XRPL Startup XPMarket Initiates Token Swap After Distribution Error

XPMarket, a GameFi and DeFi platform on the XRP Ledger (XRPL), has faced a problem during its recent token distribution.

A fault in the distribution resulted in a large number of tokens being sold at a very low price, thus making it necessary to carry out an immediate token swap to eliminate this problem.

XPMarket Token Distribution Error

While the token distribution was going on, XPMarket revealed that over 150 million tokens were sold for less than 1 XRP. This problem was caused by a set of restrictions that the distribution mechanism had, leading to a few people buying many tokens at an extremely low price.

Immediate Token Swap Due to Distribution Error

Attention All Token Holders,

We have identified a critical error in the recent token distribution process. To rectify this issue, we are initiating an immediate token swap to a new, corrected token.…

— xpmarket® (@xpmarket) May 18, 2024

Since the issuer wallet is blackholed, freezing these tokens cannot be done. Hence, XPMarket has now decided to conduct a token swap in order to restore the balance.

The team at XPMarket has called on all token holders to cease of the affected tokens trading immediately on all platforms. The current token holders are recommended to keep the same amount of tokens they have until the token swap process is over. This immediate measure is required to prevent the further complications and to make a smooth move towards the new tokens.

Implementation of the Token Swap Mechanism

To fix the distribution error, XPMarket will burn the wrong tokens and provide new ones to all those who were affected by it. The token migration will be going on till May 27.

The people who take part in the token swap during this period will get new tokens of the same value as their holdings of the old tokens. For those who do not manage to finish the swap within the specified period, new tokens will still be issued so that nobody is left out.

XPMarket has guaranteed the public that all funds collected through the Launchpad are in a team’s wallet and, thus, they are safe. They are determined to offer the full compensation that is due to all affected people.

Recent Developments in the XRPL Ecosystem

The XRPL ecosystem has seen multiple significant developments recently. The XPMarket, for instance, received a $200,000 grant from Google for Startups yesterday. This grant is intended to assist the platform in its development and innovation activities.

In addition,  Ripple also made a partnership with Evmos, which is an Ethereum Virtual Machine (EVM) chain built on the Cosmos SDK. This collaboration is designed to build an EVM sidechain for XRPL that will be connected with XRP and the network of over 90 interconnected chains, which will lead to new DApps and liquidity on XRPL.

Simultaneously, Ripple, as per Coingape news, made a decision to team up with Hashkey DX which is the Tokyo-based part of digital asset financial services company HashKey Group. This partnership is aimed at simplifying the XRPL-powered solutions within the Japanese market, thus, increasing its range and application of this technology.

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