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Ripple CTO Criticized Flare Network as FLR Token Plunges

Thu, 01/12/2023 - 08:02
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Alex Dovbnya
Schwartz commented that buyers of Flare could continue to receive subsequent airdrops even if they sold their original holdings, something that he believes undermines incentive for holding through airdrop process
Ripple CTO Criticized Flare Network as FLR Token Plunges
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David Schwartz, the chief technology officer of Ripple, recently took to Twitter to share some criticism of Flare's much-hyped airdrop.

In a five-tweet thread, Schwartz noted that the current rules for holding FLR tokens and receiving  subsequent airdrops leaves no incentive not to sell them right away.

Since anyone who buys Flare tokens can wrap them and get the airdrop, the holders lose nothing by selling immediately, Schwartz argues.

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According to him, the new rules represent "a very strange decision" and that it appears as if Flare has attempted "to only give 15% of what they promised."

Schwartz further suggested that Flare was leveraging the XRP community for growth before weakening its commitment when it no longer felt it needed its members.

The Ripple CTO wrapped up the Twitter thread by softening his tone and stressing that his statement was not meant to discredit Flare Networks. "That said, that does not make them dishonest or make their project a bad one. XRP evolved and didn't keep some 'promises' made in the early days."

"You can love Flare and love XRP too. It's not one or the other. But I don't have happy fuzzy feelings about how it went down," Schwartz noted.

The much-awaited Flare Network airdrop to XRP holders finally took place earlier this week after major exchanges announced their support. However, the token lost a whopping 85% of its value following the event.

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About the author

Alex Dovbnya (aka AlexMorris) is a cryptocurrency expert, trader and journalist with extensive experience of covering everything related to the burgeoning industry — from price analysis to Blockchain disruption. Alex authored more than 1,000 stories for U.Today, CryptoComes and other fintech media outlets. He’s particularly interested in regulatory trends around the globe that are shaping the future of digital assets, can be contacted at