The Emerging DeFi & NFT Features On XRPL: Everything You Need To Know - Blockster

The Emerging DeFi & NFT Features On XRPL: Everything You Need To Know – Blockster

XRPL is all set to step into the next stage of evolution, and the timing couldn’t have been better. Ripple and XRPL Foundation recently hosted the Apex Developer’s Summit 2022 to launch its next set of features on the chain, and it is nothing short of brilliant.  

For the uninitiated, Ripple is a money transfer network that began in 2012. When the company saw the rise of blockchain and cryptocurrency, it developed the XRPL or the XRP Ledger to step into a new era of currencies, financial transactions, and banking services. The native currency of the ledger is known as XRP. 

Since the launch, XRP has been one of the top cryptocurrencies in the world, and its current ranking is #7 on CoinMarketCap, based on its market cap and price. The network offers services such as payment channels, cross-currency payments, and a decentralized exchange. But this was the case until very recently. 

Ripple and the XRPL Foundation recently organized the Apex Developer’s Summit, where it announced the launch of its new DeFi and NFT features. It was a two-day event where creators, blockchain enthusiasts, and developers came together to interact, connect, and discuss the chain’s future in an environment that fostered innovation. 

Various keynote speakers from the XRPL team and others celebrated how far the network has progressed, discussed the current state of XRPL, and shared a glimpse of what a decentralized future on the platform would look like. 

It offered a holistic experience where speeches were interspersed with project showcases and workshops. The latter involved people getting a hands-on experience with exclusive products and technologies. Overall, these sessions focussed on significant subjects, including:

  • Central Bank Digital Currencies
  • Decentralized Finance
  • Interoperability
  • Non-Fungible Tokens
  • Programmability
  • Security & Custody
  • XRPL Core Development
  • XRPL Infrastructure

In this, two subjects were the highlights of the entire conclave – DeFi and NFTs. 

XLS-20 for NFT Creation

The XRPL Foundation had earlier begun working on two major proposals – XLS-20 and Xls30d. The XLS-20 was a proposed protocol for facilitating native NFTs on the ledger. With this, NFT creation would become a much more efficient and simpler process. 

It would make the complete lifecycle of NFT creation compact while preventing issues such as congestion when deployed for a large-scale user base. Besides this, it would make the process of minting, selling, and purchasing NFTs less expensive. 

Xls30d for AMM

The foundation also proposed the Xls30d protocol for a non-custodial AMM. This was being positioned as an AMM which would increase the DeFi functionality of the chain and will be distinct from the AMMs used by other chains in the market. 

The Devnet for the same was