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UpBit became the latest exchange to declare support for the xCORE airdrop to XRP and SOLO holders.
UpBit, South Korea’s largest crypto exchange, has declared support for the xCORE airdrop aimed at XRP holders. The airdrop, which will also be sent to holders of Sologenic (SOLO), was unveiled by the Coreum team last December.
The UpBit team announced its support for the airdrop in a recent press release. Citing information from the official Coreum announcement last year, the press release noted that the snapshot for the airdrop would occur on March 24, 13:00 (KST) or 04:00 (UTC).
The airdrop, which consists of 25 million xCORE for XRP holders and 25 million xCORE for SOLO holders, will be distributed to UpBit users according to the amount of XRP and SOLO tokens they hold as of the time of the snapshot.
Although Coreum has set a fixed distribution date of May 15, UpBit disclosed that the distribution date, as well as the snapshot date, is subject to change contingent on new developments and updates from the Coreum team.
The exchange revealed that they would suspend XRP and SOLO deposits and withdrawals on March 24, from 11:00 (KST) or 02:00 (UTC). However, the team has not given a fixed time to lift the suspension, noting that the time will be announced separately when the airdrop support is completed, and the network is stable.
UpBit further emphasized that any XRP or SOLO deposits made to an UpBit account during the suspension period will not be considered for the airdrop distribution, imploring users to deposit their XRP and SOLO tokens before the suspension.
The Coreum Mainnet Launch and Airdrop
The Sologenic Development Foundation unveiled the Coreum layer-1 enterprise blockchain in December 2021. Following a series of development efforts, the Foundation has scheduled the mainnet launch for this month.
To commemorate the launch, the Sologenic team will release a round of airdrops for holders of CORE, SOLO, and XRP. Note that the Sologenic project initially began on the XRP Ledger but will be transitioning to the Coreum blockchain because, according to the team, XRPL does not support some functionalities the project needs.
This round of airdrops will feature 100 million CORE tokens for holders of CORE, 25 million xCORE tokens for holders of SOLO, and 25 million xCORE tokens for holders of XRP. While all snapshots will occur on March 24, the xCORE distribution will be carried out at once on May 15, while the CORE distribution will occur in four batches of 15% from April 1 to Nov. 1.
xCORE is an option token for CORE, the native token of the Coreum blockchain. CORE is currently trading for $2.07. As the snapshot date for the airdrop draws closer, leading global exchange MEXC also announced support for the airdrop on Wednesday.