Despite the ongoing lawsuit, Ripple has been making waves in crypto news
Despite the ongoing SEC and Ripple Labs lawsuit and the market experiencing a drop, Ripple has been making waves in crypto news. On an episode of the Thinking Crypto podcast, RippleX General Manager Monica Long talked to Tony Edward about Ripple’s recent performance, multi-chain development, and XRP Ledger technology.
RippleX exec: ODL is a killer value proposition to Ripple Net
Calling ODL the “killer value proposition to Ripple Net,” Long explained. “So you know, ODL’s been in the market for a few years now, and Q3 was, you know, the most outstanding…And the volume through ODL grew – so if you compare Q3 2021 to Q3 2020, it grew 25 times and more than 130%, quarter over quarter.”
“And now it’s available in more than 20 countries, some of the big ones being US, Mexico, Philippines, Japan, Australia..”
Long also confirmed that customers do not have to hold XRP, as the asset is obtained from an exchange partner – or Ripple. This is one of two models available. Moderators also remind listeners that this feature will cut exchange fees and speed up the process.
Diving into the XRP ecosystem Long reiterated her belief that the future will be multi-chain. Coming to NFTs, Long shared her complaints about Ethereum’s high gas fees and pointed out that the XRP Ledger has transaction fees that were a fraction of a penny.
To support NFT minting on the XRP Ledger, Long talked about the XLS-20 standard proposed earlier in 2021. “So it’s going to be up to the amendment process. That kind of the beautiful thing about these blockchains is they’re decentralized and open. But it means, you know, it’s a timeline that’s in the hands of the community, really”, noting that community feedback was great and that validators needed to vote on it later, Long said.
Speaking of other RippleX projects, Long reminded viewers about EVM sidechains for Ethereum smart contracts, federated sidechains that developers can preview, and Automated Market Making (AMM). Coming to Ripple’s partnership with Bhutan’s Royal Monetary Authority for a CBDC pilot, Long said that sustainability was a selling point for the technology. She also stressed interoperability between international CBDC ledgers.
Furthermore, Long noted that there had been many conversations with central banks around the world and hinted there could be news about future customers soon. It’s worth noting that Ripple partnered with the Digital Pound Foundation to support the UK’s CBDC development.
— Susan Friedman (@ss_friedman) October 14, 2021
“The CBDC solution is carbon-neutral and, because it’s based on the public XRP Ledger, is 120,000x more energy-efficient than proof-of-work blockchains”, he stated.
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