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Ripple Enters DeFi: Unveils XRP Lending Protocol
The post Ripple Enters DeFi: Unveils XRP Lending Protocol appeared on BitcoinEthereumNews.com. Ripple is leading an initiative to bolster the XRP Ledger’s (XRPL) decentralized finance (DeFi) capabilities with an on-chain lending protocol. The proposal, labeled 0066 XLS—66d, aims to establish a censorship-resistant DeFi ecosystem within the network. It is currently open for public scrutiny on GitHub. New Lending Protocol on XRP Ledger Ripple unveiled the proposal for a native lending protocol on the XRPL. This protocol is poised to enhance XRPL’s interaction with the DeFi ecosystem, marking a significant step towards improved financial inclusivity and transparency. The proposed protocol introduces a direct lending and borrowing mechanism that prioritizes flexibility and reusability. Notably, the protocol allows participants to contribute fungible tokens such as XRP, wBTC, and wETH to a lending pool to earn interest. The platform would also allow loan terms to be negotiated off-chain and then securely recorded on-chain. This streamlined process would facilitate user engagement and ensure transparency and security. “The Lending Protocol enables fixed-term loans with pre-set terms for interest-accruing loans. It bypasses the need for collateral by using off-chain underwriting, risk management, and a first-loss capital protection scheme in case of default,” RippleX added. Read more: Top 6 DeFi Lending Platforms Notably, blockchain developers stand to gain significantly from this proposal, as “its modular design and extensibility make it easy to build and integrate lending decentralized applications on the XRPL.” This innovation promises diverse practical applications, further enriching the XRPL ecosystem. While the proposal undergoes review and refinement, there is optimism regarding its potential impact on the XRP. Ripple CTO David Schwartz said it could introduce a new utility layer without deterring traditional finance entities from its use. “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 transparent financial services,”…
The post Ripple Enters DeFi: Unveils XRP Lending Protocol appeared on BitcoinEthereumNews.com.
Ripple is leading an initiative to bolster the XRP Ledger’s (XRPL) decentralized finance (DeFi) capabilities with an on-chain lending protocol. The proposal, labeled 0066 XLS—66d, aims to establish a censorship-resistant DeFi ecosystem within the network. It is currently open for public scrutiny on GitHub. New Lending Protocol on XRP Ledger Ripple unveiled the proposal for a native lending protocol on the XRPL. This protocol is poised to enhance XRPL’s interaction with the DeFi ecosystem, marking a significant step towards improved financial inclusivity and transparency. The proposed protocol introduces a direct lending and borrowing mechanism that prioritizes flexibility and reusability. Notably, the protocol allows participants to contribute fungible tokens such as XRP, wBTC, and wETH to a lending pool to earn interest. The platform would also allow loan terms to be negotiated off-chain and then securely recorded on-chain. This streamlined process would facilitate user engagement and ensure transparency and security. “The Lending Protocol enables fixed-term loans with pre-set terms for interest-accruing loans. It bypasses the need for collateral by using off-chain underwriting, risk management, and a first-loss capital protection scheme in case of default,” RippleX added. Read more: Top 6 DeFi Lending Platforms Notably, blockchain developers stand to gain significantly from this proposal, as “its modular design and extensibility make it easy to build and integrate lending decentralized applications on the XRPL.” This innovation promises diverse practical applications, further enriching the XRPL ecosystem. While the proposal undergoes review and refinement, there is optimism regarding its potential impact on the XRP. Ripple CTO David Schwartz said it could introduce a new utility layer without deterring traditional finance entities from its use. “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 transparent financial services,”…
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