XRPL Community Dismisses 'Custodial DeFi', Calls for New Solutions

by Giorgi Kostiuk

9 months ago

Experts highlighted the dangers of 'custodial DeFi' for XRP and called for new approaches in financial technology.

XRPL Innovators Sound the Alarm

Among the voices raising concerns is @Vet_X0, founder of an XRPL-based NFT marketplace and operator of a dUNL validating node. He stressed that XRP holders should avoid 'custodial DeFi'.

We can't put our XRP in custodial XRPL DeFi hyped by influencers. Instead... Our purpose is to reinvent the foundation on which global finance is built.Vet

Concerns from Flare Founder

Hugo Philion, CEO of Flare, agreed with @Vet_X0, emphasizing that projects in the XRP ecosystem might be too centralized. He noted that some of these projects are essentially 'Celsius 2.0'.

Some of the projects I’m seeing launch around XRP are taking immense shortcuts. If the protocol you are using isn’t built with decentralization, it’s essentially Celsius 2.0

Future for XRPL DeFi

The XRPL ecosystem is actively developing with smart contracts and oracles, facilitating DeFi growth on the platform. This opens new opportunities for innovations in financial technology.

The XRPL community and experts continue to discuss new approaches to decentralization, emphasizing the importance of sustainable technology development.

Rewards

More rewards

Discover enhanced rewards on our social media.

Other news

Large Wallet Activity and Exchange Supply Drop

Wallets holding between 10,000 and 100,000 ETH now control over 21 million tokens, indicating increased accumulation. Addresses with over 100,000 ETH have increased their holdings, while tokens on exchanges are decreasing. This trend may indicate a bullish sentiment among large investors ahead of the next rally.

Kofi Adjeman10 minutes ago

Ethereum Surges Above Key Support Level

Ethereum has bounced back from a critical support level, trading above $3,000 after recovering from the $2,600-$2,700 zone. ETH has increased by 4% in the past 24 hours, breaking above its RSI downtrend for the first time since October.

Tando Nkube10 minutes ago

IPO Genie Demonstrates Stable Growth and Clear Bonus Structure

IPO Genie showcases a stable growth pattern and a transparent crypto bonus model.

Diego Alvarez24 minutes ago

Sui Introduces Innovative Parallel Processing for Speed

Sui is making waves in the blockchain community with its innovative parallel processing architecture, which significantly enhances transaction speed and responsiveness.