Upbit, a prominent South Korean cryptocurrency exchange, has announced that it would facilitate the newest xCORE airdrop for $XRP token holders. The airdrop is also issued to holders of $SOLO tokens.
In a recent release, Upbit said that the airdrop would occur on March 24 and that 50 million tokens would be divided evenly among SOLO and XRP holders. To be eligible for the airdrop, token holders must have tokens in their exchange balance when the snapshot is taken.
The exchange will halt XRP and SOLO deposits and withdrawals two hours before the snapshot. Notably, xCORE is an option token with a strike option price of $10 for $CORE, the native currency of the Coreum network. Coreum is a layer-1 blockchain built by the Sologenic Development Fund to suit the demands of Sologenic.
One hundred million $CORE tokens are being given to existing token holders, and 50 million xCORE tokens are being issued to wallets holding SOLO and/or XRP at the time of the snapshot, according to the project.
The company indicated that xCORE, an option token, may be traded for CORE tokens if the CORE price exceeds $10.00 for 240 consecutive hours (10 days). Alternatively, the option expires at 4:00 AM UTC on March 24, 2025.
It is crucial to note that when the tokens expire, holders of xCORE can trade them for CORE tokens through a smart contract on the Coreum blockchain, regardless of the price.
Upbit was responsible for a recent increase in Solana-based alternative cryptocurrencies after listing on a cryptocurrency platform. Access Protocol ($ACS) witnessed its price increase by almost 200 percent when Upbit announced its listing.
Disclaimer: The information provided in this article is for informational purposes only and should not be construed as financial or investment advice. Cryptocurrency investments are subject to market risks, and individuals should seek professional advice before making any investment decisions.