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

by Giorgi Kostiuk

a year 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

Ninth Circuit Court Rules in Favor of Perplexity's AI Shopping Tools

A federal appeals court has ruled in favor of Perplexity, allowing its AI shopping tools to operate on Amazon, overturning a preliminary injunction that blocked them.

Rajesh Kumar5 hours ago

SanDisk Stock Reclaims 1,400 Level Amid Bullish Predictions

SanDisk stock has reclaimed the 1,400 level, closing at 1,427 after a low of 998 during the July crash, attracting bullish predictions from Wall Street.

Miguel Rodriguez10 hours ago

China's New Digital Payment System Aims to Challenge US Dollar

China is developing a digital payment infrastructure to facilitate cross-border trade without relying on the US dollar, aiming for dedollarization and financial sovereignty.

Luis Flores14 hours ago

Emergence of New Luddite Movement Against AI Data Centers

Tennessee state Rep Justin Pearson has emerged as a leading voice in the New Luddite movement, advocating for moratoriums on data centers and stricter oversight of AI technology.