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

user avatar

by Giorgi Kostiuk

2 years 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.

Tier I

Sector: #18291

Sealed Hiding Place Room

Resource Cache

Resource Cache

Tier I

Requires 25% Tier Progress to Claim
Meme Cache

Meme Cache

Tier I

Requires 50% Tier Progress to Claim
Equipment Cache

Equipment Cache

Tier I

Requires 75% Tier Progress to Claim

After collecting, hiding places will be stored in your inventory and can be opened with Keys.

Other news

Cory Fields Proposes Quantum Landmines to Protect Bitcoin from Future Quantum Attacks

Cory Fields proposes quantum landmines and auction mechanisms to protect Bitcoin from potential quantum computer thefts.

user avatarTomas Novak

Analysts Identify Bullish Checkmate Setup for Bitcoin

Crypto trader Cheds Trading has highlighted a potential bullish checkmate setup on Bitcoin's 4-hour chart, suggesting that reduced selling momentum could lead to a significant price increase if buyers step in.

user avatarKaterina Papadopoulou

Payward Acquires AAVE Tokens to Explore Decentralized Credit

Payward, the infrastructure company behind Kraken, announced the acquisition of AAVE tokens through an affiliated fund.

user avatarMaya Lundqvist

Solana Labs Launches Leap Mobile Trading App for iOS

Solana Labs has launched an early-access beta version of its mobile trading app, Leap, for iOS users.

user avatarLeo van der Veen

Aave Labs Expands Fixed-Rate Lending Capabilities with Avon Acquisition

Aave Labs announced its acquisition of Avon to enhance fixed-rate lending capabilities.

user avatarLi Weicheng

Investigation into Binance Theft Reveals Complexities in Cryptocurrency Tracing

Elliptic's investigation into the October Binance theft reveals complexities in tracing stolen cryptocurrency assets, highlighting challenges in identifying recipients and the need for compliance.

user avatarTenzin Dorje

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.