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XRPL’s Milestone: 80M Ledgers Sealed, RippleX Unleashes Wave 6 Of XRPL Grants Program

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In a monumental achievement for the cryptocurrency world, the XRP Ledger (XRPL) has officially closed a staggering 80 million ledgers, marking a historic moment in its illustrious 10.5-year journey. 

The news broke on the social media platform Twitter when XRPScan, a prominent XRP community account, shared the awe-inspiring milestone with its followers.

With the XRP Ledger acting as the backbone of the XRP cryptocurrency, this remarkable feat showcases the resounding success and unwavering commitment of network participants who have played an integral role in its continuous growth and development.

The XRP Ledger’s momentous achievement serves as a testament to the immense popularity and global adoption of Ripple’s digital asset XRP, which has garnered significant attention within the crypto sphere. 

While this extraordinary accomplishment is a cause for celebration, it also highlights the boundless potential and limitless possibilities that lie ahead for the XRP ecosystem. 

However, as the ledger continues to evolve, the contributions of network participants will undoubtedly play a pivotal role in shaping the future of digital finance.

XRPL Grants Program Opens Applications for Wave 6

Meanwhile, RippleX, the developer ecosystem of Ripple, recently announced that the XRPL Grants Program had opened its doors for Wave 6. The program aims to fund innovative projects that leverage web3 for financial use cases on the XRP Ledger (XRPL).

The XRPL is an open-source, decentralized blockchain known for its energy efficiency and global developer community. It offers various features, including decentralized exchange, trust lines, and escrow, making it an ideal platform for building new financial use cases. 

The XRPL also supports the incorporation of non-fungible tokens (NFTs) and fungible assets for real-world asset tokenization.

Developers applying for Wave 6 grants can focus on a wide range of projects, such as financial equity and inclusion, regenerative finance, decentralized finance (DeFi), data and indexing, payments, e-commerce, tokenization of real-world assets, decentralized compliance and security, interoperability, developer tools, oracles, and insurance.

The XRPL Grants program will review applications in multiple stages, with notifications expected within 6-8 weeks after submission. Finalists will undergo interviews before the awarded projects are publicly announced in September 2023.

For developers seeking to create innovative web3 financial projects, this is an excellent opportunity to receive funding and support from the XRPL Grants Program. “Applications will be accepted from April 25 – June 18, 2023, at 11:59 pm Pacific Time.”

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XRP Ledger (XRPL) 2023 Q1 Report: 56% Price Surge, Key Insights 

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In a recent report published by Messari, the state of the XRP Ledger (XRPL) in the first quarter of 2023 was analyzed, revealing some key insights into the network’s performance and developments. 

The report highlights a significant increase in activity on the XRP Ledger, with daily active addresses and daily transactions rising by 13.9% and 10.7% quarter-over-quarter (QoQ), respectively.

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Messari

One of the standout findings of the report was XRP’s price surge, experiencing a 56% QoQ increase from $0.35 to $0.54. Interestingly, XRP outpaced the total crypto market cap in Q1, largely due to positive news emerging from the ongoing legal case between Ripple and the U.S. SEC.

XRPL: Key Metrics & Performance Analysis

The report also shed light on the XRP Ledger’s NFT transactions. Although NFT activity experienced a decline in QoQ, there were still notable figures, with 436,000 NFT mints and 277,000 NFT offers accepted. 

The XLS-20 Standard, which maps NFT transactions, introduced five new transaction types, and an additional five types are currently under the proposal.

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Messari

Two significant developments on the XRP Ledger during Q1 were the launch of the Coreum and Flare Network sidechains. These sidechains mark a significant expansion of the XRPL ecosystem, with future projects like Futureverse’s Root Network and Hooks expected to enhance its capabilities further.

The report provides an informative primer on the XRP Ledger, highlighting its decade-long operation and its offering of fast, energy-efficient, cross-currency, and cross-border payments. 

The XRPL supports native Issued Currencies, a decentralized exchange (DEX), escrow functionality, and token management. While it does not support smart contracts at the base layer, the XRPL’s native capabilities enable it to perform similar functions as other networks.

Financially, XRP ranks as the sixth largest cryptocurrency by market capitalization, amounting to approximately $28 billion in Q1 2023. The XRPL averages around 15 transactions per second, with the potential capacity to support up to 1,500. 

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Messari

Transaction fees on the network are deterministic and cost 10 drops per transaction, with a drop being a millionth of an XRP, valued at a fraction of a cent.

The XRP Ledger’s ecosystem has attracted support from various entities, including Ripple, XRPL Foundation, XRPL Labs, and XRPL Commons, among others. 

The network aims to provide a digital payment infrastructure for both individuals and existing financial entities like central banks, going beyond the narrow focus of peer-to-peer transactions.

Nevertheless, the report highlights the XRP Ledger’s growth and increased activity in Q1 2023. With the introduction of sidechains, ongoing developments, and the anticipation of new token standards, the XRPL ecosystem is poised for further expansion and acceleration in the coming months.

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XRP & XRPL Tokens Step Up to Revolutionize E-Commerce with Xumm-Ecwid Integration

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XRP and other XRPL tokens have taken a massive leap into e-commerce with the announcement that Xumm, a popular digital wallet, has integrated with Ecwid by Lightspeed, a leading e-commerce platform. 

Through this partnership, more than one million Ecwid stores will have the capability to provide their customers with a secure and efficient digital transaction experience by offering Xumm as a payment option.

The integration allows customers to pay with any asset they own on the XRP Ledger, making it a seamless environment for both fiat and cryptocurrency payments. The store owners will receive 100% backed USD/EUR/GBP GateHub stablecoin, ensuring certainty and security in digital transactions.

Xumm is known for its strong focus on security, making it a leader in safeguarding digital transactions. This integration will give store owners the confidence they need to embrace digital payments and simplify the process of adding Xumm as a payment option.

According to the announcement post, Ecwid store owners should use Xumm, while those already in the XRPL system should check out Ecwid by Lightspeed. XRPL Labs is working on adding Xumm as a payment provider to other e-commerce platforms, expanding its usefulness in the XRPL.

This notable progress widens the XRPL payment reach to numerous online shops, granting users of Xumm Wallet the ease and effectiveness of making digital payments. However, with Xumm’s secure transactions, customers and store owners alike can feel confident in embracing the future of e-commerce.

XRP Ledger Community Launches XRPL Accelerator Program

Meanwhile, the XRP Ledger community has launched a 12-week XRPL Accelerator program aimed at supporting blockchain entrepreneurs building on the XRP Ledger. Applications for the program are now open until May 1st.

The program offers selected teams a $50,000 grant, mentoring from industry leaders, and connections with investors and partners to achieve commercial success and mass adoption. 

Teams must have a minimum viable product and a business model strategy in place and pass a technical review to be considered for the program. However, the XRPL community is committed to supporting the growth of blockchain businesses and turning their products into scalable ventures.

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Ripple CTO Addresses Concerns Over XRP As A Security: A Twitter Debate 

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Ripple CTO David Schwartz has taken to Twitter to address concerns about the security status of XRP. The conversation started with a tweet from ScamDetective5, an individual who called themselves an industry expert and scam detective, asking if people felt XRP was no longer security after Ripple open-sourced the XRPL server code.

Perspectives On Ripple’s Role In Maintaining The XRP Ledger

Schwartz responded by stating that the server code becoming open source was the point where people no longer had to rely on Ripple to maintain the ledger. However, ScamDetective5 argued that the company kept its Validators on the dUNL and that consensus still relied on the company. 

Additionally, all code updates to Rippled were made by Ripple Engineers. Do you not feel these are key elements to maintaining the ledger that relied on Ripple?

Schwartz disagreed, saying that if someone let another party do something for convenience when there were no significant obstacles to doing it themselves, that’s not reliance. The company didn’t do anything that others couldn’t have done had they wished to. ScamDetective5 countered by saying that the company set the original list and standard for overlap, limiting what others could publish with changes without forking.

Schwartz responded by saying that it depended on how one defines forking. If a majority of people agreed with a proposed change that wasn’t supported by the company, there would be a fork. A contentious change causes a fork regardless of who proposes or supports that change, as long as there are at least some people who support the change and some who oppose it enough to decide to fork over it.

Nevertheless, the Twitter exchange highlighted concerns about the security and decentralization of XRP. While Schwartz argued that XRP was no longer reliant on Ripple, ScamDetective5 pointed out that Ripple still had a significant influence on the XRPL server code. 

The conversation underscores the importance of transparency and decentralization in blockchain technology and the need for continued discussion around the security and reliability of cryptocurrencies. As the world becomes more reliant on digital assets, ensuring they are secure, transparent, and decentralized is crucial.

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XRP: Web3 Domain Provider Unstoppable Domain Adds Support For XRP Toolkit

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Unstoppable Domain, a provider of Web3 domains, recently announced the addition of support for the XRP Toolkit, a tool for managing cryptocurrency and conducting trade on the XRP Ledger’s decentralized exchange.

Towo Labs’ XRP Toolkit makes it easier to securely interface with and manage cryptographic assets on the XRP Ledger. Users can transmit, receive, and trade any asset discovered on the decentralized network using this client-side interface without incurring any commission fees. Additionally, users of the Toolkit are participating in peer-to-peer trading, with all transactions being settled through the thousands of nodes, independently maintained XRP Ledger network. To discourage spam, only a small transaction fee is levied. Unstoppable Domains pointed out that the Toolkit offers capabilities like trust lines and escrow.

Since it is creating an ecosystem of domains that are safely kept as non-fungible tokens directly on a blockchain ledger, the San Francisco-based Web3 domain supplier plays a special position in the decentralized web. Similar to a conventional domain, the.crypto extension is supported by blockchain technology. Unstoppable Domains uses this invention to enable users to register domain names that cannot be taken or censored by any government or group.

Additionally, it links these domains directly to decentralized programs like MakerDAO and cryptocurrency wallets, making it simpler for users to transact with cryptocurrencies without having to remember complicated wallet addresses. The decentralized nature of the DNS (Domain Name System) makes it resistant to manipulation and censorship by large, strong groups because no single entity has authority over the entire platform.

XRP In The Hands Of NASDAQ Index

There were no new developments in the SEC v. Ripple case to guide the discussion on Monday. Due to a lack of updates, the NASDAQ Index and the larger crypto market now control XRP.

On Monday, hopes of a Fed pivot were dashed as investors’ apprehension over a hawkish news conference by Fed Chair Powell sent the NASDAQ Index and the cryptocurrency market into the red. While US inflation has moderated, it is still significantly above the Fed’s 2% target. Powell has plenty of flexibility to continue pushing higher as the US unemployment rate is only 3.5% as opposed to the aim of 5%.

The wait-and-see approach for XRP might potentially put investor fortitude to the test. Even though court decisions could be made at any time, Ripple CEO Brad Garlinghouse anticipates a resolution in the first half of the year, which would put investors in limbo in the foreseeable future.

Investors should keep an eye on today’s developments in the SEC v. Ripple case. However, if there were no updates, the larger crypto market would be left to give guidance. Updates on FTX and Genesis as well as regulatory chitchat will be of interest. The NASDAQ Index and US economic indicators will impact the afternoon session.