Upbit, a leading South Korea-headquartered cryptocurrency exchange, is set to support the xCORE airdrop dedicated to holders of XRP and SOLO. The xCORE airdrop for XRP holders comes because the XRP Ledger inspired many aspects of the upcoming Coreum blockchain.
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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