Upbit to Airdrop xCORE Tokens to XRP and SOLO Holders: Here’s What You Need to Know

Exciting news for XRP and SOLO holders! Leading South Korean cryptocurrency exchange, Upbit, has just announced its support for the latest airdrop in the crypto space – the xCORE token airdrop. If you’re holding XRP or SOLO tokens, you might be in for a treat. Let’s dive into the details of this airdrop and what it means for you.

What is the xCORE Airdrop and Who is Eligible?

Upbit’s announcement confirms that they will be supporting the distribution of xCORE tokens to both XRP and SOLO token holders. This airdrop is designed to reward loyal holders of these cryptocurrencies and introduce them to the Coreum network and its native token, CORE.

Here’s a breakdown of the key eligibility criteria:

• Token Holders: You must be holding either XRP ($XRP) or SOLO ($SOLO) tokens to be eligible for the airdrop.
• Exchange Balance: Your XRP or SOLO tokens need to be held in your Upbit exchange wallet at the time of the snapshot. Tokens held outside of Upbit during the snapshot will not be eligible.
• Snapshot Date: The snapshot is scheduled to take place on March 24th. Make sure your tokens are in your Upbit account before this date.

Airdrop Details: Dates, Token Distribution, and Important Timelines

Mark your calendars! The xCORE airdrop is happening soon. Here’s a timeline and key details you need to be aware of:

• Airdrop Date: March 24th
• Total Airdrop Pool: 50 million xCORE tokens
• Distribution: The 50 million xCORE tokens will be distributed equally among eligible XRP and SOLO holders.
• Deposit and Withdrawal Suspension: Crucially, Upbit will suspend deposits and withdrawals for both XRP and SOLO two hours before the snapshot. Plan your transactions accordingly to ensure your tokens are in your wallet before the suspension.

Important Dates at a Glance:

What is xCORE and How Does it Relate to CORE and Coreum Network?

Now, let’s understand what xCORE actually is. It’s not just another cryptocurrency; it’s an option token linked to CORE, the native token of the Coreum network. But what does that mean?

• Option Token: xCORE acts as an option to acquire CORE tokens.
• Strike Price: The strike price for this option is set at $10.00 for CORE.
• Conversion Mechanism: If the price of CORE rises and remains above $10.00 for a continuous period of 240 hours (10 days), xCORE holders gain the option to exchange their xCORE tokens for CORE tokens at a 1:1 ratio.
• Expiry Date: If the CORE price doesn’t consistently stay above $10 by March 24, 2025, at 4:00 a.m. UTC, the option expires.
• Smart Contract Conversion: Even after expiry, holders can still trade xCORE 1:1 for CORE tokens through a smart contract on the Coreum Blockchain, regardless of the CORE price at that time. This is a crucial point emphasizing the inherent value of xCORE.

Why Coreum Network?

The Coreum network was established by the Sologenic Development Fund. It was created to address functionalities that the XRP Ledger couldn’t fully accommodate, particularly for the Sologenic ecosystem. Coreum aims to provide a more scalable and feature-rich blockchain environment.

Token Distribution Strategy:

The overall token distribution strategy for CORE includes:

• 100 Million CORE for Token Holders: A total of 100 million CORE tokens are earmarked to be awarded to existing token holders within the ecosystem.
• 50 Million xCORE for Airdrop: The current airdrop distributes 50 million xCORE tokens to wallets holding SOLO and/or XRP at the time of the snapshot.

The Incentive Behind xCORE: Ecosystem Growth and Flexibility

The Core team’s approach with xCORE offers a unique incentive structure. By distributing xCORE as an option token, they aim to:

• Encourage Ecosystem Support: Reward the community for supporting the growth of the CORE ecosystem.
• Provide Flexibility: Offer a level of flexibility for users who may not be ready to directly hold CORE tokens but are interested in potential future upside.

Essentially, xCORE allows holders to participate in the potential success of CORE without immediate commitment, while still retaining the ability to convert to CORE tokens later.

Upbit’s Influence: The Access Protocol ($ACS) Example

Upbit’s influence in the cryptocurrency market, particularly in South Korea, is significant. Recently, we saw a dramatic example of this when Upbit listed Access Protocol ($ACS), a Solana-based alternative cryptocurrency. Following the listing announcement, the price of $ACS skyrocketed by over 200%.

This highlights Upbit’s role as a major player and the potential impact of their listings and announcements on token prices and market sentiment. Their support for the xCORE airdrop further solidifies their position as a key platform for cryptocurrency users in South Korea and beyond.

Conclusion: Don’t Miss Out on the xCORE Airdrop!

The xCORE airdrop presents an exciting opportunity for XRP and SOLO holders on Upbit to potentially gain exposure to the Coreum ecosystem. Make sure you understand the snapshot timeline, deposit/withdrawal suspensions, and the nature of xCORE as an option token. With the snapshot date fast approaching on March 24th, now is the time to ensure your XRP or SOLO tokens are securely held in your Upbit exchange wallet to participate in this airdrop. Keep an eye on official announcements from Upbit and the Coreum team for any further updates. Happy airdrop hunting!