Concerns have been raised by a prominent developer of the XRP Ledger (XRPL) regarding Ripple’s selective funding practices, which could potentially impede future innovations on the project.
The XRPL plays a crucial role in driving the price movements of XRP, fostering mass adoption, and contributing to the overall growth of the Ripple ecosystem.
In recent months, the XRPL has gained significant attention, resulting in increased adoption and innovation within the network. However, some developers and enthusiasts have expressed concerns that the network is lagging behind its counterparts. Bob Ras, a partner at CoreNest Capital and co-founder of Coreum and Sologenic, has voiced these concerns on the X platform and has called on the Ripple team to address these issues.
Ras begins his post by highlighting that before the launch of Sologenic, the XRPL decentralized exchange (DEX) had minimal usage. However, once the team started building on the XRPL, it shed light on the platform’s potential, leading more projects to realize that they could build on the XRPL despite its limitations, which Ras reveals are numerous. Additionally, Ras points out that one of the main obstacles to adoption is the regulatory pressure resulting from an ongoing lawsuit, which undermines confidence in the entire XRPL ecosystem.
Ras further discusses the launch of Coreum, emphasizing its integration with Ripple’s XRP through the XRPL-Coreum Bridge, which sets a new standard for compliance and innovation in the blockchain industry. The XRPL-Coreum Bridge facilitates improved access to decentralized finance (DeFi) features and cross-chain swaps.
On the other hand, Ras notes that Ripple and RippleX have been hindering the progress made by developers. Specifically, Ripple has failed to support all projects built on the network, with Ras accusing the company of only backing “ex-employees (e.g., $100 million to Coil) or funded partners (e.g., Axelar).” Ras suggests that if Ripple holds the majority of the XRP supply, it should support all innovative projects that create use cases for XRPL, rather than favoring specific individuals or partners.
While acknowledging that Ripple’s mission to disrupt cross-border payments and potentially replace SWIFT faces challenges, Ras believes that the company should support all developers who add value to XRPL in order to foster the growth of the ecosystem, just like any other successful Layer 1 project.
In conclusion, Ras clarifies that his statements are not an attack on the network or Ripple itself. Instead, he sees it as a call to action to transform XRPL into the innovative ecosystem it has the potential to become, as everyone wants to see XRPL succeed.
Recent reports have highlighted notable innovations on the XRPL, such as the adoption of an Automated Market Maker (AMM) similar to Uniswap for the Ethereum ecosystem and Pancakeswap for the Binance ecosystem. This development allows XRP holders to generate passive income.
Ripple’s CTO, David Schwartz, has responded to these innovations by developing a trading bot that utilizes a similar algorithm to the XRPL’s AMM. However, Schwartz notes that the bot is currently limited to approximately 11% annual profit due to high transaction fees on certain blockchains.
As of now, XRP is trading at $0.63, experiencing a 4% drop in the past 24 hours.