DeFi and NFT on XRPL will change the entire ecosystem

  • XRP Ledger to Receive New Features for NFTs and DeFi.
  • Ripple, Temenos is partnering with Bhawan Cybertek to expand its presence in India, Sri Lanka and neighboring countries.

XLS30d (Suggested Automated Market Maker) and XLS-20 Proposals are in different levels of progress. Thus, it is possible that the XRP ledger will soon receive new features to enable DeFi and NFTs. Currently, the XRPL validator is studying the XLS-20 proposal, which would allow the original NFTs to be placed on the XRP ledger.

Thus, it will be possible to create NFTs on the XRP ledger in a compact and efficient manner. It also reduces the negative impact on ledger performance and prevents large-scale congestion. The XLS-20 can greatly simplify the NFT creation process for developers with built-in features like auction and rail.

Once the XRPL community adopts the XLS-20 (the proposed NFT protocol), it will be faster to complete NFT transactions on the XRPL. Also, it will be less expensive to buy, sell or mint NFT coins. Ripple developers launched the NFT devnet in January to facilitate support for NFTs on the XRP ledger.

Suggestion XLS-30d

The XLS-30d proposal for July 2022 proposes the introduction of a non-security automated market maker (AMM) as a feature on the XRPL Decentralized Exchange (DEX). The goal is to maximize returns for AMM liquidity providers and minimize risk losses from volatility. Thus, better DeFi functionality is created on XRPL.

Wo Jake, one of the developers of XRPL, revealed that a proposal to modify the AMM as pr is available in Ripple’s codebase. Amy Yoshikawa, Ripple’s Vice President, Enterprise Operations and Strategy, tweeted the timeline for completing the AMM (XLS30d) proposal. According to her, the AMM devnet version should be available in the next few weeks. The Ripple CEO added that the amendment proposal will be available by the fourth quarter of 2022 after incorporating community feedback.

Yoshikawa explained the significance of the proposed AMM (XLS30d), saying, “There has been a DEX working on the XRP ledger since 2012. But it is in the order book (CLOB) format.” “Adding AMM on a future adjustment basis would enhance CLOB DEX and significantly improve liquidity.”

Temenos and Bhawan Cybertech (BCT) collaborate together

Meanwhile, Ripple partner Temenos has signed an exclusive strategic agreement with digital transformation company Bahwan Cybertek (BCT) to expand its market presence in Bhutan and neighboring countries, specifically India, Nepal and Sri Lanka. Besides helping Temenos deepen its local expertise and expand its market coverage. BCT will also market, use and support Temenos products and services in these countries.

BCT Group CEO and co-founder, S Durgaprasad, said the partnership will improve BTC’s visibility and network within the banking industry. Through this agreement, Temenos will achieve faster business growth in the above mentioned countries. Eric Gerber, President and Chief Revenue Officer at Temenos, said the transaction will enable Temenos to leverage BCT’s local market expertise to access new business opportunities in these geographies, facilitating the company’s growth.

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