XRPL startup XPMarket launches token swap after allocation error

XPMarket launches token swap to fix allocation error, ensuring all funds are safe. New tokens will replace the problematic tokens by May 27.

XPMarket issues emergency token swap after 150 million tokens were sold for less than 1 XRP due to allocation error. XPMarket receives $200,000 Google grant to support platform development during token swap. Ripple partners with Evmos and Hashkey DX to expand XRPL reach and integrate across multiple networks.

XPMarket, a GameFi and DeFi platform on XRP Ledger (XRPL), encountered problems during the recent token allocation process.

The error in the allocation process caused a large number of tokens to be sold at extremely low prices, necessitating an immediate token swap to eliminate the problem.

XPMarket Token Allocation Error

During the token distribution process, XPMarket revealed that more than 150 million tokens were sold for less than 1 XRP. This problem was caused by a series of limitations in the allocation mechanism, which led to a small number of people buying a lot of tokens at very low prices.

Since the issuer wallet has been black holed, it is impossible to freeze these tokens. Therefore, XPMarket has now decided to conduct a token swap to restore balance.

The XPMarket team calls on all token holders to immediately stop trading the affected tokens on all platforms. Current token holders are advised to keep the same number of tokens as they own until the token swap process is over. This measure needs to be taken immediately to prevent further complications and smoothly switch to the new tokens.

Implementation of the token swap mechanism

In order to fix the allocation error, XPMarket will destroy the wrong tokens and provide new tokens to all those affected by it. The token migration will last until May 27.

Those who participate in the token swap during this period will receive new tokens of equal value to the old tokens they hold. For those who fail to complete the exchange within the specified period, new tokens will still be issued without omission.

XPMarket assures the public that all funds collected through Launchpad are in the team's wallet, so they are safe. They are determined to provide all those affected with the full compensation they deserve.

The latest developments in the XRPL ecosystem

The XRPL ecosystem has seen several significant developments recently. For example, XPMarket received a $200,000 startup grant from Google yesterday. The grant is intended to assist the platform's development and innovation activities.

In addition, Ripple has also established a partnership with Evmos, an Ethereum Virtual Machine (EVM) chain built on the Cosmos SDK. The partnership aims to build an EVM sidechain for XRPL, which will be connected to XRP and a network of more than 90 interconnected chains, which will bring new DApps and liquidity on XRPL.

At the same time, according to Coingape, Ripple has decided to cooperate with Hashkey DX, a Tokyo-based subsidiary of digital asset financial services company HashKey Group. The partnership aims to simplify XRPL-supported solutions within the Japanese market, thereby expanding the scope and application of the technology.