Upbit, the leading South Korean cryptocurrency trading platform, has recently initiated the distribution of xCORE tokens to holders of $XRP and $SOLO who possessed these assets at the time of the airdrop’s snapshot. Moreover, Upbit has exciting plans to enable withdrawals in the near future, enhancing user accessibility and convenience.
In an official announcement, Upbit revealed that the distribution of the airdrop has already commenced and is projected to conclude within the next 48 hours. The snapshot for the airdrop was taken on March 24 at 13:00 Korean Standard Time (KST), and a remarkable 50 million tokens will be equally distributed among SOLO and XRP holders.
The project highlights that a total of 100 million $CORE tokens will be distributed to current token holders, with an additional 50 million xCORE tokens allocated to wallets that held SOLO and/or XRP during the snapshot period.
The Core team emphasizes the unique nature of xCORE, referring to it as an option token. Notably, if the price of CORE reaches and sustains above $10.00 for 240 consecutive hours (equivalent to 10 days), holders of xCORE can exchange them for CORE tokens. This mechanism introduces an intriguing opportunity for token holders while maintaining flexibility for those who prefer not to hold CORE tokens directly.
It’s crucial to note that post-expiry, regardless of the price, xCORE holders can exchange their tokens 1:1 for CORE tokens through a smart contract on the Coreum Blockchain, ensuring fair and secure transactions.
Upbit has recently played a significant role in the remarkable surge of Access Protocol ($ACS), an alternative cryptocurrency based on Solana. Following its listing on the platform, $ACS witnessed a staggering price surge of over 200%, solidifying Upbit’s influence and impact in the crypto market.
With the initiation of xCORE token distribution and upcoming withdrawal support, Upbit continues to establish itself as a reliable and user-friendly platform, actively promoting the growth of the CORE ecosystem. This latest development further demonstrates Upbit’s commitment to fostering a vibrant and inclusive cryptocurrency community. Exciting times lie ahead for token holders as they eagerly anticipate the potential rewards and opportunities offered by the Core team.
