深入探讨XRP Ledger（XRPL）：运行机制、代币交易方式和未来展望

XRPL在短短一个月内暴涨3.5倍，市值甚至超越了Solana。这一戏剧性的市场表现再次证实了

In the current cryptocurrency market, XRP has indeed performed remarkably, skyrocketing 3.5 times in just one month. Its market value has even surpassed Solana, once again highlighting the unpredictability of the cryptocurrency market.

在当前的加密货币市场中，XRP确实表现出色，短短一个月就暴涨了3.5倍。其市值甚至超越了Solana，再次凸显了加密货币市场的不可预测性。

Although XRP has been a controversial topic in the cryptocurrency community, market choices often transcend personal biases. As the meme coin market continues to flourish, the XRP ecosystem could become an important battleground for a new round of speculative craze.

尽管XRP在加密货币社区中一直是一个有争议的话题，但市场选择往往超越个人偏见。随着meme币市场的持续繁荣，XRP生态系统可能成为新一轮投机热潮的重要战场。

This article will deeply analyze the operating mechanism of XRP Ledger (XRPL), token trading methods, core concepts, and in-depth research directions.

本文将深入剖析XRP Ledger（XRPL）的运行机制、代币交易方式、核心概念以及深入研究方向。

What is XRPL?

什么是XRPL？

XRP Ledger bills itself as a blockchain platform that pursues speed and efficiency. However, in reality, it is not optimal in terms of speed, decentralization, and efficiency (especially efficiency, which is still controversial).

XRP Ledger 将自己定位为追求速度和效率的区块链平台。但实际上，它在速度、去中心化、效率（尤其是效率，目前还存在争议）方面都不是最优的。

Unlike blockchains that use PoW or PoS, XRPL uses a federated consensus mechanism, where validators can reach transaction consensus without mining or staking.

与使用 PoW 或 PoS 的区块链不同，XRPL 使用联邦共识机制，验证者无需挖矿或质押即可达成交易共识。

The specific operating mechanism is as follows:

具体运行机制如下：

The entire network has more than 109 validators processing transactions, of which 31 trusted validators form the Unique Node List (UNL) for consensus. These validators include Arrington XRP Capital, Bifrost Wallet, Ripple, and XRPscan.

整个网络有超过109个验证器处理交易，其中31个可信验证器形成唯一节点列表（UNL）以达成共识。这些验证器包括 Arrington XRP Capital、Bifrost Wallet、Ripple 和 XRPscan。

While any entity can theoretically run and issue UNL, this mechanism of relying on UNL actually brings centralization risks, because Ripple and the XRP Ledger Foundation largely control the selection of the default UNL. New validators usually need to be approved by Ripple Labs, which is the origin of the name "federated consensus".

虽然理论上任何实体都可以运行和发行 UNL，但这种依赖 UNL 的机制实际上带来了中心化风险，因为 Ripple 和 XRP 账本基金会在很大程度上控制了默认 UNL 的选择。新的验证者通常需要经过 Ripple Labs 的批准，这就是“联邦共识”名称的由来。

XRP's transaction confirmation time is 3-5 seconds. In comparison, Solana is far ahead in terms of node number, transaction speed, and smart contract capabilities. However, XRP's transaction fee is almost zero, only 0.00001 XRP per transaction.

XRP的交易确认时间为3-5秒。相比之下，Solana 在节点数量、交易速度、智能合约能力等方面都遥遥领先。然而，XRP 的交易费用几乎为零，每笔交易仅需 0.00001 XRP。

Trust Lines, Reserves and Rippling Mechanism

信托额度、储备金和波纹机制

Wallet Activation and Reserve Requirements

钱包激活和储备金要求

When creating a wallet in the XRPL ecosystem, there are some unique requirements to be aware of:

在 XRPL 生态系统中创建钱包时，需要注意一些独特的要求：

An account activation requires at least 10 XRP as a base reserve. In addition, for each token held, the system requires an additional 2 XRP to be locked as an owner reserve. For example, if you hold 20 Meme coins, you need to lock an additional 40 XRP.

帐户激活需要至少 10 XRP 作为基本储备。此外，对于持有的每个代币，系统需要额外锁定 2 个 XRP 作为所有者储备。例如，如果您持有20个Meme币，则需要额外锁定40个XRP。

There is currently a governance vote underway to propose reducing these requirements by a factor of ten. Users can view the current specific requirements under the "base reserve" and "owner reserve" tabs in XRP Scan.

目前正在进行治理投票，建议将这些要求减少十倍。用户可以在XRP Scan中的“基础储备”和“所有者储备”选项卡下查看当前的具体要求。

Trust Lines Mechanism Analysis

信任线机制分析

Trust Lines is the infrastructure used by XRPL to hold homogeneous tokens. According to Ripple's official documentation: "Trust lines enforce the rules of XRPL to ensure that others are not forced to hold unwanted tokens. This precaution is critical to achieving use cases such as XRPL's community credit."

Trust Lines 是 XRPL 用于持有同质代币的基础设施。根据 Ripple 的官方文档：“信任线强制执行 XRPL 的规则，以确保其他人不会被迫持有不需要的代币。这种预防措施对于实现 XRPL 社区信用等用例至关重要。”

The core values of Trust Lines are:

信任线的核心价值观是：

Preventing forced receipt of spam tokens

防止强制接收垃圾邮件令牌

Allows freezing and authorization controls to be implemented

允许实施冻结和授权控制

Support "No Ripple flag" to prevent accidental balance adjustments

支持“无波纹标志”，防止意外平衡调整

When a token issuer creates a token, its balance may become negative, indicating the amount issued, while the holder's balance is positive. For example, after the issuer sends 100 tokens, its trust line balance is -100, and the receiver's balance is +100.

当代币发行者创建代币时，其余额可能会变为负数，表示发行的数量，而持有者的余额则为正数。例如，发行方发送100个代币后，其信任线余额为-100，接收方余额为+100。

Rippling Mechanism Explained

涟漪机制解释

Rippling (which is where the name Ripple comes from) takes this concept a step further by allowing token balances to flow automatically through connected accounts during the payment process. This is a passive exchange system that allows atomic settlement without the involvement of the issuer.

Rippling（Ripple 名称的由来）将这一概念更进一步，允许代币余额在支付过程中自动流过连接的账户。这是一种被动交换系统，无需发行人参与即可进行原子结算。

For example: if Alice owes Bob $10, and Bob owes Charlie $10, the rippling mechanism allows Alice to pay Charlie directly while automatically adjusting the balances on all trust lines.

例如：如果爱丽丝欠鲍勃 10 美元，鲍勃欠查理 10 美元，则波纹机制允许爱丽丝直接向查理付款，同时自动调整所有信任线的余额。

This design is similar to a double-entry accounting system and is primarily used for:

这种设计类似于复式记账系统，主要用于：

Achieve efficient net settlement

实现高效的净额结算

Backed by Real Assets (RWA)

由实物资产（RWA）支持

Stablecoin trading

稳定币交易

Tokenized Commodities

代币化商品

Cross-border payments

跨境支付

This design gives asset issuers greater control. In particular, in terms of compliance requirements, authorized Trust Lines issuers can enable the "Require Auth" flag to limit token ownership to approved accounts. This makes XRPL particularly suitable for assets that require strict KYC/AML supervision.

这种设计赋予资产发行者更大的控制权。特别是，在合规性要求方面，授权的信任线发行人可以启用“需要身份验证”标志，以将代币所有权限制为已批准的帐户。这使得 XRPL 特别适合需要严格 KYC/AML 监管的资产。

Although this centralized control may draw criticism from supporters of decentralization, it is precisely the unique advantage of XRPL in specific application scenarios.

虽然这种中心化的控制可能会招致去中心化支持者的批评，但这恰恰是XRPL在特定应用场景下的独特优势。

After understanding how Rippling works, users can choose to enable or disable this feature according to their needs:

了解了Rippling的工作原理后，用户可以根据自己的需要选择启用或禁用该功能：

Enable Rippling Fit:

启用波纹拟合：

Users who wish to use their account as part of a payment routing

希望使用其帐户作为付款路由一部分的用户

Accounts acting as intermediaries, such as market makers or exchanges (it is not yet clear whether fees can be earned through this feature)

充当中介机构的账户，例如做市商或交易所（目前尚不清楚是否可以通过此功能赚取费用）

Disable Rippling Fit:

禁用波纹配合：

Users who do not want their balance to be used for payment routing

不希望其余额用于支付路由的用户