本周的市场动荡源于多个宏观经济因素

本周的市场动荡源于多个宏观经济因素，包括过去两周中比特币ETF的10亿美元流出。

This week’s market turmoil stemmed from multiple macroeconomic factors, including a significant outflow of over $1 billion from Bitcoin ETFs in the past two weeks. Additionally, a strengthening Japanese yen, often viewed as a safe-haven asset, put downward pressure on riskier investments like cryptocurrencies.

本周的市场动荡源于多个宏观经济因素，包括过去两周中比特币ETF的10亿美元流出。此外，加强日元经常被视为避风港资产，对加密货币（例如加密货币）的风险投资施加了下降压力。

However, expectations for a more accommodative U.S. Federal Reserve monetary policy have surged. Prediction markets now assign a 30% probability to a rate cut in May, while the likelihood of two rate cuts by June has tripled to 15%.

但是，对美国美联储货币货币政策的期望已经激增。预测市场现在将30％的概率分配到5月的降低率，而6月份降低两次降低的可能性已增加了两倍，达到15％。

These shifting expectations follow concerning economic signals—most notably, U.S. consumer confidence plummeting by 7 points in February to 98.3, marking its steepest decline since August 2021 and its third consecutive monthly drop.

对经济信号的这些转移期望发生了转移的期望 - 最值得注意的是，美国消费者的信心在2月至98.3点下降了7分，这标志着自2021年8月以来的最大下降和连续第三次下降。

Crypto markets, particularly Bitcoin, remain sensitive to U.S. economic trends, as lower interest rates and declining consumer confidence could free up idle capital, potentially fueling renewed retail participation in digital assets.

加密市场，尤其是比特币，仍然对美国的经济趋势保持敏感，因为较低的利率和消费者的信心下降可以释放闲置的资本，从而有可能加剧新的零售参与数字资产的参与。

Bitcoin hit a new low of $84,096 following another sell off Wednesday night, Source: Bitcoin Liquid Index

在周三晚上另一次售罄之后，比特币的新低点为84,096美元，资料来源：比特币液体指数

One of the key drivers behind XRP’s relative strength during this week’s crypto crash is a proposed upgrade to the XRP Ledger (XRPL) introduced by RippleX developers. The proposal, detailed on the DEV Community platform, aims to integrate WebAssembly (WASM), a move that would bring native smart contract functionality to XRPL.

在本周的加密货币崩溃期间，XRP相对力量背后的主要动力之一是Ripplex Developers引入的XRP Ledger（XRPL）的拟议升级。该提案详细介绍了开发社区平台，旨在集成WebAssembly（WASM），此举将为XRPL带来本地智能合同功能。

The XRP Ledger (XRPL) is rapidly evolving to meet the growing demands of institutional decentralized finance (DeFi). By integrating advanced features such as Automated Market Makers (AMMs), Decentralized Identifiers (DIDs), and Multi-Purpose Tokens (MPTs), XRPL is positioning itself as a robust, compliance-friendly blockchain for financial institutions.

XRP Ledger（XRPL）正在迅速发展，以满足制度分散融资（DEFI）的不断增长的需求。通过整合高级功能，例如自动化做市商（AMM），分散的标识符（DIDS）和多功能令牌（MPTS），XRPL将自己定位为适合金融机构的强大，合规性的区块链。

Automated Market Maker (AMM): XRPL’s AMM, based on the XLS-30 standard, enhances liquidity for tokenized assets, stablecoins, and real-world assets (RWAs). This AMM is uniquely integrated with XRPL’s native order book-based decentralized exchange (DEX), optimizing price discovery and minimizing slippage. Its continuous auction mechanism addresses impermanent loss, making liquidity provision more attractive to institutional participants. Additionally, the AMM Clawback feature allows issuers to retrieve funds under specific circumstances, aligning with regulatory requirements for fraud prevention.

自动化做市商（AMM）：XRPL的AMM基于XLS-30标准，可以提高令牌化资产，Stablecoins和Real-World Assets（RWAS）的流动性。该AMM与XRPL的基于书籍的分散交易所（DEX）唯一地集成在一起，优化了价格发现并最大程度地减少滑倒。它的连续拍卖机制解决了无常损失，使流动性提供对机构参与者的吸引力更具吸引力。此外，AMM Clawback功能允许发行人在特定情况下检索资金，与预防欺诈的监管要求保持一致。

Decentralized Identifiers (DIDs): With the implementation of XLS-40, XRPL now supports the creation and management of DIDs directly on the ledger. This advancement enables self-sovereign identities, enhancing security and privacy while facilitating compliance. DIDs are crucial for permissioned access to financial markets and identity verification in tokenized RWA transactions, promoting broader institutional adoption of DeFi.

分散的标识符（DIDS）：随着XLS-40的实现，XRPL现在直接支持Ledger上DIDS的创建和管理。这一进步可以使自我主张身份，在促进合规性的同时增强安全性和隐私性。 DID对于允许进入金融市场的许可和标记RWA交易中的身份验证至关重要，从而促进了更广泛的机构采用Defi。

Multi-Purpose Tokens (MPTs): To bridge the gap between fungible and non-fungible tokens, XRPL introduces MPTs, which allow for the attachment of essential metadata to tokens. This feature is particularly beneficial for representing complex financial instruments like bonds, where specific attributes such as expiry dates are critical. MPTs offer the flexibility needed to accurately tokenize a wide range of assets, facilitating their seamless integration into the DeFi ecosystem.

多用途令牌（MPTS）：为了弥合可及格和无牙的令牌之间的间隙，XRPL引入了MPT，这允许将必需元数据附着在令牌上。此功能对于代表诸如债券之类的复杂金融工具特别有益，债券（例如到期日期）至关重要。 MPT提供了准确地将广泛资产化的灵活性，从而促进了它们无缝集成到Defi生态系统中。

Institutional DeFi on the XRP Ledger, Source: Ripple

XRP Ledger上的机构Defi，来源：Ripple

These developments underscore XRPL’s commitment to providing a secure, efficient, and compliant platform for institutional DeFi. By continually enhancing its infrastructure, XRPL is poised to play a pivotal role in the future of regulated on-chain finance.

这些发展强调了XRPL致力于为机构辩护提供安全，高效且合规的平台。通过不断增强其基础设施，XRPL准备在受监管的链融资的未来中发挥关键作用。

If implemented, this would mark the most significant upgrade to XRPL since its launch in 2013, positioning it as a stronger competitor in the decentralized finance (DeFi) space and expanding its utility beyond cross-border payments. The prospect of increased use cases, particularly in institutional applications, appears to be boosting investor confidence in XRP, good news for XRP investors, and another reason why XRP is a strong consideration for those investors wondering what crypto to buy now.

如果实施，这将标志着自2013年推出以来XRPL最重要的升级，将其定位为分散的融资（DEFI）领域中更强大的竞争对手，并将其公用事业扩展到跨境支付之外。增加用例的前景，特别是在机构应用程序中，似乎增强了投资者对XRP的信心，对XRP投资者的好消息以及XRP是那些想知道现在要购买什么加密货币的投资者的另一个原因。

Despite the market turbulence, Ripple’s long-term ambitions for XRP remain significant, with the company actively expanding its blockchain ecosystem to attract institutional adoption. Plans are underway to integrate institutional decentralized finance (DeFi) products and real-world asset tokenization into the XRP Ledger (XRPL)—a move that could position XRP as a key player in blockchain-based financial services.

尽管市场动荡，但Ripple对XRP的长期野心仍然很大，该公司积极扩大其区块链生态系统以吸引机构采用。正在计划将机构分散融资（DEFI）产品和实际资产令牌化整合到XRP Ledger（XRPL）中，这一举动可以将XRP定位为基于区块链的金融服务中的关键参与者。

Key developments in Ripple’s roadmap include:

Ripple路线图的主要发展包括：

David Schwartz, Ripple’s Chief Technology Officer (CTO) has expressed confidence in massive institutional XRP adoption, predicting that XRPL’s DeFi sector will surge as major banks begin integrating the technology.

Ripple首席技术官（CTO）对大规模的机构XRP采用表示信心，预测随着主要银行开始整合该技术，XRPL的挑战将激增。

David Schwartz says “As roadmaps go, I think this one is pretty great – outlining a clear direction with use cases and features” Source: X

大卫·施瓦茨（David Schwartz）说：“随着路线图的发展，我认为这是很棒的 - 概述了用用例和功能的明确方向”来源：x

To further expand XRP’s capabilities, Ripple is also working on an Ethereum Virtual Machine (EVM)-compatible sidechain, designed to attract Ethereum-based developers and expand XRP’s role in decentralized applications (dApps). Combined with Ripple’s continued efforts in cross-border payments, these

为了进一步扩大XRP的功能，Ripple还在开发以太坊虚拟机（EVM）合并的Sidechain，旨在吸引基于以太坊的开发人员并扩展XRP在分散应用程序（DAPP）中的作用。加上Ripple在跨境支付中的持续努力，这些