Ripple Unlocks 1 bn XRP Tokens
In the most recent development, Ripple Labs has begun the unlocking of many XRP coins from its escrow, signifying the tokens’ monthly distribution. This token unlocking procedure was carried out in three different escrow transactions.
XRP, a digital asset that runs on an open-source platform, is distinct in that it is pre-mined and has a maximum token supply of 100 billion.
However, the pre-mined tokens were initially distributed to Ripple, the parent company of the XRP ledger, Ripple’s co-founders, and the core team.
Ripple received 80 billion of the 100 billion tokens, with the remaining 20 billion going to the company’s co-founders and core personnel.
Ripple elected to freeze 55 billion tokens out of the 80 billion it got to maintain a controlled and consistent supply of its native token. Ripple conducts unlockings from this pool of locked tokens on a regular basis.
(With inputs from Shikha Singh)
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