The announcement that the developers behind the Xumm wallet are launching their own sidechain called Xahau Ledger featuring a new token XRP+ seems concerning for the future of XRP. While sidechains and new tokens are not necessarily bad, the way this is being rolled out raises some questions.
First, it appears the Xumm developers and partners will airdrop themselves the entire initial supply of 600 million XRP+ tokens rather than distributing them more widely. This looks like an easy money grab by insiders, allowing them to profit handsomely if the new token gains value.
Second, the talk of “improved tokenomics” for XRP+ versus regular XRP implies they are trying to fix perceived deficiencies with XRP. This suggests the developers may be losing confidence in XRP’s value proposition. If they felt XRP had strong long-term potential, why would they need to create an alternative token?
Overall, this news seems to indicate that some key players in the XRP ecosystem are shifting focus to maximize their own financial gains rather than prioritizing the growth of XRP. While sidechains could ultimately benefit XRP if done right, the way this Xahau Ledger and XRP+ token are being introduced feels more like a cash grab by insiders rather than an enhancement to the XRP Ledger.
Of course, this is just speculation based on the limited information available so far. But it’s concerning to see the Xumm developers seemingly pivot away from their original vision for enhancing XRP. This looks more like an attempt by insiders to capitalize on their influence rather than faithfully contributing to XRP’s development and adoption. Only time will tell how this impacts XRP, but it raises doubts about the motivations and priorities of key players in the ecosystem.
