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Cryptocurrency News Articles
The XRP Ledger (XRPL) recently implemented two significant upgrades, sparking excitement and speculation about their potential effects on Ripple’s stablecoin, RLUSD, and the broader ecosystem.
Sep 28, 2024 at 03:35 pm
On Friday, the upgrades—“fixEmptyDID” and “fixPreviousTxnID”—were backed by 31 validators, surpassing the required threshold for implementation.
The XRP Ledger (XRPL) recently implemented two major upgrades, sparking speculation about their potential effects on Ripple’s stablecoin, RLUSD, and the broader ecosystem.
On Friday, the upgrades—“fixEmptyDID” and “fixPreviousTxnID”—were backed by 31 validators, surpassing the required threshold for implementation.
The “fixEmptyDID” upgrade aims to eliminate the creation of empty DID ledger entries, enhancing ledger efficiency by preventing unnecessary data storage. In contrast, the “fixPreviousTxnID” upgrade focuses on improving transaction tracking by adding critical fields to ledger entries, allowing for better tracing of transaction histories.
These enhancements are set to optimize XRPL’s capabilities, enabling more complex applications while streamlining operations. As Ripple beta-tests its stablecoin on both XRPL and Ethereum, attention shifts to how these upgrades may affect RLUSD’s functionality.
According to Monica Long, Ripple President, both XRP and RLUSD have distinct purposes and use cases. While XRP is geared towards liquidity and transactions, RLUSD is being designed for institutional use. As the XRP Ledger continues to evolve, the company may explore innovative ways to enhance its capabilities.
RLUSD is expected to launch this year, pending U.S. approval. Compared to XRP, which is primarily used for transactions and liquidity, RLUSD is being designed to cater to a broader range of applications. This includes use cases within decentralized exchanges (DEXs) on the XRP Ledger, which could be positively impacted by these recent upgrades.
In a recent conversation with Coin Desk Japan, Ripple President Monica Long highlighted the significance of the recent legal victory, which not only sets a new precedent but also underscores the importance of clear U.S. legal frameworks for digital assets.
Emphasizing that 40% of Ripple's growth came from Asia even before the SEC lawsuit, with most customers in the Asia-Pacific region, Long mentioned that post-ruling, the company has been accelerating its expansion outside the U.S. Now, they are also poised to make their products and services more accessible within the U.S. market.
These recent upgrades could pave the way for exciting developments within the XRPL ecosystem, particularly as they relate to both RLUSD and XRP, enhancing their roles in various applications.
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