The post XRP Airdrop Frenzy: Investors Brace for Rewards Amidst XRP Burning Craze appeared first on Coinpedia Fintech News
The topic of XRP burning has gained considerable traction within the crypto community, particularly in light of recent developments surrounding Xahau, an upcoming smart contract sidechain designed for the XRP Ledger (XRPL) ecosystem.
XRP+ serves as the native token for the Xahau network, and users have the opportunity to obtain it through the Burn2Mint (B2M) portal. This portal facilitates the process of burning XRP tokens on the mainnet, in turn, granting users an equivalent amount of XRP+ tokens on the Xahau network.
Community Awaits the Evernode Airdrop, Is XRP burn mandate?
Additionally, XRP holders recently underwent a snapshot of their account balances for the upcoming EVRS airdrop. Evernode plans to distribute 5,160,960 Evers to eligible XRP holders. However, there has been some confusion within the XRP community regarding the need to burn XRP for the airdrop.
To clarify the situation, Evernode founder Scott Chamberlain explained that there is no requirement to burn or move XRP to claim the Evernode airdrop. Cloning an r-address on Xahau provides users with sufficient free Xahau XRP to open an account and set a trust line, eliminating the need to burn or transfer any XRP.
Furthermore, when users clone, they receive two Xahau XRP, covering the account reserve (one Xahau XRP) and five ledger objects like trust lines (0.2 Xahau XRP). This clarification aims to dispel any misunderstandings within the XRP community and ensure a smooth airdrop process.
Don’t Burn XRP, XRP+ is A Trap?
According to crypto expert, Jack The Ripple, burning XRP for XRP+, is a bad idea as central banks and institutions will use XRP, not XRP+. Don’t be misled by the distinction.
But why people might want to exchange some XRP for XRP+ on the Xahau network? The experts claim you need to do this to use the network for various things, like keeping your account active and doing transactions. If you ask how much to exchange depending on your plans – like if you’re just learning, exploring, or taking risks.
Many analysts also warn not to buy XRP+ just to make money, and instead, use it for real purposes. Overall it is advisable to use XRP on Xahau only if you plan to do something with it; otherwise, stick to the mainnet. However, it is important to note that as the value of XRP rises, the burn rate decreases. Some enthusiasts even speculate that XRP could reach a value of $100 per token in the future.
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