Key Points
- XRPL’s EVM Sidechain: Collaborating with Peersyst Technology to enter DeFi by developing an Ethereum Virtual Machine (EVM) Sidechain.
- Ripple’s Custody Expansion: Ripple acquired Metaco and partnered with HSBC to provide comprehensive crypto custody services.
- XRPL’s Payment Dominance: XRPL, likened to Google, aspires to dominate cross-currency payments with its optimized design and XRP asset.
- AMM Protocol: XRPL’s automated market maker (AMM) aims to minimize losses, though it may limit profits during price surges and introduces market uncertainties and counterparty risks.
XRP Ledger’s Quantum Leap: EVM Sidechain & NFT Bonanza Unleashed!
Peersyst Technology, in collaboration with Ripple Developers, is making significant progress in the development of an EVM (Ethereum Virtual Machine) Sidechain for the XRP Ledger (XRPL).
The latest update reveals that the XChainBridge, a crucial component of this project, is in its advanced stages and is set to launch soon.
This move is essential to tap into Ethereum’s vast liquidity hub in the world of decentralized finance (DeFi), following the footsteps of networks like Solana, Fantom, and Cardano that have already integrated EVM compatibility.
Ripple Developers have published the XChainBridge public amendment for voting, a pivotal step towards the EVM Sidechain’s launch.
However, it has not passed yet, with 7 out of 28 needed votes secured. Peersyst Technology also announced upcoming enhancements, including a new version of XChainBridge, a user-friendly interface, and a developer Bridge SDK.
Additionally, a brand new explorer is in the works to assist users and developers in maximizing the EVM Sidechain’s potential.
This development is part of the XRP Ledger’s broader evolution, which includes initiatives like SBI Holdings’ NFT collection on XRPL and various upgrades to enhance its functionality, catering to AMM and digital collectibles within the network.
The XRPL ecosystem continues to expand, offering more versatility and compatibility for users and developers.
Ripple’s Crypto Custody Revolution: Metaco & HSBC Join Forces!
Ripple is strategically venturing into the projected $10 trillion crypto custody market, making significant moves to become the preferred solution for institutional clients.
The acquisition of Metaco, a leading custody-focused firm, has positioned Ripple to offer a comprehensive suite of services, including XRP Ledger access, tokenization, and seamless payment solutions.
This strategic move is driven by the growing importance of custody solutions in institutional crypto adoption. In partnership with global banking giant HSBC, Ripple aims to simplify regulatory compliance for institutions entering the crypto space.
HSBC’s role involves leveraging technology for custody and providing compliance services. The interview with Ripple CTO David Schwartz highlighted the alignment of Ripple’s and Metaco’s strategies to provide a holistic enterprise solution in this evolving landscape.
As the custody market continues to expand, driven by the rise of tokenization, Ripple anticipates that institutions will gravitate toward providers offering a comprehensive range of services, including custody, payments, and liquidity.
Ripple’s strategic acquisitions and partnerships underscore its commitment to establishing a strong presence in this dynamic sector.
Ripple’s XRPL: The Google of Crypto Payments, Says CTO Schwartz!
Ripple’s Chief Technology Officer, David Schwartz, has drawn a remarkable parallel between the XRP Ledger (XRPL) and tech giant Google in an exclusive interview with CoinDesk.
He emphasized XRPL’s potential to dominate the cross-currency payment landscape, comparing its significance to Google’s dominance in the search engine business.
Schwartz discussed XRPL’s role in the evolving crypto ecosystem, particularly its niche focus on cross-currency payments.Schwartz’s confidence in XRPL stems from its purpose-built design for efficient cross-border transactions and liquidity provision.
He firmly believes that XRPL, with its native asset XRP, is ideally suited for the challenges associated with cross-currency payments.
In his view, XRPL’s optimization for this specific use case makes it the top choice, and failure in this niche would be akin to Google failing in its primary search function.
Additionally, Schwartz recognizes XRPL’s versatility and potential to serve as a hub for various blockchain applications, including smart contracts, tokenized assets, and stablecoins.
This interview sheds light on XRPL’s multifaceted role in the crypto landscape, making it a key player in the ever-evolving blockchain ecosystem.
Ripple’s Tech Guru: XRP’s Got Your Back, Losses Are History!
Ripple’s Chief Technology Officer, David Schwartz, has reassured the XRP community, declaring that with the implementation of the automated market maker (AMM) protocol in XRP Ledger, it should be virtually impossible to incur losses.
The recent amendment, currently boasting 28 out of the required 35 votes, has triggered discussions within the community. Responding to concerns about the risk of losing XRP, Schwartz outlined the AMM’s unique strategy.
Liquidity providers receive tokens specific to the AMM, and the protocol aims to ensure these tokens’ value only increases over time, even in periods of volatility.
He emphasized that unless there’s a bug or flaw in the AMM implementation, it is supposed to be impossible for a particular invariant to be broken.
However, despite the inherent stability, the Ripple CTO acknowledged the potential downsides.
While losses are theoretically minimized, users may not see as much profit as if they held the underlying assets during price surges. Furthermore, the AMM does not guarantee a fixed yield, exposing liquidity providers to market uncertainties.
Schwartz also cautioned users about counterparty risk, as exposure to at least two assets, including stable ones like USD, could pose challenges.
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