Ripple’s game-changing lending protocol revealed: XRP goes DeFi

• Ripple pioneers DeFi innovations by introducing a new protocol for lending on the XRP Ledger aimed to improve. financial Transparency and inclusivity are key to a healthy society.
• The protocol provides direct lending and borrow with tokens including XRP (equivalent to wBTC), wETH and wBTC. A modular design helps developers create new dApps.

Ripple makes a significant stride Decentralized Finance (DeFi), with the new lending protocol introduced on the XRP Ledger aimed to boost the economy, is now possible. financial Transparency and inclusivity are key to a healthy society. Dubbed proposal 0066 XLS—66dThe public can now review this project, according to the GitHub page.

Expansion into DeFi

Ripple’s move into DeFi This is distinguished by the introduction of a unique lending protocol to the XRP Ledger. This protocol is known as “0066 XLS—66d,” It is intended to create an ecosystem resistant to censorship that encourages financial Transparency and inclusivity are key to a healthy society.

This protocol, as revealed by a CNF YouTube Video, allows direct lending and lending. Users can contribute tokens like XRP and wBTC to a pool of lending funds and earn interest. The protocol is flexible and reusable, and allows for both off-chain negotiations and on-chain recordings of loan terms. This enhances user engagement and increases security. Watch the video below: CNF YouTube Video.

The latest in lending and borrowing features

RippleX highlights its modular design which makes it an ideal tool for developers who wish to build lending decentralized apps (dApps). David Schwartz shared via his X Account his excitement about the potential of the protocol to add a utility layer to the XRPL. This would complement its native DEX and enhance the XRPL. financial Accessibility, transparency, and efficiency of services. Check Schwartz’s tweet.

Very excited to see the XRP Ledger Native Lending Protocol proposal up for review and feedback – if passed, this could bring new utility to the XRPL. Together with the native DEX, this lending protocol forms a critical pillar in enabling more accessible, efficient, and… https://t.co/jgv4iRuPwR

— David “JoelKatz” Schwartz (@JoelKatz) April 12, 2024

Ripple’s entry into DeFi, as further highlighted in today’s tweet, emphasizes innovation in loan practices and easy integration. This could revolutionize how loans are made. financial The XRPL is used to deliver services.

🚀 #Ripple DeFi is making progress with its Native Lending Protocol on the #XRP Ledger! This groundbreaking proposal, labeled 0066 XLS—66d, aims to establish a censorship-resistant ecosystem within XRP, fostering financial Inclusion and transparency. 🚀… pic.twitter.com/IQFZ2oymnE

— Marcel Knobloch aka Collin Brown (@CollinBrownXRP) April 15, 2024

Developers can easily integrate the lending protocol into different platforms because of its modular design. The XRPL is enhanced by this design, which simplifies development and integrates seamlessly with the native DEX.

Ripple has been working to improve its ecosystem and this protocol was part of that effort. Automated Market Maker (AMM) The plans include pools, and a stablecoin backed up by US dollars. Ripple is committed to its ongoing mission of revolutionizing financial systems. financial landscape.

Does Price Return to $1?

With Ripple’s groundbreaking entry into DeFiThere is growing speculation as to whether the XRP can return to its $1 price. The current value of the XRP market is $0.508With a recent rise of 3.69% In the last day, there was a slight decrease in 13.93% In the last week. The market may be responding to Ripple’s latest innovations, and this trend could indicate future growth.

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