David Schwartz, Ripple‘s CTO, shared his thoughts on the latest proposition for a native lending protocol on XRP Ledger. His perspective holds significant weight as he was among the team that initially developed this digital ledger system.
Ripple CTO excited about lending protocol prospect
Schwartz endorsed the proposition put forth by developers Aanchal Malhotra, who is also the head of research at RippleX, and Vito Tumas. He advocated for its consideration and invited comments. If accepted, this plan would bring additional functionality to XRP Ledger according to Schwartz’s tweet.
According to Schwartz, implementing the suggested lending protocol in a native decentralized exchange (DEX) would significantly contribute to providing “more accessible, efficiently functioning, and transparent financial services,” which he believes is essential.
New XRPL lending proposal
RippleX shared a sequence of tweets outlining a plan for creating a native lending platform on the XRP Ledger through a proposal. This initiative aims to enhance the ledger’s functionality in supporting Decentralized Finance (DeFi) applications.
With the introduction of the new protocol, users will have the ability to lend and borrow assets among themselves, increasing financial accessibility and enhancing transparency without requiring intermediaries. The primary emphasis of this protocol lies in flexibility and adaptability. Additionally, it empowers users to convert their assets into digital tokens.
Individuals can deposit interchangeable tokens such as XRP, wBTC, wETH, among others, into a lending pool to generate returns. The loan conditions are set between borrowers and pool representatives outside of the blockchain network, and subsequently documented on the blockchain.
This proposition is advantageous for developers too, as it simplifies the process of creating and connecting lending decentralized apps on XRPL, thereby expanding the possibilities for various use cases.
Ripple CTO comments on Ripple’s anti-scam video
This week, Schwartz made a comment on Garlinghouse’s recently released video from Ripple. This statement served as Ripple’s reaction against the numerous fraudulent XRP handouts and schemes that have proliferated on social media in recent years.
Schwartz made a casual, humorous remark about the “hair” joke in the video from Garlinghouse. Other than that, Schwartz clarified that there are no legitimate XRP airdrops from scammers, and Ripple will never request users to transfer their XRP tokens. Additionally, Garlinghouse confirmed that Ripple is taking action against such scams.
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2024-04-13 13:45