Dear Traders,

We’re happy to announce that Phemex will support the SPARK Airdrop for all XRP holders on our platform.

How Will It Work?

1. Suspension of deposits and withdrawals: On December 11, 2020, at 2 AM UTC, XRP deposits and withdrawals will be temporarily suspended.
   • Note: This will not affect spot or contract trading. All trading services will remain active.
2. Snapshot of all balances: One hour later that same day at 3 AM UTC, Phemex will take a snapshot of all XRP wallet balances on the entire platform.
   • Note: Because trading activities will be fully functional, your XRP balances are likely to continue to change after the snapshot. Any change in balances after the snapshot will not affect the original snapshot sum used to calculate your Spark airdrop.
3. Deposits and Withdrawals will resume sometime after December 12, 2020. We will make a separate announcement with full details once an official date and time have been finalized.

Additional Information

• SPARK distribution: Currently, the Flare Networks mainnet is expected to launch within the next 6 months. At that time, 15% of the airdrop will be released. The remaining 85% will be progressively released within the next 25-34 months. Phemex will publish follow-up announcements with distribution details.
• SPARK wallet and trading: Support for SPARK spot or contract trading will be determined and announced separately. Please stay up to date on all of our follow-up announcements and updates.
• Flare Networks: For more information on the SPARK Airdrop and Claim formulas, please check out the following Flare Networks’ documentation:

https://flare.ghost.io/claiming-spark-faq/

https://blog.flare.xyz/further-information-on-the-spark-token-distribution/