XRP20 Blasts Off as 22% of Presale Supply Staked For 109% APY in Less Than 24 Hours – Presale Raises $2.7m, Selling Out Fast
Monday, August 14, 2023 – The XRP price might be declining, but XRP20 coin buyers have staked 22.7% of its presale-allocated supply as the project hurtles toward sell-out after raising $2.74 million, with only $949,000 to go.
The XRP20 presale will finish early this week at the current rate as the stake-to-earn coin closes in on its target of $3,680,000.
Staking began on Sunday, less than 24 hours ago, resulting at the time of writing in 9,194,611,672 XRP20 being staked so far. Forty percent of the 100 billion total supply of XRP20 tokens is being offered for purchase to the public in the presale, 22.7% of which has been staked.
Remarkably, even before the presale has ended, token holders are gobbling up the opportunity to earn an annual percentage yield (APY) of 109%, despite claiming of tokens not being available until the presale ends.
XRP20 will list on the Uniswap decentralized exchange.
To get started with staking, token holders need to go to the staking dashboard section of the website.
Along with the benefits of staking, prospective XRP20 buyers are supported in their purchase decision by knowing that the project’s smart contract has been audited. XRP20 is one of the few so-called ‘version 2’ coins that has had its smart contract audited.
The security audit was conducted by 0xGuard, and no issues were found, except a minor one related to gas fees that in no way affects the contract's functioning.
XRP20 coin presale is selling out fast
Now that the presale is 75% complete, with only $949k to raise until the coin sells out, the presale will likely end over the next couple of days as buyers rush to stake the coin.
In addition to the staking incentive, fundraising tends to speed up as the finish line comes into view, so there really is no time to lose before the $3,680,000 goal is hit.
Staking appears to have gone live on Sunday before a formal announcement was made, so it is imperative to keep an eye on the website and to follow the project on X (formerly Twitter) and join its Telegram channel.
Staking + Burning = Investors’ Delight
Complementing the staking passive income offering is a burn mechanism that sees 0.1% of each and every transaction burnt. In total, 10% of the total token supply will be burnt, providing the tokenomics of XRP20 with price-supportive deflationary economics.
Burning 10% of the total token supply will, over time, make the XRP20 scarcer and more valuable.
All the utility of XRP20 is decentralized, which is in stark contrast to how XRP functions and was launched. Ripple fully controls the release of new previously minted XRP tokens from an escrow account.
Also, when XRP20 was launched in 2013, the supply of 100 billion was divided between the company and the founders. Ripple was allocated 80%, and 20% went to the three founders.
Of the company allocation, 55 billion was initially locked in escrow. As of July this year, 41 billion XRP is still in escrow and released monthly.
Again, contrast that approach to community-centric XRP20, where there is no team allocation:
Presale (40%): 40,000,000,000
Staking (40%): 40,000,000,000
DEX Liquidity (10%): 10,000,000,000
Burn Allocation (10%): 10,000,000,000
XRP20 is for the community, not legacy financial institutions
XRP20 has no connection with Ripple Labs issuer XRP or any of its other products. However, the new cryptocurrency seeks to breathe new life into the space by focusing on retail investors, not institutions.
Like XRP tokenomics, XRP20 has a total token supply of 100 billion (100,000,000,000), but that’s where the similarities end.
Unlike XRP, the team at XRP20 has designed a staking system in which 40% of the total supply is reserved as rewards for stakers.
Rewards will be distributed over a four-year period. Initial stakes are locked for a seven-day period, after which the token rewards can be claimed or left in the staking pool to continue earning yield.
According to the XRP20 staking dashboard, rewards are emitted at a rate of 3,750 XRP20 per Ethereum block. The proportion of the pool owned will determine the proportion of the 3,750 earned by each staking address.
Court case uncertainty means XRP20 is a better bet for both short and long-term gains
Because of the name recognition associated with XRP, XRP20 coin has been able to tap into a pre-existing crypto community thirsty for a way to leverage the value proposition of the XRP ecosystem, although XRP20’s on-chain staking is not a part of the Ripple family of products.
There has been increased hype concerning XRP due to the recent ruling by Judge Analisa Torres that the XRP token was not a security when it was sold to retail investors. However, the gains made since that ruling have retraced following the US Securities and Exchange Commission (SEC) appeal of the judge’s decision.
Still, for XRP20, the uncertainty the court case has created is a positive, as XRP20 is not impacted by the downside but has everything to gain from the upside of a vibrant community looking to put their funds to work for passive income as well as capital returns from an appreciating token price when XRP20 lists.
From its all-time low price of $0.002802 to the current price of $0.62, XRP has gained 21,792% or about 220x.
XRP20 is in a good position to repeat the early success of XRP for early investors because it is being sold at a price – $0.000092 – that is 30x less than XRP’s all-time low.
And, of course, none of that takes into account the generous APY currently on offer for long-term investors, as shown below:
Strong marketing push to propel XRP20 to 10x returns at launch
Meanwhile, leading crypto sites continue to provide favorable coverage for the coin and push back against FUD merchants. Coingape, NewsBTC, Insidebitcoins and Cryptopotato are just some of the websites predicting positive returns for XRP20.
YouTube crypto analysts are singling out XRP20 for possible 10x returns at its listing.
There appears to be a trend starting with version 2s of major altcoins offering staking services. It is not known whether the team at XRP20 is connected to projects such as BTC20 but both, for example, lock initial stakes for seven days.
Unlike other coins launching version 2 coins straight to DEX, XRP20 does provide an address, which is in the Caribbean island of Barbados.
Given its staking, burn mechanism, marketing savvy of the team, and the pumped community that already exists in the XRP space, XRP20 is well placed to explode higher when it's listed on Uniswap in the not-too-distant future.
To purchase the XRP20 coin, connect your crypto wallet at the xrp20coin.com website, and pay with Ethereum, BNB or USDT.
After purchasing, go to the staking dashboard to stake your tokens and start earning yield.
Disclaimer: Crypto is a high-risk asset class. This article is provided for informational purposes and does not constitute investment advice. You could lose all of your capital.