Chainlink Maxi Zach Rynes has ignited fierce debate across the crypto community after sharing a pointed critique of XRP and Ripple, drawing significant backlash from supporters and former executives. The ambassador has framed Chainlink’s native token LINK as the superior institutional play, labeling XRP a ghost chain. He also criticizes Ripple’s recent share buybacks, suggesting that the company prioritizes shareholders over XRP investors.
Chainlink Maxi Takes Aim At XRP And Ripple
In a recent post on X, Rynes argued that XRP holders are effectively funding a company that has openly stated it will prioritize equity shareholders over token investors. He explained that when a company sells both tokens and equity to investors, it creates two competing stakeholder groups whose economic interests diverge. As a result, when excess revenue is present, equity investors hold superior, legally enforceable rights, leaving XRP holders at a disadvantage.
Rynes argued that Ripple sells XRP and uses proceeds to acquire companies and fund stock buybacks that benefit only shareholders. He also noted that, even under oath in court filings, the crypto company admitted that XRP’s bridge currency use case is demand-neutral and does not affect price.
Furthermore, he dismissed the XRP Ledger (XRPL) as an “obsolete ghost chain” sitting outside the top 40 chains by usage, holding less than 1% market share in real-world assets and less than 0.01% in stablecoins. The Chainlink maxi further noted that Ripple itself issued 90% of the RLUSD stablecoin on Ethereum and has since expanded to additional chains outside the XRP Ledger, including BNY Mellon’s private EVM chain.
Supporting Chainlink, Rynes stated that LINK presented a structurally cleaner investment case compared to XRP because it has no equity investors competing for value. He explained that every layer of network growth focuses primarily on the native token and that even Chainlink Lab employees receive long-term incentive rewards in LINK rather than equity.
He pointed to Chainlink’s more than 70% market share in DeFi with $60 billion in secured TVL, alongside institutional partnerships with SWIFT, the DTCC, Euroclear, JPMorgan, and others as proof of tangible adoption. The Chainlink maxi finally concluded that the LINK token represents the best index bet on institutional blockchain adoption. At the same time, XRP functions as a “bank-themed meme coin” that Ripple sells to retail to fund corporate acquisitions.
Ripple’s Former CTO Fires Back
The debate escalated when Ripple’s former Chief Technology Officer (CTO), David Schwartz, entered the conversation. Schwartz argued that Ripple’s consistent and predictable XRP selling over five years created sustained downward price pressure, which he claimed actually benefited buyers who accumulated tokens at lower prices than they would have otherwise paid.
Rynes sharply rejected the rebuttal, calling it “elite-tier gaslighting,” and questioning whether Schwartz argued that suppressing XRP’s price through Ripple’s own selling activity was a benefit to holders. Schwartz doubled down, criticizing the comment and insisting that a constant factor already priced into the market affects buyers and sellers equally. He said that anyone who purchased XRP benefited from low entry prices just as much as they might be affected on the way out.
Featured image from Pngtree, chart from Tradingview.com
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