To commemorate the launch of this third-generation Layer-1 smart contract-enabled blockchain platform which is designed to be fast and interoperable, the team has decided to unlock and conduct 25 million xCORE airdrops to all XRP holders at the time of the snapshot. 

XRP and the XRP Ledger ecosystem stand to benefit more from the Coreum smart contract capabilities as confirmed by Sologenic co-founder Bob Ras on Wednesday. But first, the interoperability between the XRP Ledger and Coreum blockchain must be enabled, he said. 

“It’s notable to mention that the XRPL-Coreum interoperability enables XRP, SOLO, and eventually, other XRPL tokens to access the Coreum blockchain, unlocking the limitless potential for innovative use-cases by utilizing Coreum’s Smart Token technology,” Bob Ras wrote. 

More so, the Sologenic co-founder added that the XRPL-Coreum bridge will be launched on Sologenic DEX on March 24 alongside the mainnet release of the Coreum blockchain. This would enable seamless token migration across both blockchain networks, Ras stated. 

It is also said that this interoperability would allow all XRPL-based assets to create more use cases using Coreum’s Smart Tokens technology. This novel technology enables the issuance of tokens wrapped in smart contracts to allow these tokens to execute programmable actions independently. 

Ultimately, the XRPL-Coreum bridge will unlock many new opportunities for XRP, such as DeFi and innovative smart contracts-based decentralized applications.

Notably, the recent disclosure from the Sologenic co-founder confirms an earlier disclosure by the Sologenic Development Foundation where the team noted that the first asset other than Inter Blockchain Chain-based assets that will be bridged to the Coreum Blockchain would be XRP and other tokenized assets on the XRPL.

It bears noting that the development of Coreum began on the XRP Ledger. Although the XRPL inspired many aspects of the new layer-1 blockchain with Smart Token technology, Coreum became an independent network due to the lack of certain functionalities on the XRP Ledger.

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Per the recent press release, the xCORE airdrop snapshot is expected on March 24, 2023, at 13:00 (KST) or 4:00 AM (UTC) alongside the mainnet launch of the Coreum blockchain. Meanwhile, the xCORE airdrop distribution to both XRP and SOLO holders is slated for May 15, 2023, as earlier announced in December 2020 by the Coreum project team.    

To draw attention to the new blockchain, make the project fully decentralized as well as enhance its adoption, the team has decided to airdrop a whopping 25,000,000 xCORE tokens to users holding any amount of XRP at the time of the snapshot. Also, 25,000,000 million xCORE will be airdropped to eligible Sologenic token (SOLO) holders while a total of 100,000,000 CORE tokens will be distributed to those accounts holding CORE at snapshot time. 

Whereas 100% of the xCORE airdrop will be distributed to XRP and SOLO holders on May 15, the eligible CORE holders will receive their airdrop in four batches of 25% each. That is, 25 million CORE tokens will be distributed to qualified CORE holders on April 1, June 1, August 1, and November 1, 2023, accordingly.   

Notably, CORE is the native token of the Coreum blockchain while xCORE is described as an Option Token with a strike Option price of $10. 

It bears noting that Upbit would suspend withdrawal and deposit of XRP on March 24 until the completion of the xCORE airdrop snapshot. The South Korea-based exchange further noted that the distribution date and ratio as well as the snapshot date could be modified based on any development from the Coreum team.

On the other hand, several whales have been accumulating and shuffling hefty volumes of XRP of late. This could be in preparation for the anticipated massive xCORE airdrop.

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