Uphold Finally Set To Distribute Evernode Airdrop to Eligible XRP Holders

Uphold, a prominent cryptocurrency exchange in the U.S. known for its support of XRP, has begun the distribution of Evernode (EVR) tokens to its eligible customers. This comes over two months after Evernode concluded the registration period for its airdrop program targeting XRP holders.

The Evernode Airdrop

The Evernode airdrop, highly anticipated within the XRPL ecosystem, was first announced in September 2023. Over 423 million XRP were eligible for the distribution, highlighting the significant interest in the project. A snapshot of eligible XRP holdings was taken on September 1, 2023, with the recent distribution to Uphold users signifying the final stage of the process.

Uphold’s participation in the airdrop streamlines the distribution process for its users, eliminating the need for individual on-chain transactions to claim the tokens. This simplifies the process for users compared to claiming directly on the blockchain, which often involves a more complex procedure.

Evernode’s Function and the EVR Token

Uphold shared the official announcement on X. It’s worth noting that Evernode operates an XRPL-based sidechain designed to introduce smart contract functionality to the network.

Launched in mid-January 2024, the Evernode mainnet allows developers to build decentralized applications (dApps) on the sidechain, utilizing EVR as its native currency. Additionally, validators on the network receive rewards in the form of EVR tokens.

The distribution to Uphold users coincides with a positive period for the Evernode project. Its native token, EVR, was recently listed on CoinMarketCap, bolstering its visibility within the crypto space, and it has surged 32.73% in the past month.

EVR is trading at $0.2376 following a decline over the past 24 hours, but many expect a powerful rebound very soon. The recent price correction can be attributed to a combination of factors, including potential selloffs from users receiving airdropped tokens and the broader market experiencing a decrease in momentum.

According to Uphold, users who held XRP on the platform during the September snapshot received 0.002089 EVR for each XRP held, with a maximum cap of 50,000 XRP. This value translates to a maximum of 104.4 EVR for users holding 50,000 XRP at the time of the snapshot.

Evernode unlocking smart contracts on XRPL will finally put XRP on the same level as XLM, one of its biggest competitors, which recently launched its first smart contract. This development will heat up the competition and yield interesting results as both cryptocurrencies fight for first place with innovations and developments.

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Tobi Loba

Tobi Loba is a passionate writer with a vast interest in the stock market. She joined the crypto ecosystem about three years ago and has written lots of ebooks and articles in relation to cryptocurrency and blockchain projects. Tobi Loba earned her degree at the University of Ibadan.