• Dapps:16.23K
  • Blockchains:78
  • Active users:66.47M
  • 30d volume:$303.26B
  • 30d transactions:$879.24M

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

user avatar

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.

0

Rewards

chest
chest
chest
chest

More rewards

Discover enhanced rewards on our social media.

chest

Other news

Charles Hoskinson Prioritizes Midnight for Cardano's Future

chest

Cardano founder Charles Hoskinson emphasizes the importance of the Midnight project for the ecosystem's growth.

user avatarRajesh Kumar

Japan's Major Asset Managers Prepare for Cryptocurrency Investment Trusts

chest

Japan's asset management industry is preparing for the introduction of the country's first cryptocurrency-based investment trusts, with major firms planning these products as regulatory reforms advance.

user avatarLuis Flores

Pharos Foundation Launches to Support RealFi and Open Finance

chest

The Pharos Foundation has been established to oversee the RealFi and open finance ecosystem, aiming to bring institutional-grade assets to a broader audience.

user avatarMiguel Rodriguez

India's VDA Review Focuses on Core Regulatory Challenges

chest

The ongoing review of India's virtual digital asset (VDA) framework focuses on core challenges like investor protection, market integrity, and taxation issues.

user avatarArif Mukhtar

Pumpfun Transfers Over $436 Million to Kraken Following Market Crash

chest

Pumpfun has transferred over $436 million in USDC to Kraken since mid-October, following a significant market crash.

user avatarDavid Robinson

Pumpfun's Monthly Revenue Declines Significantly After Market Crash

chest

Pumpfun's monthly revenue fell to $273 million in November, marking a 53% decline from September's $589 million, raising concerns about the platform's future in the memecoin market.

user avatarMaria Gutierrez

Important disclaimer: The information presented on the Dapp.Expert portal is intended solely for informational purposes and does not constitute an investment recommendation or a guide to action in the field of cryptocurrencies. The Dapp.Expert team is not responsible for any potential losses or missed profits associated with the use of materials published on the site. Before making investment decisions in cryptocurrencies, we recommend consulting a qualified financial advisor.