- XRPL introduces the DeFi lending protocol without smart contracts, streamlining implementation and accessibility in decentralized finance.
- Through constant developments, XRPL consolidates its leadership in the crypto sector, expanding financial services with new features.
With a history dating back to 2012, XRPL has been a pioneer in incorporating advanced features, such as support for non-fungible tokens (NFT) since September 2022 thanks to the XLS-20 amendment .
But that’s not all; the announcement of a lending/benefit protocol in development promises to revolutionize the DeFi system on XRPL, offering users new ways to generate revenue with their tokens.
BREAKING: A native lending protocol seems to be in development for the XRPL. Increasing DeFi functionality on XRPL seems to be the main focus and I'm here for it.
With a built-in DEX and soon AMM, a built-in decentralized money market protocol makes sense to be the next core… pic.twitter.com/4dSYpfOij3
— Panos 🔼{X} (@panosmek) February 22, 2024
What makes this protocol different?
Unlike conventional decentralized lending models, which rely on smart contracts for token deposit management, this protocol proposes an innovative alternative that dispenses with them. This not only simplifies the process, but also speeds up the implementation of the service, avoiding the complexities and delays associated with the adoption of smart contracts in XRPL.
Advances and Developments in XRPL: Beyond NFTs
XRPL Commonsproduct manager highlights the robust ledger ecosystem, which includes a native decentralized exchange (DEX), tokenized asset control, advanced payment options, and now, the addition of NFTs .
But the focus doesn’t stop there; the future integration of an automated market maker (AMM) along with the DeFi lending protocol underscores XRPL’s commitment to its goal of offering a broader spectrum of decentralized financial services.
Throughcollaborations with entities such as XRPL Labs and Ripple, the ledger is constantly enriched with new features, demonstrating the importance of community and decentralized governance .
Every update, from proposal to implementation, requires community consensus, ensuring that XRPL’s development reflects the needs and preferences of its users.
By offering loans without the need for smart contracts, XRPL positions itself as a leader in the simplification and accessibility of decentralized finance, opening doors for users looking to generate returns on their assets in a secure and efficient manner.
