Gate.io announced airdrop support for users. Traders that hold XEM token in their exchange account will receive the upcoming XYM token. The exchange will list the XYM (Symbol) token as soon as the mainnet is launched. Gate.io users have to hold their XEM tokens in the account before the snapshot time. They may deposit new tokens by that time.
Symbol blockchain is the new product from NEM Group. It’s focused on enterprise customers. Symbol’s primary token is XYM that will be distributed through an airdrop to XEM holders. The distribution model is like many other blockchain projects that focus on attracting other projects’ current users.
Gate.io is the latest cryptocurrency exchange to support the XYM airdrop. NEM wallets also support this airdrop. Many other exchanges like Binance, Bithumb, Wazirx, and Zaif support it, too. Gate.io is among the exchanges that support the airdrop and also the distribution. According to the exchange announcement:
“Gate.io will claim and distribute the XYM token to XEM (NEM) holders on our platform. We will also list the XYM token as soon as possible after Symbol public chain mainnet launch subject to due diligence.”
According to the previous news, the Symbol mainnet will be live on January 14th, 2021. The airdrop will happen on that day. Users who want to receive the new token have to hold their XEM tokens in supporting wallets or exchanges by that date. Exchanges and wallets take a snapshot from users’ balances and distribute the XYM token based on that.
Cryptocurrency exchanges have specific guidelines regarding the airdrops. Gate.io says about the upcoming XYM airdrop:
“Gate.io may close the XEM(NEM) deposits and withdrawal services before the snapshot time and take a snapshot of users’ XEM balance. The snapshot will include XEM balances in spot wallets, lending accounts, and margin accounts but excludes your outstanding XEM loan amount. If you have any outstanding XEM loan over the snapshot time, you will have to repay the lender the XYM for those XEM loans as well. If you don’t want to deal with the extra XYM repayment, please repay your loan earlier.”
The most important thing for cryptocurrency users in airdrop times is that they don’t have to do anything but holding their tokens. Sometimes scammers target those users by suggesting different actions.
The upcoming Symbol blockchain aims to serve businesses needing decentralized systems. The airdrop helps the blockchain find some circulation in the primary token.
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