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XRPL Hits 2.8B Transactions with Zero Failures: Institutions Take Notice

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Key Takeaways

  • XRP Ledger adoption is surging, driven by institutional interest, DeFi expansion, and tokenization.
  • RippleX is enhancing XRPL’s capabilities with AMM, tokenized assets, and an Ethereum sidechain.
  • RLUSD, Ripple’s new stablecoin, aims to strengthen institutional adoption and liquidity.

The XRP Ledger (XRPL) is seeing robust growth, with adoption accelerating in multiple use cases. Institutions, decentralized finance (DeFi) platforms, and stablecoin issuers are all on-ramping more and more to XRPL’s infrastructure.

Network efficiency was particularly highlighted by Jasmine Cooper, Head of Product at RippleX, as the key driver of institutional attention. With more than 2.8 billion transactions settled and no security failures, XRPL is one of the most secure blockchain networks.

Real estate tokenization is also catching on, with platforms such as Propy leveraging XRP Ledger to make property transfers easier. With less paperwork and faster transactional times, blockchain-based solutions are making real estate a more liquid asset class.

Besides that, the increasing phenomenon of tokenized assets such as equities and money market funds is increasing the use case for XRP Ledger within traditional finance. OpenEden’s development in tokenizing US Treasury bills has been a momentous occurrence, with institutional investors buying into on-chain financial assets.

XRPL’s DeFi Growth and Ethereum Integration

Decentralized finance on XRP Ledger is changing with the addition of Automated Market Maker (AMM) capability. This enables assets to be traded and liquidity to be supplied directly on-chain, without centralized exchanges.

While meme coins have introduced retail interest, the larger emphasis is still on sustainable DeFi growth via lending protocols and structured financial instruments. To give developers more flexibility, RippleX is adding an Ethereum Virtual Machine (EVM) sidechain.

This project extends the gap between XRP Ledger and Ethereum, providing developers with an opportunity to port Ethereum-based smart contracts while getting the benefits of XRPL speed and cost. This hybrid technique is expected to bring more projects and further position XRPL firmly in multi-chain interoperability.

XRPL Gains Institutional Momentum

Institutional adoption is also gaining momentum, with top financial institutions confirming XRPL’s potential. BlackRock’s entry into asset tokenization on blockchain is in line with RippleX’s mission of bridging traditional finance to decentralized infrastructure.

In addition, regulated digital asset exchanges such as Archax are listing tokenized assets on XRPL, which adds to its credibility in institutional circles.

The imminent release of RLUSD, Ripple’s U.S. dollar-backed stablecoin, should further fuel adoption. RLUSD is created for cross-border payments and liquidity provision and is meant to be complementary to the bridge currency role of XRP. RippleX is pursuing regulatory approvals to enable the stablecoin to satisfy compliance requirements and win institutional confidence.

Related Reading | Worldcoin Eyes Visa Partnership to Expand Stablecoin Payments Services

RippleX’s New AMM Pools Hit Snag, Community Reacts

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The AMM pools of RippleX, which were launched just a few days ago, have encountered a major hurdle. The blockchain firm detected an issue where some intricate transactions were not being correctly processed across its AMM pools and order books. During the team’s investigation into the underlying cause of this problem, they requested those who make use of the pool to refrain from depositing new capital into it for now while advising liquidity providers to temporarily redeem their tokens.

RippleX’s Marketing Misstep

The misstep could not have come at a worse time for RippleX, which heavily marketed the AMM launch as a key milestone in bringing robust decentralized exchange capabilities to the XRP Ledger. Instead, the incident has sparked concerns about the protocol’s readiness to handle sophisticated decentralized finance functions after over a decade of being criticized for lacking programmability.

David Schwartz, CTO at Ripple, was quick to clarify the problem did not stem from the AMM’s single-sided deposit mechanism, which streamlines liquidity provision but can amplify slippage during low liquidity periods. Nonetheless, the official acknowledgment of the bug – severe enough to warrant disabling deposits – has shattered some of the excitement around the AMM launch.

Reactions from the XRP community have ranged from empathetic to outright dismissive. Several projects like OrchestraFi and Anodos Finance helped raise awareness by echoing RippleX’s warning. But a few notables like analyst Kaj lambasted the XRP Ledger itself, questioning how such a longstanding blockchain could still lack robust programmability and release features riddled with game-changing bugs that undermine months of development work.

One fringe analyst actually celebrated the bug as a sign of XRP’s “natural path for growth,” perversely arguing that the Ledger needs more nefarious events like exploits, scandals, and fraud. Such an extreme viewpoint highlighted the spectrum of perspectives across XRP’s ardent supporters and detractors.

Despite this, everyone is watching how RippleX will respond. A bug that can’t be easily removed from the AMM mechanism could have a great impact on the credibility of the DeFi ambitions of XRP. Now, programmers must decide whether they should change the protocol, which usually requires several consensus votes and is a difficult process. The future course will be an important step towards understanding if RippleX can restore its momentum and confidence after starting to gain them at the very beginning of the AMM launch.

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XRP Ledger DeFi AMM: RippleX Shares Exciting Update

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RippleX, the­ team responsible for de­veloping and supporting the XRP Ledge­r, has made an announcement re­garding the latest progress of XLS-30d. The protocol is de­signed to facilitate automated marke­t making (AMM) on XRPL.

The te­chnical specification known as XLS-30d was proposed by RippleX last ye­ar. This specification aims to create a native­ Automated Market Maker (AMM) protocol that se­amlessly integrates with the­ existing decentralize­d exchange (DEX) on the XRP Le­dger.

In Novembe­r 2022, the protocol went live on de­vnet and has been unde­rgoing continuous testing ever since­. As noted in a blog post by RippleX, the community has active­ly participated in testing and further de­velopment of this protocol.

The devnet e­nvironment has seen the­ creation of numerous AMM pools and an influx of wallets conne­cted for comprehensive­ functional testing. Additionally, RippleX has exte­nded AMM support to three clie­nt libraries (xrpl.js, xrpl-py, and xrpl4j) and integration into the xrpl.org e­xplorer.

RippleX Invites Developers And Users To Test XLS-30d On Devnet

The blog post unve­iled plans for an upcoming amendment proposal, which will kickstart the­ voting process to introduce XLS-30d to the XRPL mainne­t. The proposal necessitate­s at least 80% approval from validators within a two-week pe­riod.

If these conditions are­ met, XLS-30d will join the mainnet, marking a significant mile­stone. RippleX also emphasize­s their dedication to ensuring stability by conducting thorough te­sting of the XLS-30d protocol for core XRP Ledge­r functionality.

Designed as an XRPL-native protocol, de­velopers can seamle­ssly integrate and create­ their own front-end trading and liquidity provision interface­s using XLS-30d. One unique feature­ of XLS-30d is its novel continuous auction mechanism that encourage­s arbitrageurs to compete for capture price­ differences.

This me­chanism effectively re­duces impermanent losse­s in trading activities. The protocol offers ve­rsatile use cases, including e­nabling new financial applications such as stablecoins, lending platforms, yie­ld farming, and NFTs on the XRP Ledger.

Additionally, it facilitate­s integration into non-financial applications like gaming, social media, e­-commerce, and identity manage­ment while leve­raging the security and liquidity provided by the­ XRP Ledger.

RippleX firmly be­lieves that this introduction of XLS-30d has immense­ potential in transforming and improving functionality, scalability, and interoperability on the­ XRP Ledger ecosyste­m. Developers and use­rs alike are invited to participate­ in testing and exploration of this game-changing addition on de­vnet.

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XRP Ledger Launches EVM Sidechain On Testnet

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XRPL’s Ethereum Virtual Machine [EVM] compatible sidechain is released on testnet, RippleX, the team behind the project announced via Tweet.

The latest introduction is deemed to be a secure and fast public blockchain that brings all kinds of web3 applications to the XRP Ledger community.

According to the blog, the EVM sidechain will support up to 1000 transactions per second, thus handling large loads and throughput.

It is touted to provide full Ethereum Virtual Machine [EVM] compatibility, allowing users to connect their wallet and interact or deploy smart contracts written in Solidity.

As previously reported by TronWeekly, blockchain firm Ripple launched the first phase of the EVM sidechain to the XRP Ledger last Oct, in partnership with software firm Peersyst Technology.

This paved the way for ETH smart contracts on XRPL as well as enabling developers to build DApps with “cross-chain interoperability”.

As per the announcement post, the release came with three phases with phase 1 featuring a “bridge” between an EVM-compatible chain and the XRP Ledger Devnet.

Phase two of the project which is currently ongoing includes a permissionless EVM sidechain and bridge that connects to the XRPL devnet to increase participation and test scalability in a controlled environment. This was scheduled to begin in early 2023.

The third and final phase is a permissionless EVM sidechain and bridge that will be made available on the XRPL Mainnet.

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XRP Ledger Launches EVM Sidechain On Testnet 2

It’s important to note that David Schwartz, the CTO of Ripple, originally revealed in a Twitter thread that developers had started development on an EVM sidechain in September 2021.

At the time, Schwartz thought adding support for Ethereum smart contracts to the ledger may make it easier for developers to create decentralized applications [DApps] with cross-chain compatibility.

Meanwhile, Matt Hamilton, a former director of Ripple, asserted in a weekend Twitter thread that the XRP Ledger was the first blockchain to enable stablecoins.

“XRPL Was The First Blockchain To Allow Stablecoins”

Hamilton tweeted in response to complaints from Joe Weisenthal, co-host of the Odd Lots podcast

The senior executive’s comments come amid recent increased concern for dollar-pegged stablecoins. Initially, the United States SEC took enforcement action against Paxos by designating its Binance dollar stablecoin offering, Binance USD [BUSD], as an unregistered security.

Now, a string of bank failures that supported cryptocurrencies has further spooked investors.

RippleX Announces Wave 4 Awardees – Totaling $2.6M in Funding To 26 Projects

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RippleX, a leader in blockchain technology, unveils the highly-anticipated Wave 4 awardees for XRPL Grants. A total of 25 projects from around the world have been chosen to receive $2.6 million in funding, highlighting the importance of sustainability, diversity, equity, and inclusion in the development of new use cases for the XRP Ledger (XRPL).

XRPL Grants continue to support the growth of the XRP Ledger community by announcing over $10 million in funding awarded to over 100 projects worldwide, according to the blog post by RippleX Developers.

Since its inception in 2021, the program has been dedicated to providing financial support for software development projects that utilize the XRP Ledger and benefit the larger community. 

However, with funding ranging from $10,000 to $200,000, the program prioritizes projects with a strong technical development focus and open-source components, with each team required to have software developers as part of their core team.

“The Wave 4 Awardees” By RippleX

In a blog post, RippleX, the developer arm of Ripple, highlighted the importance of supporting projects that leverage the carbon-neutral XRP Ledger to address climate change.

An international panel of judges selected the Wave 4 awardees from web3, academia, specialized industries, and sustainability-focused organizations.

The blog post also stated that the program funded projects such as Carbon Capture and Tokenization by Mangrove (Canada), XRP Carbon Offset Toolkit (USA), and Sustainability Rewards by ThingsGo.Online (Brazil). 

The program also funded projects in diverse areas such as e-commerce, arts and humanities, health and wellness, and pet ownership, among others.

RippleX also announced in the blog post that XRPL Grants would open applications for its next round, Wave 5, in February 2023. The focus of this wave will be announced at that time. 

According to the blog post, the program will continue encouraging applications for sustainability-focused projects and projects from diverse contributors. Additionally, developers and project teams can sign up for the email list at xrplgrants.org to receive program updates. 

Moreover, RippleX encourages new developers interested in learning more about the XRPL to check out the lessons on the XRP Ledger Learning Portal, documentation on xrpl.org, and join the XRPL Developers Discord to connect with the community.”

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