Wednesday, February 1, 2023
HomeCrypto NewsRipple CTO Confirms No More Airdrop Balance to XRP Holders

Ripple CTO Confirms No More Airdrop Balance to XRP Holders

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According to David Schwartz, chief technical officer of Ripple, there is no residual balance from the Flare airdrop.

In a tweet posted yesterday, Schwartz provided this information in response to questions from a member of the XRP community. He criticized the Flare holding rules, claiming that XRP community members receive only 15% of promised incentives already awarded.

“There is no remaining airdrop balance anymore,” Schwartz wrote. “You just get the 15%. If I promise you two cows, I can’t give you one cow and tell you to get it pregnant for the ‘remaining balance.”

Read also: Linqto predicts ripple inventory to sell out in 24 hours

Notably, earlier in the day, Schwartz expressed similar opinions when poking holes in the holding requirements to receive the remaining 85% of the anticipated airdrop. The Ripple executive alleged as fxcryptonews reported, that Flare Networks had exploited the XRP community for publicity and was no longer prepared to keep its word.

On January 9, Flare Networks released approximately 15% of the promised 28.5 billion FLR tokens to qualified XRP holders. Holders of airdropped tokens must keep them for 36 months in accordance with current holding requirements to get the remaining airdrop balance. They give up their rewards when they sell them to the buyer, who can receive the reward. Consequently, it is more akin to a staking reward than an airdrop.

This is consistent with the initial Flare Improvement proposal (FIP.01). The community still needs to cast a vote on it. However, in compliance with the original tokenomics, qualified members of the XRP community should get the remaining FLR rewards directly over the following three years if it does not pass. According to announcements made in November, the network will begin voting on the idea by January 14.

At press time, FLR is trading at the $0.04322773 price point, down 1% in the last 24 hours.

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