• 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

10 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

La Culex CULEX Emerges as a Meme Challenger

chest

La Culex CULEX is rapidly gaining recognition in the meme coin market, thanks to its quirky mascot and engaging community-driven campaigns.

user avatarTenzin Dorje

Stellar XLM Powers Global Transfers with Accessibility

chest

Stellar XLM is focused on providing fast and low-cost global transfers, enhancing financial inclusion and bridging traditional finance with blockchain technology.

user avatarAisha Farooq

PEPE and BONK Show Mixed Performance Amid Market Shifts

chest

PEPE and BONK show mixed performance with PEPE declining by 7.71% and BONK rising by 5.17% amid market fluctuations.

user avatarBayarjavkhlan Ganbaatar

Market Reactions to the Honest Act and Its Implications

chest

The market and political reactions to the Honest Act have been mixed, with support and criticism emerging.

user avatarMohamed Farouk

Solana's Future at Stake Amid Current Struggles

chest

The current struggles of Solana present a critical stress test for the network's long-term value proposition.

user avatarElias Mukuru

Solana's Memecoin Activity Sees Dramatic Decline

chest

Solana's memecoin activity has dramatically decreased, with a 67% drop in trading volume and engagement since January, impacting network revenue.

user avatarDiego Alvarez

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.