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How $XRP Hodlers Could Receive Coreum ($CORE) Presents From Sologenic Throughout 2022

How $XRP Hodlers Could Receive Coreum ($CORE) Presents From Sologenic Throughout 2022
Written by publisher team

This article explains how those holding XRP and/or $SOLO can get an airdrop of $CORE, the original token of Coreum, a new Layer 1 (L1) blockchain from Sologenic, throughout the next year.

What is sulogenic?

Sologenic says its mission is to “become the world’s most influential blockchain-based venture by bridging the gap between traditional financial markets and cryptocurrency.”

The Sologenic team also says they’re building the Sologenic ecosystem on the open source public XRP Ledger platform (XRPL) — created in 2012 by David Schwartz, Jed McCaleb and Arthur Britto, and whose native currency is XRP — because it provides features they need, such as speed High, high security and transparency.

What is the only $ token?

Here’s how Sologenic$ SOLO describes:

Sologenic publishes individual coins for market making and liquidity provision. Individual coins are issued on the XRP Ledger allowing for liquidity to be transferred almost instantly.

The ecosystem aims to eliminate entry barriers for individual and institutional crypto investors, allowing them to trade in non-blockchain asset classes, such as stocks, ETFs, and commodities, using a single cryptocurrency – SOLO.

Quite simply, the coins will enable people around the world to buy and sell shares in their favorite companies using SOLO, without the need for traditional brokerages.

SOLO will be available for trading on Sologenic’s DEX, and other major global exchanges. Total supply available from 400,000,000 singles.

Sologenic Next $ SOLO Airdrop

On December 14, Sologenic issued a press release announcing the details of the upcoming $200 million airdrop for holders of SOLO tokens and/or XRP dollars.

The press release began by instructing that on November 11, the Sologenic Development Foundation announced “its decision to develop a completely decentralized NFT marketplace on the XRP ledger, in order to benefit users with extremely low transaction costs for minting, bidding and trading NFTs on the existing Sologenic DEX.”

He went on to say that “in order to engage the community in participating in the proposed ecosystem and governance facilities, there is a certain amount of 200 m solo It will be opened as part of an airdrop to XRP and/or SOLO holders around the world.” At the time of writing (08:00 AM UTC December 19), $SOLO is trading at around $5.34 (example on Bitforex). ), making this airdrop “one of the largest airdrops ever distributed in the crypto space”.

The airdrop will be obtained “from tokens that are currently locked into a Single Community Fund (SCF), and a Single Expansion Fund (SEF) that was designed to build and expand a Single Community Fund when the ecosystem was launched in early 2020.”

The snapshot “is scheduled to be taken on December 24, 2021 at 20:00 UTC from all XRP and/or SOLO wallets that have established Trustline with a Sologenic oracle.” Users can “hold their assets on centralized exchanges that support airdrops or create a Trustline directly from their own wallets to claim them.”

Based on the information provided in an article published on December 14 by a popular Croatian crypto investor and XRP educator (Tweet embed On Twitter), the Solo Airdrop will take place in US Dollars at 20:00 UTC on January 20, 2022. The Airdrop volume is $200 million of Solo tokens (100 million for $SOLO holders and 100 million for XRP $holders).




His article contains step-by-step guides (in graphic form) for claiming this airdrop.

Sologenic announces new L1 Blockchain “Coreum”

On Monday (December 20), the Sologenic Development Foundation (also known as the SOLO Core team), an “independent community of developers passionate about making the Sologenic ecosystem” announced Coreum, a “new Tier 1” Blockchain is being built to improve on many of the weaknesses found in existing Blockchain networks and provide developers with the essential infrastructure for developing decentralized applications, from asset tokens, banking and remittances to DeFi, Metaverse and Gaming. “

Sologenic’s press release went on to say that Coreum is “an open source project built to be 100% community-based, allowing this technology to support inclusive future growth in the decentralized applications (dApps) and DeFi space within the entire blockchain ecosystem.”

He also stated that the first round of airdrop distribution of CORE tokens “is scheduled for February 2022 destined for the Sologenic community and SOLO owners with the first shot to be taken at a random time between December 24 and December 31, 2021.”

Since dollar XRP holders who took steps to claim the $SOLO airdrop will only receive $SOLO tokens on January 22, 2022, this means that unless they already have $SOLO or buy some before December 24, 2021 through a single-listed crypo exchange (such as Bitrue ), they will not be eligible for the first airdrop in base dollar.

However, there will be one snapshot of SOLO balances in USD in each month of 2022 with CORE tokens distributed to SOLO $holders at the time of the next month’s snapshot at a random date and time. For example, in the case of the January 2022 snapshot, $SOLO holders will receive $COORE tokens (or rather IOUs on the XRP Ledger until the Coreum mainnet launches around August 2022) in February 2022.

Sologenic’s 100M $CORE Airdrop to $SOLO Community

In a blog post published on Tuesday (December 21), the Sologenic Development Fund talks about plans to distribute $100 million in CORE tokens to SOLO owners.

This blog post states that “In order to engage the community in participating in the new Coreum ecosystem and proposed governance tools, the CORE team proposed an airdrop equal to 20% of the total CORE token supply (100 million) to the Sologenic community as the initial supporter and most important use case for the Coreum blockchain according to a 371-day distribution schedule.”

It went on to say that “another 30% of the total supply will be airdropped to CORE holders incrementally based on a 12 to 36 month distribution plan,” with the timing being “set” by the Coreum community and $CORE holders through a voting mechanism available within the ecosystem. . “

As for how $CORE tokens are distributed to $SOLO holders, here’s what Sologenic had to say:

  • Coreum’s drop will occur after taking a snapshot of account balances on the XRP Ledger, which created TrustLine for the Sologenic portal.
  • The system will take one snapshot at a random day/time, every month for the next 371 days. The first shot was scheduled at a random time between December 24 and 31, 2021.
  • Initially, CORE tokens will be distributed through an IOU on the XRP Ledger and once Coreum’s mainnet launches in August 2022, users can conduct a token exchange through a dedicated $CORE portal. Alternatively, the tokens can remain present and coexist on the XRP Ledger and trade on the Sologenic DEX.
  • At the time of the initial distribution of CORE IOUs in dollars on XRPL, all participants must establish a line of trust with the Coreum gateway in order to be able to receive deposits of CORE dollar tokens. More information on this will be released in late January 2022.

The “Snapshot schedule and $CORE Airdrop distribution for $SOLO holders” is as follows:

$SOLO holders who hold their tokens on centralized exchanges will need to “periodically check and see if their exchange supports CORE airdrops.”

disclaimer

The opinions and opinions expressed by the author, or anyone mentioned in this article, are for informational purposes only, and do not constitute financial, investment or other advice. Investing or trading in crypto assets involves the risk of financial loss.

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