DeFi and NFT on XRPL will change the entire 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 different levels of progress. Therefore, it is likely that the XRP ledger may soon receive new features to enable DeFi and NFTs. Currently, the XRPL validator is considering the XLS-20 proposal, which will allow 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 ledger performance and prevents congestion at scale. XLS-20 can significantly simplify the NFT creation process for developers with built-in functions such as auctioning and coining.
When the XRPL community adopts this XLS-20 (the proposed NFT protocol), it will be faster to complete NFT transactions on XRPL. It will also be cheaper to buy, sell or create NFTs. Ripple developers launched an NFT network in January to facilitate support for NFTs on the XRP ledger.
The XLS-30d proposal
The July 2022 XLS-30d proposal proposes the introduction of a non-custodial automated market maker (AMM) as a feature on the decentralized XRPL exchange (DEX). The objective is to maximize returns for AMM liquidity providers and reduce risk losses caused by volatility. Thus you create better DeFi functionality on XRPL.
One of the XRPL developers, Wo Jake, revealed that the proposal for the AMM change as a pr is available on Ripple’s codebase. Ripple’s Vice President, Corporate Operations and Strategy, Emi Yoshikawa, tweeted the timeline 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 would be available by Q4 2022 after incorporating community feedback.
🚨ANNOUNCEMENT🚨
We are very pleased to announce our collaboration with @realsupermojo to enable credit card payments and leverage their custody solution through ours #XRPL NFT marketplace.
Accessibility is the key to mass adoption. Fiat payments for #NFTs activate it.#XLS20 #XRP
— onXRP.com (@onXRPdotcom) 7 September 2022
Explaining the importance of the proposed AMM (XLS30d), Yoshikawa said: “there has been a DEX running on the XRP ledger since 2012. But it is in an order book (CLOB) format.” “Adding an AMM based on a future change will strengthen CLOB DEX and significantly improve liquidity.”
Temenos and Bhawan Cybertek (BCT) collaborate
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 countries, particularly India, Nepal and Sri Lanka. In addition to helping Temenos deepen its local expertise and expand its market coverage. BCT will also market, use and support Temenos’ products and services in these nations.
BCT’s CEO and co-founder, S Durgaprasad, said the partnership would enhance 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 the deal would enable Temenos to leverage BCT’s expertise in the local market to access new business opportunities in these geographic regions, facilitating the company’s growth.
