Ripple CTO Endorses Native Lending Protocol Proposal for XRPL
David Schwartz, the Chief Technology Officer (CTO) at Ripple, recently expressed enthusiasm for a proposal to launch a native lending protocol on the XRP Ledger (XRPL).
As one of the software engineers who contributed to building the ledger, Schwartz’s endorsement holds particular significance.
Schwartz took to Twitter to commend the proposal put forth by developers Aanchal Malhotra and Vito Tumas, both affiliated with RippleX.
He highlighted that the implementation of this lending protocol could enhance the utility of the XRP Ledger, particularly for its native decentralized exchange (DEX), facilitating more accessible and transparent financial services.
The proposed lending protocol, introduced by RippleX via a series of tweets, aims to bolster XRPL’s capabilities in the decentralized finance (DeFi) space.
It seeks to enable direct lending and borrowing of assets, promoting financial inclusion and transparency without intermediary involvement.
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Emphasizing flexibility and reusability, the protocol would allow users to tokenize assets and contribute fungible tokens, such as XRP, wBTC, and wETH, to lending pools to earn interest.
Loan terms would be negotiated off-chain between borrowers and pool delegates, with records subsequently recorded on-chain.
Furthermore, developers stand to benefit from the proposal, as it would streamline the development and integration of lending decentralized applications on XRPL, offering a wide range of potential use cases.
Alexander Stefanov
Reporter at CoinsPress
Alex is an experienced finance journalist and a cryptocurrency and blockchain enthusiast. With over five years of experience covering the industry, he deeply understands the complex and constantly evolving world of digital assets. His insightful and thought-provoking articles provide readers with a clear picture of the latest developments and trends in the market. His passionate approach allows him to break down complex ideas into accessible and insightful content. Follow up on his content to be up to date with the most important trends and topics - stay ahead of the curve with CoinsPress.
