Upbit, a major South Korean cryptocurrency trading platform, has announced that it will support the newest xCORE token airdrop for $XRP token holders. The airdrop is also available to $SOLO token holders.
In a recent announcement, Upbit stated that the airdrop will take place on March 24, and that a total of 50 million tokens will be dispersed equally among SOLO and XRP holders. Holders must have tokens in their exchange balance at the time the snapshot is taken in order to participate in the airdrop.
It is vital to remember that two hours before the snapshot, the exchange will suspend XRP and SOLO deposits and withdrawals. It’s worth noting that xCORE is an option token with a strike option price of $10 for $CORE, the native token of the Coreum network, which was established by the Sologenic Development Fund to suit the needs of Sologenic that the XRP Ledger couldn’t.
According to the project, 100 million $CORE tokens will be awarded to current token holders, and 50 million xCORE tokens will be distributed to wallets that held SOLO and/or XRP at the time of the snapshot.
The company stated that xCORE, an option token, can be traded for CORE tokens if the CORE price rises and stays over $10.00 for 240 hours (10 days). Alternatively, the option will expire on March 24, 2025, at 4:00 a.m. UTC.
The Core team is giving an additional incentive for the community to support the expansion of the CORE ecosystem by issuing xCORE tokens as an option, while also providing a level of freedom for people who may not choose to hold CORE tokens directly.
It’s worth noting that the company emphasizes that “regardless of the price, holders of xCORE are allowed to trade 1:1 to CORE tokens via a smart contract on the Coreum Blockchain after expiry.”
After being listed on the cryptocurrency exchange, Upbit was lately behind a Solana-based alternative cryptocurrency rise. As Upbit announced the listing, the price of the altcoin, Access Protocol ($ACS), increased by more than 200%.