Tag: XRP LEDGER

Boosting Trade Efficiency: XRPL’s fixReducedOffersV1 Upgrade

by Blockchain News

The “fixReducedOffersV1” amendment, which is currently in its final activation countdown phase, is about to bring about a significant improvement to the XRP Ledger (XRPL), which is nearing completion. This modification is a crucial upgrade for XRPL, signifying a step forward in resolving important concerns, notably within its Decentralized Exchange (DEX) services. It has received approval from more over 80% of the validators, signaling that it is ready for implementation.

Taking on the Challenges of the DEX: The major objective of fixReducedOffersV1 is to lessen the impact that decreased offer prices have on the order books of trades conducted on XRPL’s DEX. By ensuring that trade operations are both more visible and more efficient, the purpose of this update is to improve the overall functioning and dependability of XRPL.

Enhancing Exchange Rates This modification might result in rounding the exchange rate of a lowered offer to make it more attractive than the initial offer for takers on XRPL’s DEXs. This would be done in order to enhance exchange rates. This method could make it possible for additional matching offers to consume the decreased offer, which might eventually lead to trade situations that are more efficient and fair.

Requirements for Upgrades In order for this amendment to be successfully implemented, it is required that more than eighty percent of updates be completed within a timeframe of fourteen days. Users that depend on previous versions of rippled, notably v1.11.0 or earlier, are recommended to upgrade their systems in order to continue successfully engaging in XRPL’s ecosystem and to prevent disruptions.

Taking Action Against Unfavorable Rates In the absence of this modification, bids with very little money left over have a greater chance of being awarded considerably unfavorable exchange rates after rounding, in comparison to the value they had initially. This circumstance may make it more difficult to accept offers that are more advantageous, which would create difficulties for decentralized brokerage systems based on XRPL.

Update for XRPL v1.12.0: The correctionReducedOffersV1 was a component of the more extensive XRPL version 1.12.0 upgrade that was released in September. This update also includes many bug fixes and revisions relating to Automated Market Maker (AMM) and Clawback functionalities. Users were needed to upgrade to the most recent version in order to maintain uninterrupted interaction after this update, which was necessary for the ongoing progress of XRPL.

favorable Outlook and Security Audits: The XRPL has undergone considerable internal and external advancements, which have contributed to its more favorable outlook. Additionally, security audits have been conducted. XRPL’s prospects have been further strengthened by the conclusion of the most recent security assessment for the Xahau sidechain, which underlines the company’s commitment to maintaining high levels of security and dependability.

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Ripple CTO Advocates for Community Consensus on XRP Ledger’s AMM Feature Integration

by Blockchain News

David “JoelKatz” Schwartz, the Chief Technology Officer at Ripple, has been actively engaging with the community regarding the integration of an Automated Market Maker (AMM) feature on the XRP Ledger (XRPL). Through a series of posts on the social media platform X (formerly known as Twitter), Schwartz highlighted the importance of community consensus before moving forward with this significant feature addition.

On 6th October 2023, Schwartz voiced his plan to review performance testing results and conduct code checks based on recent comments and concerns raised by the community. Through his post, he displayed a methodical approach, ensuring that all uncertainties are addressed before urging the validators to consider supporting the amendment. When probed by a community member about the communication channel with validators, Schwartz humorously mentioned that most of his arguments take place on Twitter.

The discussion primarily revolves around the integration of AMMs, which Schwartz describes as an intriguing part of decentralized finance (DeFi). The XRP Ledger, known for its speed, scalability, and suitability for various financial applications including cross-border payments, stands to benefit from this integration. AMMs are not merely about introducing a new trading engine; they also promise enhanced interaction with XRPL’s decentralized exchange.

The new feature, introduced in the rippled version 1.12.0, also carries the potential clawback feature. The clawback feature, as explained by Schwartz in previous discussions, aims to protect developers from potential legal liabilities within the XRPL ecosystem.

Schwartz emphasizes the need for a majority consensus within the community before implementing the AMM feature. Responding to a question about the timeline for AMMs going live post-governance voting, he mentioned that with majority support, the changes could be seen in as little as two weeks. However, no validators have endorsed the vote to the best of his knowledge, underscoring the importance of community agreement before proceeding with such amendments.

He advised against validators voting independently to promote these modifications, stressing that the community should reach consensus first. Only then should validators overwhelmingly vote YES, when a substantial number of nodes endorse the adjustment, reflecting a broad agreement within the XRPL community.

David Schwartz continues to play a crucial role in fostering a dialogue between the Ripple team, XRPL validators, and the broader community. His meticulous approach towards integrating new features like AMM, while ensuring community consensus, reflects a balanced stance towards evolving the XRPL while maintaining its decentralized ethos.

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Ripple XRP Q2 2023: Market Cap Decline while NFT Transactions Rise, Reported Messari

by Blockchain News

According to a recent analysis by Messari, the XRP Ledger (XRPL) saw growth and fall in the second quarter of 2023. Despite a 10.7% quarter-over-quarter (QoQ) decline in market cap from $27.8 billion to $24.8 billion, the XRPL, a ten-year-old platform renowned for its quick, energy-efficient, cross-currency, and cross-border payments, saw its native token, XRP, maintain its position as the sixth-largest cryptocurrency by market capitalization.

The XRPL’s market performance was a tale of two halves. The year-to-date (YTD) increase of 42.5% in XRP’s circulating market cap was primarily driven by a surge in Q1. However, Q2 saw a decline in market cap, reflecting a broader downturn in network activity metrics. Average daily transactions and active addresses fell by 11.9% and 17.6% QoQ, respectively, returning to levels last seen in Q3 2022.

Despite the overall decline in network activity, the XRPL saw a 12.7% QoQ increase in average daily Non-Fungible Token (NFT) transactions, from 13,800 to 15,500. This growth was led by NFTokenCreateOffer, which now accounts for over half of all NFT transactions on the XRPL.

The XRPL continues to innovate and expand, with new sidechains like Coreum and Root Network offering developers more programmability for exploring security tokenization and metaverse applications. The EVM sidechain and XLS-38d bridge also saw further iterations, with developers now testing transfers between Issued Currencies and ERC-20s, among other features.

Despite these advancements, the XRPL’s ecosystem still lacks native support for smart contracts, a feature present in programmable settlement networks like Ethereum, Cardano, and Solana. However, the XRPL’s design choice to not enable arbitrary smart contracts on the base layer is a deliberate move to ensure maximum security and stability.

Multiple sidechains for the XRPL are either in development or have recently launched, in line with the platform’s vision of minimized Layer 1 complexity. These sidechains are set to provide increased programmability for both general and specific use cases, further expanding the XRPL’s capabilities.

In conclusion, the XRPL saw growth and drop in Q2 2023. Despite declines in network activity and market valuation, the platform witnessed an increase in NFT transactions and continuing development of sidechains. 

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Ripple Labs Inc Floats CBDC Innovate Challenge

by Blockchain News

Digital currency payments company Ripple Labs Inc has announced a new hackathon dubbed the CBDC Innovate Challenge for developers who can build XRP Ledger-powered payment solutions bordering on Central Bank Digital Currency technology. 

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With a star prize of about $150,000 at stake, the company, known for its cross-border payment solutions, said submissions will have to focus on use cases and interoperability around CBDCs.

It is not something new that CBDCs are becoming mainstream, with about 9 in 10 Central Banks around the world currently exploring these new forms of money, according to a BIS study. In the next couple of years, there will be so many CBDCs around that getting them to interoperate with one another will be a major requirement for international trade and transactions.

The Ripple CBDC Innovate Challenge is poised to put an insight into creative solutions that could help these new forms of money operate better. As announced by the company, developers who wish to participate will have to focus on interoperability solutions, retail-facing, and financial inclusion innovations.

As far as interoperability is concerned, the participants will need to focus on systems by which CBDCs can bridge with one another, as well as a suitable wallet that can hold multiple CBDCs. The solutions that will be designed should have a proper focus on retail users and at the same time, brandish creative solutions that can aid proper financial inclusions such as P2P lending amongst others.

As a major player in the blockchain payments world, Ripple Labs is being contacted by several governments, including Palau and Bhutan, to help in developing sustainable CBDC solutions. Whether or not it plans to integrate the winning solutions from this challenge, Ripple is on track to benefit from the broad-based insights that will be shared through the submissions.

Submission is billed for September 8 through October 31. Pitch demo judging is scheduled for November 1 to November 4, while the announcement of winners will be conducted from November 16 to 18th respectively.

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Australia’s Novatti Group to Launch Stablecoin on the XRP Ledger

by Blockchain News

More legacy software and fintech firms are gradually entering the digital currency and payments world with the latest being publicly listed Novatti Group.

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The company announced it will be integrating its new stablecoin, AUDC with the XRP Ledger following a partnership with blockchain payments firm, Ripple Labs Inc.

The new stablecoin will be backed on a ratio of 1:1 with the Australian Dollar and can be used for payment with merchants across Australia. The embrace of the new payment model will broaden Novatti Group’s offerings to its client and customers.

“Novatti is in the business of finding innovative ways for our clients to pay and be paid. Following on from the success of utilising the digital asset XRP for cross-border payments from Australia to the Philippines last year, we once again looked to the XRP Ledger to issue Novatti’s new stablecoin, AUDC. This really highlights the value of our global payments ecosystem, which can be readily replicated and expanded to capture new and innovative opportunities to best serve our clients,” said Novatti Managing Director Peter Cook.

 

Besides the XRP Ledger, the AUDC will also be deployed on Stellar Network, re-establishing its goal of driving innovative cross-border solutions across the board. The company also considers its AUDC push as an avenue to generate extra revenue, highlighting how crucial the blockchain payment ecosystem can be in generating extra income sources.

 

“We strongly believe that demand for the use of digital currencies will only increase going forward. Deploying our AUDC stablecoin on the XRP Ledger will help Novatti capture this growing demand and, in turn, position us to deliver new revenue streams.”

 

The clamor on the frailty of stablecoins drawing on the collapse of UST is not deterring the embrace of the crypto tokens which may largely aid cross-border transactions. With Novatti Group’s AUDC, the company is billed to extend its footprint as a stablecoin pioneer in Australia.

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Ripple Forms Partnership To Explore New Digital Currency and Additional Use Cases for XRP Ledger

by Dailyhodl

San Francisco-based software company Ripple is partnering with the Republic of Palau to develop a government-backed stablecoin and ease cross-border money transfers.

Ripple says that the partnership with the western Pacific country will focus on “developing strategies for cross-border payments and a USD-backed digital currency for Palau” on the XRP Ledger (XRPL).

Republic of Palau’s President Surangel Whipps Jr. says that the western Pacific country’s partnership with Ripple will enhance financial access for citizens.

“As part of our commitment to lead in financial innovation and technologies, we are delighted to partner with Ripple. The first phase of the partnership will focus on a cross-border payments strategy and exploring options to create a national digital currency, providing the citizens of Palau with greater financial access.”

The payments firm says that the government-backed national stablecoin could be implemented in the first six months of 2022. According to Ripple, the Republic of Palau-backed stablecoin could be a “viable alternative to central bank digital currencies (CBDCs)”.

Ripple says the Republic of Palau chose the XRP Ledger due to its efficiency and environmental friendliness.

“As an established leader in the global climate debate, Palau chose Ripple because of its extensive experience in blockchain and building global payment systems, and the XRP Ledger because it’s carbon-neutral and 120,000x more energy-efficient than proof-of-work blockchains. What’s more, the XRPL provides significant benefits such as scalability, speed and low cost.”

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Disclaimer: Opinions expressed at The Daily Hodl are not investment advice. Investors should do their due diligence before making any high-risk investments in Bitcoin, cryptocurrency or digital assets. Please be advised that your transfers and trades are at your own risk, and any loses you may incur are your responsibility. The Daily Hodl does not recommend the buying or selling of any cryptocurrencies or digital assets, nor is The Daily Hodl an investment advisor. Please note that The Daily Hodl participates in affiliate marketing.

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Ripple Partners With Republic Of Palau To Develop National Digital Currency

by NEWSBTC

Digital payment network Ripple has partnered with the Republic of Palau to develop its own digital currency. The payment network is still on a mission to dominate the global payments industry. That is, despite the issues it is dealing with in the U.S.

Related Reading | SEC Takes Blow In Action Against Ripple, Will It Impact XRP Price?

Like El Salvador, the country does not have its own fiat currency or even a Central Bank. Its legal tender, instead, is the U.S. dollar. The partnership with Ripple will focus on developing a USD-backed digital currency, more like a stablecoin rather than a central bank digital currency (CBDC). This currency would help facilitate cross-border payments for the nation.

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Ripple Develops First-Ever Government-Backed National Stablecoin

According to a Tuesday announcement by Ripple, the partnership will focus on developing strategies for cross-border payments. The implementation of this plan means that Palau would have the world’s first government-backed national stablecoin.

Related Reading | XRP Builds Momentum With 7% Increase As Ripple Launches New ODL Partnership

Ripple, with its experience in building global payment systems, plans to implement the national stablecoin in the first half of 2022. And also provide Palau with technical, business, design, and policy support.

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Palau’s President Surangel Whipps Jr. expressed pleasure about the partnership with Ripple to advance financial innovation and technology in the country. He also acknowledges the potential of blockchain technology in transforming the country’s economy.

“The first phase of the partnership will focus on a cross-border payments strategy and exploring options to create a national digital currency, providing the citizens of Palau with greater financial access.”

Palau chose to create its digital currency on  XRP Ledger (XRPL) as an alternative to central bank digital currencies (CBDCs). Being carbon-neutral and 120,000x more energy-efficient than proof-of-work blockchains is an added advantage. Additionally, the XRPL provides other benefits like scalability, speed, and low cost.

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“We are excited to be working with Palau to achieve its financial and climate-related goals,” said James Wallis, VP of Central Bank Engagements at Ripple. “We have a wonderful opportunity to bring together our technology and experience with the unique characteristics of Palau to make a real economic and social impact for the country.”

This partnership is ideal, given both parties’ concerns for climate and the environment.

Ripple’s Carbon Net-Zero Goal

Last year, the leading provider of enterprise blockchain solutions for payments committed to carbon neutrality by 2030.

Subsequently, Ripple co-created EW Zero, a tool to ensure sustainability in the blockchain industry. And the XRP Ledger Foundation was the first to use this tool.

About two months ago, the company also partnered with Bhutan, the only carbon-negative country in the world, to develop its CBDC.

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Ripple Reports Massive Sales Growth in Q3 Riding on Crypto Price Surge

by Blockchain News

Blockchain payments firm, Ripple Labs Inc has announced its sales record for the fiscal third quarter, in a bid to voluntarily provide transparency to its broad community around the world.

According to the firm, the total XRP sales by Ripple, net of purchases, came in at $491.74 million as against $157.92 million it recorded in the previous quarter.

While the firm said it did not conduct any programmatic sales in the third quarter, it noted a massive decline in global XRP sales volume which came in at $189.53 billion, as against the $408.80 billion reported in the second quarter. The declined sales volume can largely be attributed to the incessant regulatory clampdown on digital currencies, which also affected other prominent coins including Bitcoin (BTC), and Ethereum (ETH).

Ecosystem Updates

Ripple also unveiled key updates across its broad ecosystem. The XRP Ledger protocol has decentralized finance and smart contract capabilities that are fueling the rise of decentralized exchanges, and Non-Fungible Tokens (NFTs). While Ethereum continues to lead the DeFi and NFT revolution through the legacy protocols built on it, Ripple says the XRP Ledger, as well as other networks including Solana, Terra, and Avalanche, are also growing their influence.

Ripple also provided an update on its ongoing legal brawl with the United States Securities and Exchange Commission (SEC) which it says has now advanced into the expert discovery phase.

“Last quarter, Ripple hit a milestone with the conclusion of the fact discovery phase on August 31 – the formal process of exchanging information, including exchanging documents and taking testimony, relevant to the case. The case is currently in the expert discovery phase, where each side exchanges expert reports opining on various aspects of the case,” the report reads.

The current phase is billed to end by January 2022, and Ripple says it will continue to fight for a speedy resolution of the conflict. Other high points of the report include the Central Bank Digital Currency (CBDC) partnership with the Royal Monetary Authority of Bhutan, its Federated Sidechains solutions designed for developers, and the customary release of a total of 3 billion XRP tokens from escrow for the three months of the quarter.

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Ripple Development Team Rolls Out Preview of Massive XRP Ledger Upgrade

by Dailyhodl

Ripple’s development team is launching an engineering preview for a massive upgrade to the XRP Ledger (XRPL).

The upgrade, first announced in June, will enable “federated sidechains.” Ripple says these sidechains could unleash decentralized finance (DeFi) and smart contracts across the broader XRP ecosystem without decreasing XRPL’s efficiency.

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The engineering preview lets developers view and comment on the technology, as well as experiment with it, according to an announcement from RippleX, the company’s investment and development arm.

David Schwartz, Ripple’s chief technology officer, tells his 281,200 Twitter followers that sidechains will expand the use cases of the XRPL.

“Sidechains make it easy for developers to customize the chain for their use cases, such as private networks, securities trading, DeFi…

Speaking of DeFi, bringing Ethereum smart contracts to the XRPL could lower the barriers to entry for developers to build powerful DeFi apps with cross-chain interoperability.

And we’re working on an Ethereum Virtual Machine (EVM) sidechain! Between Ethereum smart contracts, Hooks and Smart Transactors, XRPL developers will be able to build whatever they want.”

Features that are successful on sidechains may eventually be adopted by the XRPL mainnet, according to RippleX.

The sidechains would be connected to the XRPL by “federators,” which are pieces of software run by parties who operate validators on at least one sidechain, as Schwartz has previously explained via blog post. The sidechains would operate like they were their own blockchains, but XRP and issued tokens could move between them and the XRPL.

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Disclaimer: Opinions expressed at The Daily Hodl are not investment advice. Investors should do their due diligence before making any high-risk investments in Bitcoin, cryptocurrency or digital assets. Please be advised that your transfers and trades are at your own risk, and any loses you may incur are your responsibility. The Daily Hodl does not recommend the buying or selling of any cryptocurrencies or digital assets, nor is The Daily Hodl an investment advisor. Please note that The Daily Hodl participates in affiliate marketing.

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Ripple Floats $250M Fund to Power NFT Creativity on the XRP Ledger

by Blockchain News

Blockchain payments firm Ripple Labs Inc has launched a $250 million fund designated to help power the growth and development of Non-Fungible Tokens (NFTs).

As announced by Ripple, the fund, dubbed the Ripple Creator Fund, will help all creators, brands, and marketplaces explore new use cases for NFTs on the XRPL, leveraging its inherent advantages of speed and cost and sustainability. 

According to Ripple, the most popular use cases of NFTs, including the digital arts and collectables, are just the tip of the iceberg in the huge potential of the technology behind the technology. Citing the improved user-experience design of the XRP Ledger, Ripple says it is confident it has the right infrastructure to help all creators harness the enormous potentials of NFTs.

“The Creator Fund can help accelerate this adoption by attracting a broader community of creators to participate in and benefit from NFTs. Digital art and collectables are only the tips of the NFT iceberg—with the support of the Creator Fund and the power of the XRP Ledger as a premier platform for minting and managing NFTs, creators and developers can continue to explore utility in NFTs through use cases such as asset ownership and interactive experiences that will help bring about this tokenized future,” Ripple said in the announcement.

NFTs are gradually becoming mainstream, with multinational brands making their way into rolling out collectables resident in the NFT metaverse. Amongst the famous brands with NFT collections include Marvel Studios, Time Magazine, and Dolce & Gabbana. The broad acceptance of Non-Fungible Tokens has also led to the emergence of such marketplaces as OpenSea and Rarible.

Drawing on the energy-saving capabilities of the XRP Ledger, Ripple said the Creator Fund is targeted at supporting all of these major stakeholders, a move that will further be actualized by the unique partnerships it is currently securing.

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