DeFi
Ripple reveals its DeFi roadmap for XRP Ledger
At Consensus 2024, crypto company Ripple revealed its roadmap for institutional DeFi on the XRP Ledger (XRPL), introducing Oracles and Multi-Purpose Tokens (MPT), which will be released during the year in progress.
At the same time, Ripple CEO Brad Garlinghouse said that launching new ETFs on XRP or Solana or Cardano was only a matter of time.
Ripple: the crypto company and institutional DeFi of XRP Ledger at Consensus 2024
Ripplethe crypto company behind the seventh largest crypto by market capitalization XRP, revealed the roadmap for institutional DeFi of XRP Ledger (XRPL)during Consensus 2024, in Texas.
According to his blog postThe ripple is making its blockchain designed for businesses, XRPL, increasingly robust, secure and efficient, in order to make one key platform for institutional DeFi.
To achieve this goal, the crypto company has outlined the key points of its roadmap, only two of which will be released this current year.
It’s the release in the second quarter of 2024 of Oracles, the component that enables the integration of real-world data into the blockchain. These Oracles will enable a wide range of use cases, from price feeds to event data, making them an essential tool for institutional DeFi.
During the third quarter of 2024, the Multi-Purpose Token (MPT) will also be launchedwhich introduces a new level of flexibility and functionality for tokenized assets on XRPL.
Multi-stakeholder tokens (MPT) will enable the creation of complex token structures that can represent a variety of assets and rights, using metadata. This innovation will be particularly valuable for institutions that want to tokenize and manage portfolios of different assets, ensuring effective lifecycle management of digital assets.
These two new innovations build on features and developments already existing on XRPL, such as AMM integration liveDONE currently in the voting phaseand XRPL’s native lending protocol in the technical design proposal phase.
Ripple: from institutional DeFi to the launch of ETFs on XRP and other crypto
Still at Consensus 2024, it seems that the CEO of Ripple, Brad Garlinghouse, spoke about probable launch of new ETFs on XRP and other crypto.
More specifically, Garlinghouse reportedly said the following:
“I think it’s just a matter of time, and it’s inevitable that there will be an XRP ETF, a Solana ETF (SOL), a Cardano ETF (ADA), and that’s fantastic”
This forecast comes after the success of spot Bitcoin ETFs, approved at the beginning of the year, and the spot Ethereum ETFs, recently approved. In particular, the launch of the Ethereum spot ETF also guarantees the regulatory confirmation that ETH is not a security.
Since crypto exchange-traded fund approvals are handled by the United States Securities and Exchange Commission, Garlinghouse didn’t miss the opportunity to also talk about the SEC.
On this subject, here is what he would have said:
“Gary Gensler, Chairman of the SEC, was called to Congress and when asked if ETH was a security, he did not answer the question. Still, he insists the rules are very clear and do not need to be updated. »
The latest news from the never-ending Ripple vs. SEC battle
Despite the partial victory of Ripple in July 2023, in the interminable lawsuit brought by the US SEC which lasted for years, it seems that the situation is not over yet.
In fact, recently, Ripple filed a new request on May 29, rejecting the SEC’s assertions that it had suppressed the price of XRP through over-the-counter (OTC) token sales.
“#XRPCommunity #SECGov vs #Ripple #XRP @Ripple filed a response letter to further support its motion to seal documents related to the @SECGov lawsuit and request for judgment and appeal”
In practice, Ripple no longer conducts bullish XRP OTC trades. Instead, the company sells XRP to its customers through its ODL (On-Demand Liquidity) productwhich does not offer discounted prices like Bear OTC operations.
Here is how the document states:
“Ripple’s current sales of XRP to customers for use in connection with Ripple’s ODL product do not include any of the relevant terms of OTC contracts, such as discounts offered to sophisticated counterparties.”