Bitrue launches XAH minting for XRP holders, offering the opportunity for a 4% APY on Xahau Ledger.
Bitrue, known for its support of XRP, has introduced substantial features tailored for XRP enthusiasts using its platform. Specifically, the exchange has announced the launch of the minting option for the upcoming XAH utility token on the XRP Ledger-based Xahau network.
Bitrue declared the XAH minting open in a recent statement on X. The exchange remarked: “Don’t miss the chance to be the first XAH holder.”
? ATTENTION ALL #XRP FANS
⛏️ @XahauNetwork $XAH Mint Event is NOW OPEN on #Bitrue
? Don’t miss the chance to be the first $XAH holder
? Lock your $XRP and mint now: https://t.co/9cBbD1OAw9 pic.twitter.com/XPOVS07SVz
— Bitrue (@BitrueOfficial) October 30, 2023
Minting XAH with XRP
According to the notification, XRP enthusiasts can mint XAH tokens using their XRP holdings. This is achievable by locking XRP tokens on the Bitrue minting portal.
Per the minting channel, the locking process will last seven days, allowing users to exchange XRP on Bitrue for XAH tokens by “burning” their XRP. Bitrue noted that at the end of the event, all XRP tokens locked by users would be processed.
After that, the corresponding amount of XAH would be distributed to participants. Meanwhile, the exchange clarified that while participants can expect to receive a matching amount of XAH as the XRP they minted, the final distribution amount may vary slightly. Notably, the minimum lockable XRP is 20 tokens.
In parallel, the renowned pro-XRP legal counsel Bill Morgan disclosed participating in the XRP-XAH minting on Bitrue. Morgan mentioned giving “it a go with a small amount of XRP.” However, he stated that he “generally wants to hold XRP.”
Bitrue has opened its XRP to XAH (Xahau) mint. I gave it a go with a small amount of XRP but I generally want to hold my XRP. pic.twitter.com/Jdaq5CTzz6
— bill morgan (@Belisarius2020) October 30, 2023
More Opportunity to Earn XAH Tokens
Furthermore, Bitrue highlighted that the Xahau Ledger incorporates a monthly balance adjustment system, whereby a fraction of the XAH tokens burned through transaction costs is reintroduced.
It implies that active users can claim a balance increase of around 0.34% of their monthly average balance. Effectively, it provides a 4% Annual Percentage Yield (APY).
Bitrue noted users engaging in its XAH mint campaign automatically gain access to the Xahau Ledger’s APY feature.
Disclaimer: This content is informational and should not be considered financial advice. The views expressed in this article may include the author's personal opinions and do not reflect The Crypto Basic’s opinion. Readers are encouraged to do thorough research before making any investment decisions. The Crypto Basic is not responsible for any financial losses.
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