Uphold, a cryptocurrency exchange known for its support of XRP, has begun distributing Evernode (EVR) tokens to eligible users who held the native token of the XRP Ledger at the time of the snapshot.
This comes more than two months after Evernode completed the registration process for its airdrop to XRP holders The Evernode airdrop, one of the most anticipated within the XRP ecosystem, saw over 423 million XRP deemed eligible, reflecting significant interest. A snapshot was taken on September 1, 2023, to determine eligibility, and the current distribution marks the final stage.
Uphold’s participation in the airdrop streamlines the distribution process for its users, eliminating the need for additional transactions to claim the tokens. This contrasts with claiming directly on the blockchain, which can involve a more complex procedure and could leave users exposed to fraud.
Evernode is a layer-2 network known for its goal to introduce smart contracts via Hoops onto the XRP Ledger. Launched on the mainnet in mid-January, it allows developers to build decentralized applications (dApps) on a sidechain, with EVR serving as the native currency that’s distributed to validators helping secure the network
Uphold has clarified that users holding at least 1 XRP on the platform during the September snapshot would receive 0.002089 EVR per token, with a cap of 50,000 XRP. This translates to a maximum of 104.4 EVR for users holding the capped amount.
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It’s worth noting that Uphold has, in the past, reaffirmed its support for the native token of the XRP Ledger. Earlier this year on social media, Uphold reacted to a trend on the microblogging platform Twitter where users kept on asking for trading platforms to relist XRP.
XRP was delisted from several exchanges after the U.S. Securities and Exchange Commission (SEC) sued Ripple Labs over the sale of XRP, alleging it’s an unregistered security, in 2020.
The lawsuit alleges the firm paid cryptocurrency exchanges to permit “the buying and selling of XRP” on their platforms. At the heart of the lawsuit is whether XRP is a security that should have been registered with the regulator or not.
Uphold reacted to the trend by pointing out that XRP is listed on it, and later affirmed it was never delisted. As CryptoGlobe reported at the time, Uphold revealed then it was going to maintain XRP listed until the SEC’s lawsuit against Ripple Labs is resolved and legally determines that the token is a security.
Featured image via Unsplash.
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- Source: https://www.cryptoglobe.com/latest/2024/03/xrp-holders-to-receive-airdropped-token-from-sidechain-launch/
