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XRPL Startup XPMarket Begins Token Swap

Greetings, Crypto Enthusiasts! Today, XPMarket encountered a small hiccup in its token distribution process on the XRP Ledger (XRPL).

An issue arose where a significant number of tokens were mistakenly sold at a considerably lower price than intended. To rectify this, an urgent token swap is now underway to ensure fairness and balance within the platform.

The Token Distribution Oversight

During the distribution phase, XPMarket noted that more than 150 million tokens were sold for prices under 1 XRP. This occurrence was due to limitations in the distribution system, allowing a few buyers to acquire a large number of tokens at an extremely discounted rate.

Given that freezing the tokens is not feasible due to the blackholed issuer wallet, XPMarket has opted for a token swap to restore equilibrium. The team urges all token holders to halt trading of the affected tokens across all platforms immediately. Holders should maintain their current token amounts until the swap process is successfully completed, ensuring a seamless transition to the new tokens.

Executing the Token Swap Process

To rectify the distribution error, XPMarket will invalidate the incorrect tokens and issue new ones to compensate those affected by the oversight. The token migration process will continue until May 27th.

Participants in the swap during this period will receive replacement tokens equivalent in value to their existing holdings. For individuals unable to complete the swap within the stipulated timeline, new tokens will be provided to ensure no one is left behind.

XPMarket assures the public that all funds from the Launchpad are securely held in the team’s wallet and promises full compensation to those impacted by the error.

Updates from the XRPL Ecosystem

Exciting developments are unfolding within the XRPL ecosystem. XPMarket recently secured a $200,000 grant from Google for Startups. This grant aims to bolster the platform’s growth and innovation initiatives.

Furthermore, Ripple has forged a partnership with Evmos, an Ethereum Virtual Machine (EVM) chain based on the Cosmos SDK. This collaboration aims to establish an EVM sidechain for XRPL that will be interconnected with XRP and over 90 other chains, fostering new DApps and liquidity on XRPL.

Simultaneously, Ripple is teaming up with Hashkey DX, the Tokyo arm of the HashKey Group, a digital asset financial services firm. This alliance seeks to streamline XRPL-powered solutions in the Japanese market, expanding the reach and utility of this technology.

Explore More: Latest Insights on Bitcoin ETF Trading Alert, Predictions Soar to $80K?

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