Ripple CTO Says Other Projects Using XRP is Beneficial for XRP Because It Bolsters Demand

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HomeCrypto NewsMarketRipple CTO Says Other Projects Using XRP is Beneficial for XRP Because It Bolsters Demand
Ripple CTO Says Other Projects Using XRP is Beneficial for XRP Because It Bolsters Demand
DATE:

FEBRUARY 24, 2024
WRITTEN BY:

ABDULKARIM ABDULWAHAB
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Ripple CTO David Schwartz
Ripple CTO David Schwartz
Ripple CTO David Schwartz has emphasized that other projects using XRP benefit the asset by bolstering its demand.

The commentary came during a recent exchange on X. It was sparked by an XRP enthusiast, “Dark Horse,” who sought clarification regarding the benefits projects like The Root Network bring to XRP.

At the core of Dark Horse’s inquiry was speculation that Futureverse, a crypto project related to the metaverse and gaming, could be an ODL partner of Ripple. He questioned whether Ripple supplies XRP to Futureverse for use as gas tokens in their project, The Root Network, and what implications this holds for XRP holders.

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Dark Horse envisioned a scenario where, despite limitations on XRP sales imposed by ODL contracts, leveraging The Root Network for transactions could still lead to increased trading volume.

Essentially, he sees consequent inflationary pressures on XRP’s price rather than a benefit to the XRP ecosystem.

Ripple CTO Reacts
In response, Ripple’s CTO David Schwartz clarified that when a project chooses to utilize XRP as a token rather than creating its own, it benefits XRP. He emphasized that this decision enhances both the demand for and the utility of XRP

A project using XRP as a token, rather than launching its own token, is good for XRP because it increases both the demand for and the utility of XRP. It's not that much different from an additional exchange listing or a business accepting a token as payment.

— David "JoelKatz" Schwartz (@JoelKatz) February 23, 2024

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Furthermore, Schwartz drew comparisons, highlighting that this process is not fundamentally different from an exchange listing or a business adopting a token as a form of payment.

Notably, when a token gets listed on more exchanges, it typically increases accessibility and exposure to potential buyers and traders.

Similarly, when a business adopts a token for transactions, it contributes to its utility and legitimizes its use as a medium of exchange. This, in turn, can foster broader acceptance and usage of the token.

Clarification about Futureverse’s Relationship with Ripple
Meanwhile, in response to Dark Horse’s speculation about whether Futureverse is Ripple’s ODL partner, prominent XRP figure Panos Mekras provided clarification.

Mekras emphasized that Futureverse operates on a separate chain while Ripple’s ODL, now known as Ripple Payments, is a service for cross-border payments—indicating they are entirely unrelated.

Futureverse is a separate chain / L1, Ripple's ODL (now Ripple Payments) is a service/product for cross-border payments… completely unrelated to each other. Futureverse has nothing to do with XRPl either, they are just using wrapped XRP on their chain as a gas token.

— Panos 🔼{X} (@panosmek) February 23, 2024

Furthermore, Mekras highlighted that Futureverse has no affiliation with XRPL either. He explained that they simply utilize wrapped XRP as a gas token on their chain.

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Disclaimer: This content is informational and should not be considered financial advice. The views expressed in this article may include the author's personal opinions and do not reflect The Crypto Basic’s opinion. Readers are encouraged to do thorough research before making any investment decisions. The Crypto Basic is not responsible for any financial losses.

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TAGSRIPPLE NEWSXRP
Author

Abdulkarim Abdulwahab
Abdulkarim Abdulwahab
http://thecryptobasic.com
Abdulkarim Abdulwahab is a blockchain writer with a specific interest in journalistic writing. He covers breaking events in the crypto community and blockchain industry. Over the past year, he has published over 1,500 short-form and long-form content for Web3 publishing firms.
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