Giottus, one of India’s leading cryptocurrency exchanges, opened the trade of Spark tokens on the 12th of December. Being an official partner of the Flare Airdrop, this global first event attracted more than 15,000 innovators to trade Spark, with intra-day price going as high as US$ 2.3 (approx INR 175). Users who previously held Ripple (XRP) on the Giottus platform received 15% Spark (FLR) tokens as part of the Flare Airdrop, and an additional 5% were given out as a bonus to all eligible users.
The 15,000 Spark traders on Giottus have, on average, traded it more than 2 times, culminating in at least 30,000 trades on the platform. We had covered Giottus’s support for the Spark airdrop in a recent post here.
The demand for the Spark (FLR) token increased throughout the listing day, as reflected by the variance in its price, with its intra-day high (INR 175) being four times that of an XRP token (XRP being the base of the airdrop).
Vikram Subburaj, CEO and Co-founder of Giottus, commented on the “overwhelming response for Spark trading on Giottus”. He further observed the increase in the momentum of the trades, and “expect(s) the trades to multiply in the upcoming days”, citing this to the “excitement among the community for Spark tokens”.
Arun Vijay, COO and co-founder of the platform, added to this:
“We would like to mention these are IOU’s credited to users in advance before the official distribution of Spark Airdrop by Flare Networks. As and when Flare Network starts distributing the airdrop, we will keep crediting the remaining tokens to our customers. Having said that Giottus will most probably be the only exchange at least for the next few months where you can trade Spark tokens.”
Spark (FLR) is the native token of the Flare Network – a decentralized network that intends to introduce full smart contract functionality to XRP’s ledger. Flare is also the first Turing-complete Federated Byzantine Agreement network, with the first release of Flare is running on the latest Ethereum Virtual Machine. In addition to Spark, Flare also intends to deploy most of Ethereum’s existing applications on the Ripple blockchain, including DeFi (decentralized finance).
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