DeFi and NFT on the XRPL will change the whole ecosystem
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- XRP ledger receives new features for NFT and DeFi.
- Ripple operator Temenos is partnering with Bhawan Cybertek to expand its presence in India, Sri Lanka and neighboring countries.
XLS30d (proposed automated market maker) and XLS-20 are at different stages of development. For this reason, it is likely that the XRP ledger may soon receive new features that enable DeFi and NFT. Currently, the XRPL validator is considering the XLS-20 proposal, which would 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 accounting performance and prevents large-scale congestion. XLS-20 can significantly simplify the NFT creation process for developers with built-in features such as auction and minting.
When the XRPL community implements this XLS-20 (the proposed NFT protocol), it will be faster to conduct NFT transactions on XRPL. Additionally, buying, selling, or manufacturing NFTs is cheaper. Ripple’s developers launched the NFT developer in January to facilitate support for NFTs on the XRP ledger.
The July 2022 XLS-30d proposal proposes the introduction of a non-custodial automated market maker (AMM) as a feature of the XRPL decentralized exchange (DEX). The goal is to maximize the return of AMM’s liquidity suppliers and reduce risk losses caused by volatility. This is how to create a better DeFi function on XRPL.
One of the XRPL developers, Wo Jake, revealed that the proposed AMM change as a pr version is available in the Ripple codebase. Emi Yoshikawa, Ripple’s Director of Business and Strategy, tweeted the completion schedule for the AMM (XLS30d) proposal. According to him, the AMM devnet release should be available in the next few weeks. The Ripple executive added that a proposed change would be available by the last quarter of 2022, after community feedback has been taken into account.
— onXRP.com (@onXRPdotcom) September 7, 2022
Yoshikawa explained the importance of the proposed AMM (XLS30d), saying, “The XRP ledger has had a DEX ledger running since 2012. But it is in the form of an order book (CLOB).” “Adding AMM to the upcoming change would strengthen the CLOB DEX and improve liquidity significantly.”
Temenos and Bhawan Cybertek (BCT) collaborate
Meanwhile, Ripple’s partner Temenos has signed an exclusive strategic agreement with digital transformation company Bahwan Cybertek (BCT) to expand its presence in Bhutan and its neighboring countries, particularly India, Nepal and Sri Lanka. In addition to helping Temenos deepen its local expertise and expand its market area. BCT will also market, utilize and support Temenos’ products and services in these countries.
BCT Group CEO and Founder S Durgaprasad said the partnership will enhance BTC’s visibility and network in the banking industry. With the agreement, Temenos will achieve faster business growth in the aforementioned countries. Temenos CEO Erich Gerber said the deal allows Temenos to leverage BCT’s expertise in local markets to capture new business opportunities in these geographies, facilitating the company’s growth.