Ripple Developer Raises Concerns over Selective Funding, Risk to XRPL Innovations
A prominent developer of the XRP Ledger (XRPL) has expressed worries about Ripple’s selective funding practices, which could potentially impede future advancements on the project.
The XRPL plays a crucial role in influencing the price movements of XRP, driving mass adoption, and facilitating the growth of the overall Ripple ecosystem.
Over the past few months, the XRPL has garnered significant attention, attracting adoption and innovation to its network. However, some developers and enthusiasts have voiced concerns that the network is lagging behind its competitors. Bob Ras, a Partner at CoreNest Capital and Co-Founder of Coreum and Sologenic, has raised these concerns on the X platform, urging the Ripple team to address the issue.
In his post, Ras revealed that prior to the launch of Sologenic, the XRPL Decentralized Exchange (DEX) experienced minimal usage. However, once their team started building on the XRPL, it highlighted the network’s potential, leading more projects to realize that they could build on the XRPL despite its existing limitations. Ras further disclosed that one of the main obstacles to adoption is the regulatory pressure stemming from an ongoing lawsuit, which undermines confidence in the entire XRPL ecosystem.
The developer also discussed the launch of Coreum, which, as previously highlighted, sets a new standard for compliance and innovation in the blockchain industry through its integration with Ripple’s XRP via the XRPL-Coreum Bridge. This bridge enhances access to decentralized finance (DeFi) features and cross-chain swaps.
On the other hand, the developer pointed out that Ripple and RippleX have been undermining the efforts of developers. Specifically, Ripple has failed to support all projects built on the network, only providing backing to “ex-employees (e.g., $100 million to Coil) or funded partners (e.g., Axelar).” The developer emphasized that if Ripple holds the majority of the XRP supply, it is in their best interest to support ALL innovative projects that develop use cases for XRPL, not just those affiliated with ex-employees or funded partners.
While acknowledging the hurdles faced by Ripple in its mission to disrupt cross-border payments and potentially replace SWIFT, the developer stressed the importance of supporting all builders who add value to XRPL in order to foster the growth of the ecosystem, much like any other successful Layer 1 project.
In conclusion, the developer clarified that this critique is not an attack on the network or Ripple, but rather a call to action to transform XRPL into the innovative ecosystem it has the potential to become. The ultimate goal is for XRPL to succeed.
As previously reported, the XRPL has witnessed notable innovations, including the adoption of an Automated Market Maker (AMM) similar to Uniswap for the Ethereum ecosystem and Pancakeswap for the Binance ecosystem. This development enables XRP holders to generate passive income.
The introduction of the AMM prompted Ripple CTO David Schwartz to develop a trading bot that utilizes a similar algorithm to the XRPL’s AMM. Schwartz revealed that the bot is currently limited to a profit of around 11 percent per year due to high transaction fees on certain blockchains.
At the time of writing, XRP is trading at $0.63, experiencing a 4% decrease in the past 24 hours.