Many cryptocurrencies have been created to facilitate work on the blockchain they are built on. For example, Ethereum was designed to be used as a payment system to validate transactions and unlock blocks. When the blockchain moved to proof-of-stake in September 2022, Ether (ETH) inherited the additional duty of being the blockchain’s storage mechanism.3 XRP, which is part of the XRP Ledger Foundation, is designed for financial institutions to facilitate transfers between different geographies.4