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

Erik Zhang Demands Da Hongfei's Resignation Amid Leadership Dispute

Erik Zhang demands Da Hongfei's resignation following a failed meeting regarding project alignment, highlighting tensions within NEO's leadership.

Satoshi Nakamura7 minutes ago

Solana's Future Outlook Remains Positive with Upcoming Alpenglow Upgrade

The anticipated Alpenglow upgrade is expected to enhance Solana's network performance, reinforcing its competitive position.

Jesper Sørensen27 minutes ago

Security Breach in SwapNet Leads to Stolen Assets

A significant security breach in SwapNet has resulted in the theft of approximately $168 million in cryptocurrency assets.

Rajesh Kumar37 minutes ago

Rick Rieder Emerges as Frontrunner for Federal Reserve Chair

Rick Rieder has emerged as the frontrunner with a 60% chance to succeed Jerome Powell as Federal Reserve Chair, reflecting growing confidence in his policies.