Flare Networks is announcing plans to integrate with Litecoin, bringing decentralized finance (DeFi) and smart contracts to the cryptocurrency’s platform.
In a tweet Friday, Flare shared the news that it will now offer support for both the fifth and fourth-largest crypto assets by market cap.
The Ripple-backed startup says it will airdrop Litecoin (LTC) holders Flare’s Spark (FLR) token ahead of Flare’s Q2 launch.
“Flare will be integrating Litecoin ahead of the Flare network launch in Q2. This will allow LTC to be used trustlessly on Flare with Ethereum style smart contracts and gives LTC interoperability and composability.”
The company is reducing the amount of Spark tokens that were supposed to be distributed to its founders in order to redirect the FLR to Litecoin holders.
“Flare foundation token allocation will be reduced so that 5 Billion FLR can be distributed to LTC participants.”
Back in December, Flare executed the snapshot for a similar airdrop for XRP holders who will be awarded with 1.0073 Spark tokens per XRP owned. Flare is set to distribute 45,827,728,412 Spark tokens to XRP holders in the first half of 2021.
XRP delistings from multiple exchanges due to Ripple’s lawsuit with the SEC will not affect the XRP holders’ ability to receive the Spark airdrop.
Flare will drop further details regarding the Litecoin airdrop in the coming week.
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Featured Image: Shutterstock/Mauricio Graiki