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Ripple’s CTO Weighs in on XRP Burning Debate
Amid SEC Lawsuit
The post Ripple’s CTO Weighs in on XRP Burning
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Debate Amid SEC Lawsuit appeared first on Coinpedia Fintech News
The ongoing debate surrounding XRP burning has recently received a significant contribution from a key figure within the Ripple ecosystem. David Schwartz, Ripple’s CTO and a founding developer of the XRP Ledger (XRPL), weighed in on the conversation, offering insights into proper burning mechanisms for a healthier XRP market. This conversation unfolds against the ongoing SEC lawsuit against Ripple, which has shadowed XRP’s future.
Why Sending LP Tokens to a “Burner” Account Falls Short:
While some might suggest sending unwanted LP tokens to a designated “burner” address, Schwartz cautions against this method. Doing so only removes the LP tokens, not the actual assets within the pool. This leads to an imbalance and an inaccurate valuation of the pool’s remaining assets.
He suggested “overpaying in the slot auction,” a mechanism within the XRPL consensus protocol. According to Schwartz, this method guarantees that XRP used to create liquidity is permanently removed from circulation, reflecting a more accurate valuation of the pool.
The XRP Burn Debate in Context:
