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Coreum Airdrop (100M $CORE) for Sologenic community and SOLO holders

CORE Token Airdrop for Sologenic community and SOLO Holders

In the previous blog, The Sologenic Development Foundation has revealed the upcoming new blockchain network “Coreum” and its architecture proposal. To understand more details about the Coreum architecture, please visit www.coreum.com.

Coreum’s ecosystem and technology are built by the community for the community. With no Initial Coin Offerings (ICO) or Token Sale, Coreum is an open-source project built to be 100% community-based, allowing this technology to support extensive future growth in Decentralized Applications (dApps) and DeFi space within the whole blockchain ecosystem.

In order to engage the community to participate in the new Coreum ecosystem and proposed governance utilities, the CORE Team has proposed to conduct an airdrop equal to 20% of the total supply of $CORE tokens (100M) to the Sologenic community as the initial backer and the most important use-case of Coreum blockchain according to a 371-day distribution schedule.

Another 30% of the total supply will be airdropped to the $CORE holders gradually based on a 12 to 36-month distribution plan. The timing will be decided by the Coreum community and $CORE holders through a voting mechanism available within the ecosystem.

First, let’s take a look at the $CORE token allocation:

$CORE Token Allocation

When will the Snapshot be taken and the CORE tokens be distributed to $SOLO holders?

The Coreum airdrop will take place after capturing a snapshot of the account balances on the XRP Ledger, which established a TrustLine to the Sologenic Gateway.

The system will take one snapshot at a random day/time, each month for the next 371 days. The first snapshot is scheduled to be taken at a random time between the 24th to 31st of December 2021.

A total of 100,000,000 $CORE will be distributed to those wallet addresses holding $SOLO at the time of each snapshot.

A total of 13 snapshots will be taken within the next 371 days from all SOLO wallets. The very first snapshot is scheduled to be taken at a random time between 24th to 31st of December 2021.

Initially, $CORE tokens will be distributed via an IOU on the XRP Ledger and once Coreum’s mainnet is launched in August 2022, users can conduct a token swap through a Gateway designated for the $CORE. Alternatively, the tokens can remain and co-exist on the XRP Ledger and be traded on the Sologenic DEX.

Example: Let’s assume the final amount of $SOLO which are qualified for the $CORE airdrop at the time of each snapshot is as follows:

Snapshot 1: 10,000,000 $SOLO

Snapshot 2: 12,000,000 $SOLO

Snapshot 3: 15,000,000 $SOLO

….

Snapshot 13: 20,000,000 $SOLO

Then the number of $CORE Airdrops for the holders of $SOLO will be calculated and deposited as below:

CORE Airdrop Amount “Example”:

Snapshot 1: (100,000,000 ÷ 12) ÷ 10,000,000 ≈ 0.834 $CORE per each $SOLO holding on first month

Snapshot 2: (100,000,000 ÷ 12) ÷ 12,000,000 ≈ 0.70 $CORE per each $SOLO holding on second month

Snapshot 3: (100,000,000 ÷ 12) ÷ 15,000,000 ≈ 0.56 $CORE per each $SOLO holding on third month

….

Snapshot 13: (Remaining $CORE Airdrop Pool) ÷ 20,000,000 ≈ Amount of $CORE per each $SOLO holding for the last distribution

A total of 100,000,000 CORE will be distributed to the $SOLO holders within the next 371 days.

When/How will the CORE Airdrop be Distributed?

Each month’s airdrop will be distributed at the time of next month’s snapshot at a random date and time to the $SOLO holders.

Since all $SOLO holders automatically have a TrustLine with the Sologenic Gateway, they are NOT required to take any action to participate in the $CORE Airdrop.

At the time of the initial $CORE IOUs distribution on the XRPL, all participants must create a trustline with the Coreum gateway to be able to receive the $CORE tokens deposits. More information on this will be released in late January 2022.

At the time of the initial $CORE IOUs distribution on the XRPL, all participants must create a trustline with the Coreum gateway to be able to receive the $CORE tokens deposits. More information on this will be released in late January 2022.

Here is the schedule for Snapshot and distribution of the $CORE Airdrop for the $SOLO holders:

$CORE Snapshot and Distribution Schedule

What if you hold your $SOLO on Centralized Exchanges?

$SOLO holders who hold their assets on exchanges will need to periodically check and see if their exchange is supporting the $CORE airdrop.

We will initially reach out to exchanges and ask them to distribute the $CORE tokens to their respective users. However, the $SOLO community may help in asking their favorite exchanges to consider participating in the airdrop.

When/How can I trade $CORE?

Initially, $CORE tokens will be distributed via an IOU on the XRP Ledger and once Coreum’s mainnet is launched in August 2022, users can conduct a token swap through a Gateway designated for the $CORE.

The $CORE tokens can remain and co-exist on the XRP Ledger and may be traded on the Sologenic DEX, other XRPL DEX and Partipcating Centralized Exchanges after the first distribution is completed in February 2022.

At the time of the initial $CORE IOUs distribution on the XRPL, all participants must create a trustline with the Coreum gateway to be able to receive the $CORE tokens deposits. More information on this will be released in late January 2022.

How to stay tuned for further updates?

If you wish to receive more updates about the upcoming $CORE airdrop, we suggest you follow @CoreumOfficial and @realSologenic on Twitter.

What is Coreum?

Coreum is a 3rd generationlayer 1 Blockchain built to serve as a core infrastructure of future Blockchain applications.

The Coreum blockchain is simply the solution to improve all current weaknesses and provide developers with an essential infrastructure to build any decentralized app, from DeFi and Metaverse to Gaming & even asset tokenizations, banking & remittances in the financial industry.

Coreum interoperates with existing Blockchains while processing efficientsecurefast and sustainable transactions. Get more info on www.coreum.com

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