Ripple CTO Says There Is No Remaining Flare Airdrop Balance

Schwartz continues to slam FLR holding rules and airdrop distribution.

Ripple chief technology officer David Schwartz has told XRP holders that there is no remaining Flare airdrop balance.

Schwartz said this in a tweet yesterday in response to inquiries from a member of the XRP community. Bashing the Flare holding rules, he asserted that members of the XRP community only get the 15% of the promised rewards that have been distributed.

“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’.”

There is no remaining airdrop balance anymore. 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".

— David "JoelKatz" Schwartz (@JoelKatz) January 12, 2023

Notably, Schwartz poking holes at the holding rules to receive the remaining 85% of the promised airdrop expressed similar views earlier in the day. As reported by The Crypto Basic, the Ripple executive suggested that Flare Networks had used the XRP community for publicity and is no longer willing to make good on its promises.

Recall that Flare Networks distributed about 15% of the promised 28.5 billion FLR tokens to eligible XRP holders on January 9 as part of the long-anticipated Token Distribution Event (TDE). Per the current holding rules, airdrop recipients must hold on to the airdropped tokens for 36 months to receive the remaining airdrop balance. By selling it, they forfeit their rewards to the buyer, who can wrap them and receive the reward. Consequently, it is more akin to a staking reward than an airdrop.

Notably, this seems in line with the first Flare Improvement proposal (FIP.01). The community is yet to vote on it. Still, if it does not pass, then eligible members of the XRP community should receive the remaining FLR rewards directly over the next 3 years per the original tokenomics. Per statements in November, the network will kick off voting on the proposal by January 14.

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