The Emerging DeFi & NFT Features On XRPL: Everything You Need To Know

Apex XRPL Summit, Vegas September 2022

XRPL is all set to step into the next stage of evolution, and the timing couldn’t have been better. Ripple and XRPL Foundation recently hosted the Apex Developer’s Summit 2022 to launch its next set of features on the chain, and it is nothing short of brilliant.  

For the uninitiated, Ripple is a money transfer network that began in 2012. When the company saw the rise of blockchain and cryptocurrency, it developed the XRPL or the XRP Ledger to step into a new era of currencies, financial transactions, and banking services. The native currency of the ledger is known as XRP

Since the launch, XRP has been one of the top cryptocurrencies in the world, and its current ranking is #7 on CoinMarketCap, based on its market cap and price. The network offers services such as payment channels, cross-currency payments, and a decentralized exchange. But this was the case until very recently. 

Ripple and the XRPL Foundation recently organized the Apex Developer’s Summit, where it announced the launch of its new DeFi and NFT features. It was a two-day event where creators, blockchain enthusiasts, and developers came together to interact, connect, and discuss the chain’s future in an environment that fostered innovation. 

Various keynote speakers from the XRPL team and others celebrated how far the network has progressed, discussed the current state of XRPL, and shared a glimpse of what a decentralized future on the platform would look like. 

It offered a holistic experience where speeches were interspersed with project showcases and workshops. The latter involved people getting a hands-on experience with exclusive products and technologies. Overall, these sessions focussed on significant subjects, including:

  • Central Bank Digital Currencies
  • Decentralized Finance
  • Interoperability
  • Non-Fungible Tokens
  • Programmability
  • Security & Custody
  • XRPL Core Development
  • XRPL Infrastructure

In this, two subjects were the highlights of the entire conclave – DeFi and NFTs. 

XLS-20 for NFT Creation

The XRPL Foundation had earlier begun working on two major proposals – XLS-20 and Xls30d. The XLS-20 was a proposed protocol for facilitating native NFTs on the ledger. With this, NFT creation would become a much more efficient and simpler process. 

It would make the complete lifecycle of NFT creation compact while preventing issues such as congestion when deployed for a large-scale user base. Besides this, it would make the process of minting, selling, and purchasing NFTs less expensive. 

Xls30d for AMM

The foundation also proposed the Xls30d protocol for a non-custodial AMM. This was being positioned as an AMM which would increase the DeFi functionality of the chain and will be distinct from the AMMs used by other chains in the market. 

The Devnet for the same was released in Q3 of this year and will soon get into the amendments stage. However, the mainnet release remains unknown. The most crucial advantages it would offer the users include:

  • Offering price quotes for traders at all times, even for illiquid markets. 
  • Higher returns and incentives for liquidity providers who want to earn a passive income.
  • Better success probability for arbitragers.
  • Reduction in the impact of impermanent loss for liquidity providers.
  • Elevated user experience.

With these two innovations, the Ripple Foundations also announced and distributed grants for different creators and developers to start building their products on the XRP Ledger. These include:

Feeturre

Feeturre is a cloud-based e-commerce market for artists and musicians who want to sell their audio and video. It aims to create a community of musicians who can reach an audience across the world, showcase their talents, and earn from them. 

The platform is partnering with Ripple to build a Web3 community-based music platform that brings together artists, managers, producers, and influencers under one roof. The idea is to provide a space for anyone and everyone to directly connect with their customers and monetize their talent without the friction caused by intermediaries of the traditional system. 

CarbolandDAO, Carboland Trust, and Boone Bergsma

As a network focussing on the environmental impact of blockchain, Ripple is also working with a series of companies and individuals on eco-friendly blockchain projects. 

CarbolandDAO is a blockchain company focussing on removing CO2 and preserving nature. Its platform CarbolandTrust will enable companies and individuals to earn CO2 removal credits as their funds are used for biodiversity conservation. 

Boone Bergsma & Blockchain Laboratories

Finally, Ripple is partnering with Boone Bergsma, who runs the company, We Think It Matters and Blockchain Laboratories. The former would leverage the advertising and marketing spaces to elevate brands while having sustainability and conservation as their core focus.

Blockchain Laboratories is a Web3 venture which will build different kinds of DeFi applications that offer diverse services to the customers and the community with ESG Assets as their focus. 

Overall, these are the three prominent partners Ripple is currently working with to get its DeFi space rolling. But, there are a couple of challenges. 

Challenges of XLS-20 NFT Protocol

The XLS-20 protocol proposed for NFTs comprised a bug identified a little ahead of its launch. This was in a feature where the XRPL NFT issuer had a trustline. The motive was to avoid spamming and gain royalties on secondary sales relatively simply. 

However, due to this, there was a possibility that when an NFT was sold, the transfer fee could be sold between two or more accounts repeatedly. This would result in more shitcoins being created by the attacker. Currently, this bug is being fixed as numerous people wait for the launch of the XLS-20. 

The Afterparty

The Apex Developer’s Summit culminated with an after-party where all the participants could socialize in a casual environment while also forming connections. This included a feast for the people involved, various pop-ups which sold vibrant NFT skin stickers, and even NFTs. 

Overall, the Apex Conference seemed to be thriving with the community and foundation members as they came together to celebrate XRPL and set the stage for the next generation of the blockchain network. 

Leave a Reply

Your email address will not be published.

Related Articles
Read More

Tune in to the Hottest Web3 Music Trends

Imagine finishing up your last email for the day and going to your living room for Justin Bieber’s live concert. No, you’re not just streaming another Coachella set from your favorite spot on the couch. You are letting loose in the crowd – wondering where...
Read More

The Concise History Of Web 3.0

The web has become an integral part of our life: it both defines the way we communicate, perceive, and consume information – and is defined by it. Of course, during this time, Lee's idea has transformed greatly. So far, we've witnessed two eras of web...
Read More

The NFT Ecosystem And The Price Bubbles

The most recent spike in popularity can be attributed in some part to digital artist Beeple. The graphic designer stole the spotlight after his monumental digital collage, "EVERYDAYS: THE FIRST 5000 DAYS," was auctioned off for nearly $70 million at the British auction house Christie's....
Total
1
Share