XPMarket, a platform specializing in GameFi and DeFi on the XRP Ledger (XRPL), encountered a significant issue during its recent token distribution event. The glitch caused a substantial number of tokens to be sold at an extremely low price, prompting an urgent token swap to correct the error.

Token Distribution Mishap at XPMarket

During the token distribution, XPMarket discovered that over 150 million tokens were sold for less than 1 XRP each. This problem arose due to limitations in the distribution mechanism, allowing a few individuals to purchase a large number of tokens at a minimal cost.

Since the issuer wallet is permanently restricted (blackholed), freezing these tokens isn't possible. Therefore, XPMarket decided to perform a token swap to restore the intended balance.

Call to Token Holders

XPMarket urged all token holders to stop trading the affected tokens on all platforms immediately. Current holders are advised to retain their tokens until the swap is completed. This measure is crucial to avoid further complications and ensure a smooth transition to the new tokens.

Executing the Token Swap

To address the distribution error, XPMarket will burn the incorrectly distributed tokens and issue new ones to all affected holders. This token migration will continue until May 27. Participants in the swap during this period will receive new tokens equivalent to their old holdings. Those unable to complete the swap within the timeframe will still receive new tokens to ensure everyone is compensated.

XPMarket assured the public that all funds raised through the Launchpad are secure in the team's wallet. They are committed to providing full compensation to all affected individuals.

Recent Developments in the XRPL Ecosystem

The XRPL ecosystem has seen several notable advancements recently. XPMarket received a $200,000 grant from Google for Startups to support its development and innovation. Additionally, Ripple has partnered with Evmos, an Ethereum Virtual Machine (EVM) chain built on the Cosmos SDK, to create an EVM sidechain for XRPL. This collaboration aims to enhance XRPL with new decentralized applications and liquidity.

Moreover, Ripple has teamed up with Hashkey DX, part of the digital asset financial services company HashKey Group based in Tokyo. This partnership aims to simplify XRPL-powered solutions in the Japanese market, broadening the technology's application and reach.

Conclusion

XPMarket's swift response to the token distribution issue with an immediate token swap demonstrates their commitment to maintaining balance and fairness within their platform. The ongoing developments within the XRPL ecosystem, supported by strategic partnerships and grants, indicate a promising future for XPMarket and its stakeholders.