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Ripple is leading an initiative to support the decentralized finance (DeFi) capabilities of XRP Ledger (XRPL). This proposal, labeled “0066 XLS-66d,” aims to create a censorship-resistant DeFi ecosystem within the network and is currently available for public review on GitHub.
New Lending Protocol on XRPL
Ripple announced its offering of a native lending protocol on XRPL. This protocol aims to increase XRPL's interaction with the DeFi ecosystem and marks a significant step towards improved financial inclusion and transparency.
The proposed protocol offers a direct lending and borrowing mechanism focused on flexibility and reusability. Specifically, the protocol allows participants to contribute fungible tokens such as XRP, wBTC, and wETH to a lending pool to earn interest.
The platform will also allow loan terms to be negotiated off-chain and then securely recorded on-chain. This streamlined process will provide transparency and security while increasing user engagement.
“The Lending Protocol offers fixed-term loans with predetermined terms for loans that accrue interest. In the event of default, it bypasses the need for collateral using off-chain underwriting, risk management and a first-loss capital preservation plan,” RippleX added.
"Its modular design and extensibility make it easy to build and integrate decentralized applications for lending on XRPL. This innovation promises a variety of practical applications, enriching the XRPL ecosystem."
As the proposal goes through the review and refinement process, there is optimism regarding its potential impact on XRP. Ripple CTO David Schwartz said it could offer a new auxiliary layer by avoiding the use of traditional financial institutions.
"If adopted, this could bring a new utility to XRPL. This lending protocol, together with the native DEX, represents a critical pillar in providing more accessible, efficient and transparent financial services."
However, Schwartz acknowledged that some companies may be reluctant to use the feature. He said these firms would be concerned about participating in an unregulated lending product.
This development follows a series of advances in Ripple's ecosystem. Last month, the network introduced Automated Market Maker (AMM) pools, despite launch difficulties. Additionally, Ripple announced plans to launch a stablecoin backed entirely by US dollar deposits and other cash equivalents.
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