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Home»EXCHANGE NEWS»Ripple CTO Reveals XRPL’s Vision for Institutional DeFi at Consensus 2024
EXCHANGE NEWS

Ripple CTO Reveals XRPL’s Vision for Institutional DeFi at Consensus 2024

By Crypto FlexsMay 30, 20243 Mins Read
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Ripple CTO Reveals XRPL’s Vision for Institutional DeFi at Consensus 2024
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A recent report on XRPL 2024’s first quarter performance showed a 37% surge in the number of active users, while the number of transactions also increased by 113%.

Ripple’s Chief Technology Officer (CTO) David Schwartz announced on his They announced that they will discuss the vision and roadmap.

be with me @kwok_philXRP Ledger will unveil Ripple’s vision and roadmap for institutional DeFi. #XRPL https://t.co/LLERYTlWsS

— David “JoelKatz” Schwartz (@JoelKatz) May 28, 2024

Institutional DeFi: The Next Frontier for Decentralized Finance

Institutional DeFi deals with the adoption and use of decentralized finance protocols and technologies by large institutions such as banks and asset managers. In one of its reports, JPMorgan mentioned institutional DeFI as a system that merges the advantages of DeFi protocols to meet regulatory compliance and customer safety measures.

The Ripple CTO will join EasyA co-founder Phil Kwokz on stage to discuss XRPL and the future of blockchain networks. Experts will also shed light on multichain interoperability, EVM programmability, and tokenization of real-world assets (RWA). The company stated:

“If you are attending Consensus2024 this week, join joelkatz and kwok_phil from easyA_app for a session on the future of blockchain and XRPL. They will talk about multichain interoperability, EVM programmability, RWA tokenization, and more!”

This announcement raised excitement among some XRP users. X user XRPcryptowolf, who has over 325,000 followers, commented on the post saying that institutional DeFi will be a game-changer for the XRP ledger. This potential lies in the system’s ability to attract large institutional investors into the XR ecosystem and expand use cases and adoption.

It also allows institutions to create digital representations of existing financial assets, such as stocks and commodities, on XPRL. Institutional adoption of DeFi on blockchain can further establish connections between traditional and decentralized finance, enhancing Ripple’s payments infrastructure and growth.

Increasing adoption and efficiency of the XRPL ecosystem

A recent report on XRPL 2024’s first quarter performance showed that the number of active users surged 37% and the number of transactions likewise increased 113% year-on-year. This indicates growing interest and adoption of XRPL.

Additionally, the total number of accounts on XRPL increased by 150,000, reaching 5.15 million. However, due to the rapid increase in new address creation last quarter, the number of new addresses decreased by 12.4% compared to the previous quarter. Therefore, increased account creation by users, developers, and organizations further contributes to the efficiency of the ecosystem.

As Schwartz announced at Consensus24, Ripple users can expect some surprising news as it provides more insight into the next steps for XRPL. His co-speaker at the event hinted at his readiness, saying the XRPL co-founder had been preparing for the program all week.

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