$XRP Holders to Receive Airdropped Tokens From Upcoming Sidechain Launch

A layer-2 network known for its goal to introduce smart contracts via Hoops onto the XRP Ledger, Evernode, has unveiled some of the details surrounding its upcoming airdrop for $XRP token holders.

The project created excitement within the XRP community earlier this year after it laid out plans for its upcoming launch. In April it launched Evernode beta, built on the Hooks v3 testnet with an audit of this network to come in the middle of this month.

Evernode’s whitepaper details that after the official launch of the protocol a significant volume of Evers – the protocol’s anticipated native token – will be set aside for an airdrop, aimed squarely at XRP holders.

Per the protocol’s recent announcement, the airdrop will involve 5.16 million Evers to eligible XRP holders, and will be conducted through a two-step process. First, there will be a snapshot of investors’ XRP holdings on mainnet, before an airdrop to eligible accounts on the Hooks sidechain is conducted.

Evernode detailed that as the Hooks sidechain will include burn2mint, a snapshot of the XRP Ledger will be necessary before the sidechain goes live. As a result, the project chose Friday, September 1 at 6 pm AEST as the snapshot date for users’ XRP Ledger balances.

To be eligible for the airdrop, XRP holders will have to hold their tokens directly on-chain rather than through a cryptocurrency exchange, according to the project. It’s currently unclear whether any exchange will support the airdrop and distribute tokens to holders.

Notably, as CryptoGlobe reported, the XRP Ledger has been seeing over 1.2 million transactions per day since the beginning of August, surpassing the number of daily transactions seen on the second most popular network in the cryptocurrency space, Ethereum ($ETH), which has recorded 1.09 million a day.

Featured image via Unsplash.