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The developers of RippleX have unveiled a lending protocol built into the #XRP #Ledger .
This protocol allows direct lending and borrowing of digital assets on XRPL.
Ripple's CTO expressed excitement about the offering, emphasizing its potential to expand the XRP ecosystem.
#XRP Ledger (XRPL) will get more DeFi opportunities as RippleX developers Aanchal Malhotra and Vito Toumas have proposed a native lending protocol on XRPL. RippleX recently posted a post on its website X. The post appeared first on this development.
Notably, the proposed protocol is designed for direct lending and borrowing of digital assets on XRPL. The post notes that the system promises to improve financial accessibility, transparency and efficiency by eliminating unnecessary intermediaries.
The service has a modular design to promote flexibility and reusability and consists of three main specifications - XLS-64d, XLS-65d and XLS-66d.
XLS-64d introduces the concept of pseudo-accounting records. This specification allows the management of multiple accounting records within a single account for balance tracking and token issuance. XLS-65d, on the other hand, has a new "pool" ledger entry for pools of tokenized assets.
XLS-66d, on the other hand, is an evolution of the XLS-65d specification. Specifically, XLS-66d will change the lending process, including off-chain underwriting, on-chain contracting, and smart credit management.
In addition, the proposed XRPL DeFi feature would allow liquidity providers to place fungible tokens such as XRP, wBTC and wETH into lending pools to earn interest.
Second, it will allow pool delegates to manage the loan pool, raise capital and facilitate lending. Third, borrowers can participate in off-chain negotiation of loan terms with the pool delegate and register their agreement on-chain.
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