XRP Ledger: More Than Ripples
The XRPL's use cases are being broadened by the XRP community, with a focus on payments, DeFi through XLS-30d, smart contract-like capabilities through Hooks, NFTs through XLS-20, and metaverse via the Root Network. Initiatives such as XRPL Grants ensure that innovation and growth will continue from the community, not just Ripple, the XRPL Foundation, and XRPL Labs. With its evolving capabilities, the XRPL is an attractive option for both crypto-native individuals and traditional financial entities seeking fast, efficient, and secure settlement and liquidity capabilities.
Key Insights:
● The XRP Ledger’s primary use case is facilitating and settling cross-currency transactions.
● The XRP Ledger has processed over 2.6 billion transactions.
● XRP is currently the sixth largest cryptocurrency by market capitalization.
● The XRP Ledger natively enables NFTs, Issued Currencies, escrows, and a DEX.
● Another dimension is being added to the XRP Ledger through the development of an EVM sidechain and Hooks. The XRP Ledger does not natively support smart contracts of arbitrary logic.
● NFTs and metaverse are being further supported through the Root Network in collaboration with FLUF World.