- BIS’s Project Mariana utilizes Ethereum and Curve Finance, sidelining Ripple and XRP.
- Ripple’s role in BIS’s PIE task force ignited speculations, but Project Mariana’s documentation tells another story.
Unraveling the Project Mariana Enigma
The global financial sphere is abuzz with discussions surrounding the Bank for International Settlements’ (BIS) latest initiative, Project Mariana. A product of the collaborative vision of BIS’s Innovation Hub and notable public financial institutions such as the Bank of France, Monetary Authority of Singapore, and Swiss National Bank, Project Mariana aims to revamp the transfer landscape of wholesale central bank digital currencies (wCBDCs) using automated market-makers (AMMs).
Ripple Speculations: The Origin
Intriguingly, chatter within the XRP community hints at a possible collaboration of Ripple’s technology or its native cryptocurrency, XRP, within Project Mariana. Such conjectures gained momentum when Ripple’s involvement in the BIS’s PIE task force, pivotal for the G20’s cross-border payments initiative, became public knowledge. This initiative champions the refinement of global cross-border transactions, enhancing their speed, security, and transparency.
Adding fuel to the speculative fire, Edward Farina, a prominent XRP enthusiast and CEO of Alpha Lions Academy, spotlighted Ripple’s PIE task force participation. However, this garnered misinterpretations, leading many to assume Ripple’s direct involvement in Project Mariana.
You can't tell me Ripple, XRP, the XRPL and XLS-30D weren't involved! pic.twitter.com/68kPNwykua
— Lewis Jackson (@cryptolewlew) August 20, 2023
Moreover, an Atlanta Federal Reserve report brought Ripple, XRP, and Project Mariana into a single frame, emphasizing Ripple’s expertise in facilitating seamless cross-border transactions. Despite its neutrality, this side-by-side portrayal bolstered the speculative atmosphere surrounding Ripple’s role in Project Mariana.
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The Verifiable Truth
However, when diving deep into the annals of Project Mariana’s interim report, the narrative shifts. Contrary to the swirling rumors, there’s no inkling of Ripple or XRP’s imprint on the project’s foundation. The spotlight, instead, firmly falls on Ethereum and Curve Finance.
Project Mariana leverages the robust capabilities of Ethereum’s distributed ledger technology (DLT) for the creation and transfer of wCBDC tokens, adhering to the universally recognized ERC-20 standard on the Ethereum blockchain. This ensures the tokens’ broad compatibility and interchangeability in the vast digital ecosystem.
In the quest for seamless functionality across varied blockchain terrains, Project Mariana employs bridging solutions, forging a bond between Ethereum and Arbitrum.
Taking center stage in this innovative tapestry is Curve Finance, a luminary in the decentralized finance (DeFi) realm. Entrusted as the primary automated market maker (AMM), Curve Finance orchestrates the delicate dance of wCBDC exchanges, ensuring fluidity and precision.
Drawing from evidence-backed documents, it’s crystal clear: Project Mariana’s technological backbone is formed by Ethereum and Curve Finance, with Ripple and XRP remaining distant from its architecture.
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