liquidity to facilitate “swaps” between different cryptocurrencies.

SushiSwap is a type of automated market maker (AMM) and is a fork of the original AMM, Uniswap. Its lead developer goes by the pseudonym Chef Nomi.

The sushi theme continues with the platform’s latest product under development, Bentobox, which will add a lending platform to its list of products.

Its native token, SUSHI, currently sits at $6.72 after climbing almost three-fold in just under a month and has a TVL of over $1.87 billion.

5. Alpha Finance Lab (ALPHA)

Alpha Finance Lab combines several DeFi products from lending to AMMs. Its objective is “to maximize returns while minimizing risks” for its users. It also seeks to make it easier for people to engage with DeFi projects by integrating a user-friendly interface in an often complex space.

Alpha Finance Lab’s latest product, Alpha Homora, will allow users to use leverage to stake tokens such as SUSHI. With Homora set to be launched in the next few days, ALPHA has gained over 300% in the past month.

The platform currently has $452.7 million in TVL, with ALPHA currently sitting at $0.81.


All the information contained on our website is published in good faith and for general information purposes only. Any action the reader takes upon the information found on our website is strictly at their own risk.

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Emmanuel entered the cryptocurrency space in 2013 as a cryptocurrency broker. He is a crypto-enthusiast, entrepreneur, and investor, who has built and led several projects and communities in the space. Interests include: DeFI, CBDCs and investing.

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MicroStrategy purchases additional $10 million of Bitcoin




Global technology giant MicroStrategy has purchased an additional $10 million worth of Bitcoin with an average price of $31,808, according to an announcement from CEO Michael Saylor.

The company now owns 70,784 Bitcoin worth around $1.13 billion at the time of writing.

The most recent purchases comes after a corrective move to the downside in the price of Bitcoin, with the world’s largest cryptocurrency slumping from $35,700 to $29,000 over the past 48-hours.

Bitcoin has since recovered to $32,400 following a flurry of buys in the lower $30,000 region.

MicroStrategy is one of multiple companies that has invested in Bitcoin following last March’s crash to $4,000, with Square purchasing $50 million worth of Bitcoin late last year while insurance giant Massachusetts Mutual unveiled a $100 million investment in the asset.

In a stark contrast to 2017, the recent rally in the price of Bitcoin has undeniably been driven by institutional demand as opposed to retail mania.

According to Google Search trends, the amount of people typing “buy bitcoin” into Google in December was 80% lower than in December 2017 at Bitcoin’s previous all-time high.

Google searches are, however, expected to more than double in January of this year when figures are complete at the end of the month.

For more news, guides and cryptocurrency analysis, click here.


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OKCoin Exchange to Add Lightning Network Payments




OKCoin plans to integrate Lightning Network payments later this quarter. Those who use the Bitcoin layer two scaling solution to deposit at the US-based cryptocurrency exchange will benefit from faster transaction times and lower fees.

OKCoin joins a handful of other exchange platforms offering Lightning Network payments. A recent uptick in Bitcoin transaction costs may continue to accelerate adoption.

OKCoin Embraces Layer 2 Solutions

OKCoin will become one of the first US-based exchanges to integrate layer two solutions. It revealed plans to launch Lightning in the coming weeks via a blog post on Friday.

The Lightning Network is an effort to scale the Bitcoin network by alleviating the demand for block space on the main chain. Payments occur on a layer above the Bitcoin blockchain, eventually settling on the main chain.

Lightning transactions don’t require confirmation by Bitcoin miners. Therefore, transactions don’t consume higher fees, allowing for micropayments.

OKCoin anticipates Lightning transaction fees as low as around $0.01. At the time of writing, the Bitcoin base chains’ average transaction fee is more than $13. Similarly, the exchange states that deposits and withdrawals will take just seconds compared to sometimes hourly confirmations.

When demand for block space is low, base chain transactions typically require between ten minutes and an hour, depending on the number of confirmations required. This can increase significantly when the network is busy.

Lightning integration will also allow OKCoin to reduce its minimum deposit and withdrawal limits. Previously, the minimum accepted payment was 0.001 BTC (~$35).

The exchange will drop this to just 100 satoshis (0.000001 BTC). At the current bitcoin price, the minimum deposit/withdrawal will be around $0.04. CEO of OKCoin, Hong Fang, described the reasoning behind the integration:

“As part of our analysis of the technology, we assessed the strength and quality of the nodes and now feel the network is strong enough to participate as an exchange with a high volume of withdrawals and deposits a day.”

He added that he hoped other companies would adopt the Lightning Network. If widely used by customers on numerous exchanges, main chain transaction fees would drop, too, increasing the Bitcoin blockchain’s utility.

Rising Fees Encouraging Lightning Adoption

A general upwards trend in the bitcoin price that started last March is increasing demand for block space. Data from BitInfoCharts shows that the average transaction fee has been growing.

The average fee for a main chain transaction peaked at around $17 on Jan. 12. It has since fallen to just above $13, still considerably more than the $0.05 to $1 average fees reported in early 2020.

OKCoin is the latest in a growing list of exchanges to integrate the Lightning Network. Besides other lesser-known trading venues, Bitfinex, Kraken, and CoinCorner have all added or announced support plans.

Although Lightning integration has clear benefits, exchanges have historically been slow to adopt Bitcoin upgrades. Binance, for example, only integrated deposits to SegWit addresses at the end of 2020, and data from on-chain analyst Willy Woo shows that less than half of transactions use the block space-saving format.

Yet, Lightning Network is growing. BitcoinVisuals shows that there are now almost 8,500 connected nodes with Lightning payment channels, compared with less than 5,000 this time last year.


All the information contained on our website is published in good faith and for general information purposes only. Any action the reader takes upon the information found on our website is strictly at their own risk.

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A former professional gambler, Rick first found Bitcoin in 2013 whilst researching alternative payment methods to use at online casinos. After transitioning to writing full-time in 2016, he put a growing passion for Bitcoin to work for him. He has since written for a number of digital asset publications.

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