Crypto project XRP20 has announced that its eponymous token is set to list on decentralized exchange (DEX) Uniswap on Tuesday, August 22nd, at 9am UTC. At that time, those who bought the tokens during the sold out presale will be able to claim them through the project’s official website.
In the mean time, investors can lock their holdings into the staking pool for an estimated 49% annual percentage yield (APY).
XRP20 Passive Income Potential
XRP20 dubs itself “the second coming of XRP”, the token powering the Ripple ecosystem, but with the advantages offered by compliance with Ethereum’s ERC20 standard.
One of these advantages is staking, which launched on August 14th. Only a week later, the staking pool now has over 20.3 billion XRP in it, slightly more than half of the 40 billion sold during the presale.
Staking is a way for the project to give back to the investors backing it – something that the original XRP project has never offered. The incredibly high APY has seen investors rush to get involved.
The project reached its hard cap of $3.68 million in just a few weeksk which means that a number of potential investors did not manage to get their XRP20 bags. The Uniswap launch tomorrow provides a new opportunity for them and other new investors.
Could XRP20 Pump Upon Listing?
Early investors of the XRP20 presale will be hoping the coin sees a price push upon its IEO. Hopes are particularly high following the recent performance of BTC20, a similar stake-to-earn project inspired by Bitcoin.
After quickly selling out its presale, BTC20 saw a 500% price spike following its initial listing on Uniswap and became the number one trending token on DexTools.
Although the price has since corrected, BTC20 is still trading at $1.2 – above its listing price of $1. The staking pool exceed $4m prior to listing.
If XRP20 sees similar growth, it could prove to be a fruitful investment.
Everything Else You Need to Know about XRP20
Although XRP20 claims it is inspired by the Ripple project, it is not affiliated with it – nor is it a mere continuation of the idea behind Ripple. Its focus is more on retail investors, as opposed to banks and other finance institutions that Ripple is aimed at.
The aforementioned staking capability is surely one that has been sorely needed for fans of either project, but XRP20 is looking further ahead: by setting itself up as a deflationary token, it ensures future scarcity, which is meant to help regulate the price.
Out of the 100 billion tokens in supply, 10% are already allocated for burning. Additionally, 0.1% of every buy and sell will be sent to a burn address. This helps support the price by leveraging the age-old rule of supply and demand.
The project has also had its smart contract audited by 0xGuard with no issues found, except for a gas fees-related one. The audit report can be read here.
Those interested in learning more about the project and keeping an eye on new developments can follow it on X (formerly Twitter) and join its Telegram channel.