Concerns have been raised by a prominent developer of the XRP Ledger (XRPL) regarding Ripple’s selective funding practices, which could potentially hinder future innovations on the project.
The XRPL plays a crucial role in driving the price movements of XRP, as well as promoting mass adoption and overall growth within the Ripple ecosystem.
In recent months, the XRPL has garnered significant attention, attracting adoption and innovation to its network. However, some developers and enthusiasts have expressed concerns that the network is falling behind its competitors. Bob Ras, a partner at CoreNest Capital and co-founder of Coreum and Sologenic, has voiced these concerns on the X platform and urged the Ripple team to address the issues.
Ras began his post by highlighting that the XRPL DEX had minimal usage before the launch of Sologenic. However, once his team started building on the XRPL, it brought attention to the platform’s potential, leading to more projects realizing they could also build on the XRPL despite its limitations. The developer also pointed out that regulatory pressure stemming from an ongoing lawsuit has hindered adoption, eroding confidence in the entire XRPL ecosystem.
The developer further discussed the launch of Coreum, which has set a new industry standard for compliance and innovation through its integration with Ripple’s XRP using the XRPL-Coreum Bridge. This bridge facilitates improved access to DeFi features and cross-chain swaps.
On the other hand, the developer criticized Ripple and RippleX for undermining the work done by developers. Specifically, the developer accused the company of only supporting “ex-employees (e.g., $100 million to Coil) or funded partners (e.g., Axelar).” The developer emphasized that if Ripple holds a majority of the XRP supply, it should support all innovative projects on the XRPL, not just those associated 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 emphasized the importance of supporting all builders who add value to the XRPL in order to grow the ecosystem, just like any other successful Layer 1 project.
In conclusion, the developer clarified that their intent was not to attack the network or Ripple but rather to call for action in order to unlock the full potential of the XRPL as an innovative ecosystem. The developer expressed the shared desire for the XRPL to succeed.
Recently, 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 allows XRP holders to generate passive income.
Ripple CTO David Schwartz has responded to these innovations by developing a trading bot that utilizes a similar algorithm to the XRPL’s AMM. However, the bot’s profit is currently limited to 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.