Ripple: DeFi and NFT on the XRPL will change the whole ecosystem

  • XRP ledger to receive new features for NFTs and DeFi.
  • Ripple carrier, Temenos partners with Bhawan Cybertek to expand its presence in India, Sri Lanka, and neighboring countries.

The XLS30d (proposed automated market maker) and XLS-20 proposals are at various levels of advancement. Hence, it is likely that the XRP ledger might soon receive new features to enable DeFi and NFTs. Currently, the XRPL validator is considering the XLS-20 proposal, which would allow for native NFTs on the XRP ledger.

Thus, it would be possible to create NFTs on the XRP ledger compactly and efficiently. It also minimizes the negative impact on the ledger’s performance and prevents congestion on a large-scale basis. XLS-20 can significantly simplify the NFT creation process for developers with built-in features such as auctioning and minting.

Once the XRPL community adopts this XLS-20 (the proposed NFT protocol), it will be faster to complete NFT transactions on the XRPL. Also, it will be less expensive to buy, sell or mint NFTs. Ripple developers launched an NFT devnet in January to facilitate support for NFTs on the XRP ledger.

The XLS-30d proposal

The July 2022 XLS-30d proposal suggests the introduction of a non-custodial automated market maker (AMM) as a feature on the XRPL decentralized exchange (DEX). The aim is to maximize returns for AMM liquidity suppliers and reduce risk losses caused by volatility. Thus, creating better DeFi functionality on the XRPL.

One of XRPL developers, Wo Jake, revealed that the proposal for the AMM amendment as a pr is available on Ripple’s codebase. Ripple’s Vice President, Corporate Operations and Strategy, Emi Yoshikawa, tweeted the schedule for the completion of the AMM (XLS30d) proposal. According to her, the AMM devnet release should be available in the next few weeks. The Ripple executive added that an amendment proposal would be available by Q4 2022 after incorporating the community’s feedback.

Yoshikawa explained the importance of the proposed AMM (XLS30d), saying, “there has been a DEX running on the XRP ledger since 2012. But it is in an order book format (the CLOB).” “Adding an AMM based on a future amendment would strengthen the CLOB DEX and improve liquidity significantly.”

Temenos and Bhawan Cybertek (BCT) partner together

Meanwhile, Ripple partner, Temenos, has signed an exclusive strategic agreement with digital transformation firm, Bahwan Cybertek (BCT), to expand its market presence in Bhutan and neighboring nations, specifically India, Nepal, and Sri Lanka. Besides helping Temenos to deepen its local expertise and expand its market coverage. BCT will also market, utilize and support Temenos’ products and services in these nations.

BCT’s group CEO and co-founder, S Durgaprasad, said the partnership would improve BTC’s visibility and network within the banking industry. Through this agreement, Temenos will achieve faster business growth in the countries mentioned above. Temenos’ president and chief revenue officer, Erich Gerber, said that the deal would enable Temenos to leverage BCT’s expertise in the local market to access new business opportunities in these geographical regions, facilitating the company’s growth.

 

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Paul is a cryptocurrency enthusiast from Canada, and since 2021 he has been writing about cryptocurrency for online news portals. He writes mostly news-related articles. Stay tuned to his posts to stay up to date with the crypto world.

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