Ripple CTO Affirms Difference Between XRP in Escrow and Flare Airdrop Rewards

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David Schwartz, the chief technology officer of Ripple, has advised against drawing similarities between the amount of Flare Networks airdrop prizes and the XRP that Ripple holds in escrow.

“The two situations are not comparable,” Schwartz stated in a tweet on Saturday.

The XRP in escrow, according to the Ripple executive, is completely owned by Ripple, and the firm is free to utilize it in any way it deems appropriate. On the other hand, according to Schwartz, the Flare Networks airdrop reward for XRP holders is community-owned. As a result, the distribution should be decided by the community.

However, Schwartz admitted that he wished Ripple had distributed more XRP while it was still a worthless coin.

Read more: XRP’s Price Rally Targets $0.45 Amid Optimism Towards Ripple Case

But as I’ve said before, I do wish Ripple had given away more XRP while it was still close to worthless. Everything gets much harder to do as the value goes up.

— David “JoelKatz” Schwartz (@JoelKatz) January 21, 2023

The Ripple executive’s most recent remarks were issued in response to criticism of the FLR airdrop rewards holding regulations from a member of the Flare community.

It is important to note that Flare Networks had pledged 28.5 billion of the 100 billion FLR tokens available to XRP holders at the time of a snapshot. To be consistent with the initial Flare Improvement Proposal (FIP.01), it promised to give the remaining 85% to individuals who hang on to their rewards over the following 36 months but only issued 15% of the total during the Token Distribution Event (TDE).

The proposal has not yet been approved. As stated in the Flare Proposals Repository, voting began on Saturday and will end on January 28.

The CEO of Flare Networks, Hugo Philion, defended the choice by stating that “singular airdrops aren’t working.” Philion claims that recipients dump the tokens before the ecosystem has a chance to grow.

In response, Schwartz said that the tokens are only ever dumped once and that actual sales are made to those who have a stronger faith in the project.
It’s worth remembering that the Ripple CTO alleged Flare Networks utilized the XRP community to garner prominence before selling it off less than two weeks ago. Schwartz reported later that day that there was no more airdrop balance.

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