XRPL Startup Launches XPMarket Token Swap
XPMarket, a GameFi and DeFi platform on XRP Ledger (XRPL), encountered an issue during the last token distribution.
An error in distribution caused a large number of tokens to be sold at a very low price, making it necessary to conduct an urgent token swap to eliminate this problem.
XPMarket Token Distribution Error
As token distribution continues, XPMarket revealed that more than 150 million tokens have been sold for less than 1 XRP. This problem was caused by a number of restrictions that the distribution mechanism had, which led to a few people purchasing a large number of tokens at an extremely low price.
Since the issuer’s wallet is a black hole, these tokens cannot be frozen. Therefore, XPMarket has now decided to conduct a token swap to restore balance.
Instant Token Swap Due to Distribution Error
Attention to all Token Holders,
We detected a critical error in the final token distribution process. To fix this issue, we are launching an instant token exchange with a new, corrected token.…
— xpmarket® (@xpmarket) May 18, 2024
The XPMarket team has called on all token holders to immediately stop trading the affected tokens on all platforms. Existing token holders are advised to keep the amount of tokens they hold the same until the token swap is completed. This urgent measure is necessary to prevent further complications and take a proper step towards new tokens.
Implementation of Token Swap Mechanism
To fix the distribution error, XPMarket will burn the incorrect tokens and provide new ones to everyone affected. The token migration will continue until May 27.
During this period, people participating in the token swap will receive new tokens of the same value as the old tokens they hold. For those who fail to complete the swap within the specified time, new tokens will continue to be issued so that no one is left out.
XPMarket has assured the public that all funds raised through Launchpad are in a team’s wallet and are therefore safe. They are committed to paying full compensation to all affected people.
Latest Developments in the XRPL Ecosystem
The XRPL ecosystem has witnessed many significant developments in recent times. For example, XPMarket received a $200,000 grant from Google for Startups yesterday. The purpose of this grant is to assist in the development and innovation activities of the platform.
Additionally, ripple has also partnered with Evmos, an Ethereum Virtual Machine (EVM) chain built on Cosmos SDK. This collaboration is designed to create an EVM sidechain for XRPL that will connect to XRP and the network of over 90 interconnected chains, leading to new DApps and liquidity on XRPL.
Simultaneously, according to Coingape news, Ripple decided to team up with Hashkey DX, the Tokyo-based part of the digital asset financial services company HashKey Group. The aim of this partnership is to simplify XRPL-powered solutions in the Japanese market, thereby increasing the scope and application of this technology.
Also read: Popular Analyst Announces Trading Warning for Bitcoin ETF, Will BTC Price Rise to $80K?
✓ Share:
Kelvin is a distinguished author specializing in crypto and finance, with a bachelor’s degree in Actuarial Science. Known for her sharp analysis and insightful content, she is fluent in English and specializes in comprehensive research and on-time delivery.
The content presented may contain the personal opinion of the author and is subject to market conditions. Do your market research before investing in cryptocurrencies. Neither the author nor the publication accepts any liability for your personal financial loss.
#XRPL #Startup #Launches #XPMarket #Token #Swap
