A snapshot of Spark’s airdrop may have caused a peak in Ethereum address creation.
Ethereum address creation reached a 35-month high on December 14, when 177,000 new addresses were added to the network, according to Santiment analysts.
The analysis provider reported that its network growth metric showed Ethereum adding 177,500 addresses in a single day on Saturday, December 12.
The number of active addresses also rose on December 14 to 714,081, although its highest point was during the encryption boom in January 2018, when it reached 1.1 million according to Bitinfocharts.com.
There may be a number of reasons for the increase in the creation of addresses and active addresses in recent months, including the increase in DeFi mining liquidity offering good returns with ETH as collateral.
Anticipation of the rewards wagered on the newly launched ETH 2.0 Beacon Chain may also have driven address growth as investors buy ETH to bet on the new blockchain. And, of course, Bitcoin Bonanza prices have returned to almost all times, helping to light the fire in other cryptomoedas as well.
But a Reddit topic about the milestone discussed the possibility of a Flare Networks token airdrop for XRP owners being a major contributor to the peak address creation. Flare is a new protocol that aims to bring decentralized finance to the XRP ecosystem, making it compatible with existing smart contracts with the Virtual Ethereum Machine. The SoundofCreekWater Redditor said:
„This may be because of the XRP/Spark/Flare airdrops, which require an ethereum-compatible address.
The native Flare FLR token will be used to ensure the issuance of FXRP, a fully reliable representation of XRP on the network. The airdrop took a snapshot of the XRP balances on December 12, which coincided with the peak of Ethereum address creation.
Flare explained that 45 billion Spark tokens will be distributed, with 15% required at the time of network launch, which was scheduled for three to six months. The remainder will be distributed over the next two years.
„If you self-custody, the method of claiming the Spark token is simply to set the Key field of the message in the XRP ratio address to the Flare address.
It goes on to explain that the Flare address is an ‚Ethereum compatible address‘ that must be created within six months of the snapshot date.
While major exchanges such as Coinbase and Binance are supporting the airdrop and automating the process, those that keep their XRP out of a centralized exchange will have to create a Flare address to be eligible for airdrop. XRP prices have plummeted 22% since the snapshot was made.