A recent report regarding XRPL 2024’s first quarter performance revealed that the number of active users surged by 37%, and the number of transactions increased likewise by 113%.
Ripple‘s Chief Technology Officer (CTO) David Schwartz has revealed on his X account that he will discuss the company’s vision and roadmap for institutional decentralized finance (DeFi) on the XRP ledger (XRPL) at the Consensus24 organized by CoinDesk.
Join me and @kwok_phil, where I'll be unveiling Ripple's vision and roadmap for institutional DeFi on the XRP Ledger #XRPL https://t.co/LLERYTlWsS
— David "JoelKatz" Schwartz (@JoelKatz) May 28, 2024
Institutional DeFi: The Next Frontier for Decentralized Finance
Institutional DeFi addresses the adoption and use of decentralized finance protocols and technologies by large institutions, such as banks and asset managers. JPMorgan, in one of their reports, referred to institutional DeFI as a system that merges the advantages of the DeFi protocol to meet regulatory compliance and customer safety measures.
The Ripple CTO will be joined on stage by Phil Kwokz, the co-founder of EasyA, as they will discuss the future of XRPL and the blockchain network. Also, the experts will shed light on multichain interoperability, EVM programmability, and the tokenization of real-world assets (RWA). The company stated:
“If you’re at Consensus2024 this week, join joelkatz and easyA_app’s kwok_phil for a session on the future of blockchain and the XRPL. They will be talking about multichain interoperability, EVM programmability, RWA tokenization, and more!”
This announcement has sparked anticipation among some XRP users. An X user, XRPcryptowolf, with over 325,000 followers, commented on the post that institutional DeFi would be a game changer for the XRP ledger. This potential lies in the system’s ability to attract large institutional investors to the XR ecosystem, expanding its use cases and adoption.
In addition, it could allow institutions to create digital representations of their traditional financial assets, such as stocks and commodities, on the XPRL. This institutional adoption of DeFi on the blockchain could further establish it as a connection between traditional and decentralized finance, thereby enhancing Ripple’s payment infrastructure and growth.
Growing Adoption and Efficiency of the XRPL Ecosystem
A recent report regarding XRPL 2024’s first quarter performance revealed that the number of active users surged by 37%, and the number of transactions increased likewise by 113%, which is better than the previous year, indicating the growing interest and adoption of the XRPL.
In addition, the total number of accounts on the XRPL increased by 150,000, reaching 5.15 million. However, due to the spike in new addresses created in the previous quarter, the number of new addresses reduced by 12.4% compared to the previous quarter. Thus, the increase in account creation from users, developers, and organizations further contributes to the efficiency of the ecosystem.
As Schwartz presents at Consensus24, Ripple users can expect eye-opening news as he provides more insight into what is next for XRPL. His co-speaker at the event has hinted at the XRPL co-founder’s readiness, stating that he has been preparing for the program all week.
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