Bitrue Supports COREUM Airdrop
Bitrue, a crypto asset (virtual currency) exchange, announced on the 15th that it will support airdrops by layer 1 blockchain “COREUM” derived from the XRP ledger decentralized exchange “Sologenic (SOLO)” project.
During the snapshot recording period starting at 13:00 (Japan time) on March 24th, users who hold COREUM, SOLO, or XRP (Ripple) on Bitrue can receive COREUM airdrops. can.
CORE tokens will be airdropped to COREUM holders, and xCORE will be distributed to SOLO and XRP holders. xCORE is a derivative token that can be exchanged 1:1 with CORE tokens when certain conditions are met.
By holding all three stocks, you can maximize the amount of rewards you receive in the airdrop. Trading of “COREUM/USDT (tether)” has been possible on Bitrue since April 2010.
A snapshot is the vesting date on the blockchain. The holding status of token holders at a certain point (block height) is recorded, and airdrops etc. are performed based on it.
Airdrop distribution conditions
Regarding COREUM’s airdrop requirements, SOLO and XRP holders in particular need to make a deposit on Bitrue’s dedicated page by 12:50 on March 24th (Japan time) to get the right to airdrop.
You can withdraw anytime before the snapshot, but SOLO and XRP will be locked once the snapshot starts. The lock will be released at 14:00 on March 24th after the snapshot is completed, and the assets will be returned to the account. Delivery of xCORE will be carried out in a timely manner after the airdrop scheduled for May 15, 2023.
On the other hand, CORE airdrops for CORE holders will be distributed evenly in 4 times during the period from April to November 23.
The amount of airdrops that users receive will be distributed according to the following formula instead of a simple 1:1 format:
- Amount of CORE received = Amount of user CORE held at the time of snapshot x 2
- Amount of xCORE received = Amount of user XRP/SOLO held at the time of snapshot x 0.025
What is Coreum Blockchain
The Coreum blockchain, announced in December 2021, is slated for a mainnet launch in March 2023. It is a 100% community-led open source project that supports enterprises, such as the international standard format for financial communication messages (ISO20022) and smart tokens.
Coreum is built in part by the Sologenic Tokenization Platform. XRP holders are included in the xCORE airdrop distribution because many of the technical elements of the XRP ledger are also reflected in the Coreum blockchain.