Decentralized finance is one of the biggest appeals of the crypto space - and up until now, most DeFi applications have run on the Ethereum (CCC: ETC) platform. Still not sure exactly what this airdrop news is all about? DeFi functionality represents cutting out the middlemen from direct purchases, loans, betting, insurance and various other types of transactions. And after driving XRP prices up, it appears that the airdrop is now weighing on the crypto.

Over the weekend, any holders of XRP tokens received free Spark tokens. As part of this, Flare Network has a native token, Spark (FLR). Flare Network will bring more support to owners of XRP tokens, specifically adding decentralized finance or DeFi functionality to the XRP ledger. That is where the Spark (FLR) airdrop comes in.Įssentially, Ripple is adding Flare Network, a new protocol, to the XRP ecosystem. Facing pressure to compete with its larger rivals, Ripple needed to do something to help it stand out. Ripple Labs is the company and the controlling force behind the XRP tokens.

To start, investors should know that XRP is the third-largest cryptocurrency by value.

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