Major cryptocurrency exchange MEXC announced the airdrop of xCORE token for holders of XRP and SOLO, another token from the XRPL ecosystem. A total of 50 million xCORE with a strike price of $10 will be distributed to holders of these tokens. The airdrop will take place on May 15, but a snapshot of XRP and SOLO holders will be made on March 24 at 4:00 a.m. UTC.
xCORE is currently trading at $0.97 per token, according to Nomics. However, it would be misleading to take that price into account as the token’s presence is extremely limited on trading platforms, and it is currently only available on decentralized XRP Ledger exchanges such as Xumm and Sologenic.
What is Coreum (CORE) and xCORE?
xCORE is an option token of another asset, CORE. The latter is the native token of Coreum, a Layer 1 decentralized blockchain run by a community of developers. CORE is currently priced at $0.542, and the project itself has a capitalization of $54 million, with only 20% of the 500 million token offering in circulation.
Being an option token means that xCORE can be exchanged for CORE if the price of the latter reaches or remains above the $10 mark for 10 consecutive days, or expires on March 24, 2025. After the expiry date, xCORE can also be exchanged for CORE on a one-to-one basis via the Coreum blockchain.