Major South Korean Crypto Exchange to Support Latest Airdrop for $XRP Holders
Upbit, a major South Korean cryptocurrency trading platform, has announced it will support the latest airdrop for $XRP token holders in xCORE tokens. The airdrop is also being distributed to $SOLO token holders.
In a recently published announcement, Upbit detailed that the airdrop is scheduled to take place on March 24, and that a total of 50 million tokens are to be distributed equally between SOLO and XRP holders. To participate in the airdrop, holders must have tokens in their exchange balance at the time the snapshot is taken.
It is important to note that the exchange will suspend XRP and SOLO deposits and withdrawals two hours before the snapshot.. xCORE, it’s worth noting, is an option token with a strike option price of $10 for $CORE, the native token of the Coreum network, a layer-1 blockchain created by the Sologenic Development Fund to fill the needs for Sologenic that the XRP Ledger couldn’t meet.
According to the project, a total of 100 million $CORE tokens are being distributed to current token holders, while a total of 50 million xCORE tokens are being distributed to wallets that hold SOLO and/or XRP at the time of the snapshot.
The team noted that xCORE, an option token, can be exchanged for CORE tokens if the CORE price reaches and remains above $10.00 for 240 consecutive hours (10 days). Alternatively, the option expires on March 24th, 2025, at 04:00 AM UTC.
By issuing xCORE tokens as an option, the Core team is providing an additional incentive for the community to support the growth of the CORE ecosystem, while also providing a measure of flexibility for those who may not wish to hold CORE tokens directly.
It’s important to point out that after expiry the team notes that “regardless of the price, holders of xCORE are eligible to exchange 1:1 to CORE tokens via a smart contract on the Coreum Blockchain.”
Upbit was recently behind a Solana-based alternative cryptocurrency surge after it was listed on the cryptocurrency exchange. The altcoin, called Access Protocol ($ACS), saw its price surge over 200% after Upbit announced the listing.
Featured image via Pixabay.
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