XRPL Labs’ partnership with Ripple for its CBDC solution has taken the blockchain to newer heights. Edward Farina, Head of Social Adoption at XRPHealthcare [XRPH], shared that in the past decade, the ledger has transacted over 70 million times.
Not only that, it recently took a giant leap after successfully completing a comprehensive security audit on the Hooks amendment, a crucial element that it claimed will unlock the potential for an even more comprehensive range of services for XRPL users.
This breakthrough has propelled it to emerge as a strong competitor to Ethereum. In collaboration with cyber security firm FYEO, the state-of-the-art framework has undergone an external security assessment.
According to the blog published on June 5;
The primary objective of this audit was to offer an independent assessment of our overall security posture, identify potential risks, and review the efficiency of our security measures. The audit focused on Hooks framework implementation, including the Hook API, helper functions, and execution environment.
The evaluation was carried out remotely from Jan. 31 to March 14, 2023, by FYEO who gave positive feedback. During their audit, they found no major security issues except for some minor and a few moderate issues which were noted and resolved quickly.
According to Wietse Wind, lead ecosystem developer, Hooks would play a key role in bridging the gap between XRPL and Ethereum. This change allows for building custom logic and automation, increasing the intelligence and convenience of transactions.
“The potential that Hooks bring to our community is immense. From enabling automatic savings to anti-fraud, firewalls, automated decentralized financial tools, and even automatic regulatory compliance.”
Not long ago, David Schwartz, one of the original architects of the XRPL, and current Ripple CTO, revealed a groundbreaking trading method used by the new XRPL’s Automated Market Maker [AMM].
XRPL’s New AMM Unique Trading Method Revealed
The ledger’s AMM, which was introduced earlier this year, sparked community discussion about several of its core features.
One of them is the volatility harvesting trading strategy that utilizes the ups and downs to juice higher returns-buying when prices are low and selling when they are high.
The working mechanism is akin to a multi-exchange strategy to arbitrage price differences over space.
When asked if it could be used in the stock market, Schwartz said that he had run some simulations and found that it performed remarkably well for stocks with high volatility.
