Este artigo fornecerá uma análise aprofundada do mecanismo operacional do XRP Ledger (XRPL), métodos de negociação de tokens, conceitos básicos e a direção da pesquisa aprofundada.
Escrito por: Ignas Pesquisa |
Compilado por: Yuliya, PANews
No atual mercado de criptomoedas, um fenômeno atraente está ocorrendo: o XRP subiu 3,5 vezes em apenas um mês e seu valor de mercado ultrapassou até mesmo o Solana. Este desempenho dramático do mercado confirma mais uma vez a imprevisibilidade do mercado de criptomoedas.
Embora o XRP tenha sido controverso na comunidade das criptomoedas, as escolhas do mercado muitas vezes transcendem os preconceitos pessoais.
With the booming Meme coin market, the XRP ecosystem may become an important battleground for the new round of speculative frenzy.
This article will delve into the operational mechanisms of XRP Ledger (XRPL), token trading methods, core concepts, and directions for in-depth research.
What is XRPL?
XRP Ledger brands itself as a blockchain platform that pursues speed and efficiency.
However, in fact, it is not optimal in terms of speed, decentralization, and efficiency (especially the efficiency aspect remains controversial).
Unlike blockchains that use PoW or PoS, XRPL uses a federal consensus mechanism, where validators can reach transaction consensus without mining or staking.
The specific operational mechanism is as follows:
The entire network has over 109 validators processing transactions, of which 31 trusted validators form a unique node list (UNL) for consensus. These validators include organizations such as Arrington XRP Capital, Bifrost Wallet, Ripple Inc., and XRPscan.
Although theoretically any entity can run and publish the UNL, this mechanism that relies on UNL actually brings centralization risks, as Ripple Inc. and the XRP Ledger Foundation largely control the selection of the default UNL. New validators typically need approval from Ripple Labs, which is also the origin of the term 'federal consensus.'
The transaction confirmation time for XRP is 3-5 seconds. In contrast, Solana is far ahead in terms of node count, transaction speed, and smart contract capabilities. However, the transaction fee for XRP is almost zero, only 0.00001 XRP per transaction.
Trust Lines, reserves, and the Rippling mechanism
Wallet activation and reserve requirements
When creating a wallet in the XRPL ecosystem, it is important to pay attention to some unique requirements:
Activating an account requires at least 10 XRP as a base reserve. Additionally, for each token held, the system requires an extra 2 XRP to be locked as the owner's reserve. For example, if holding 20 Meme coins, an additional 40 XRP needs to be locked.
A governance vote is currently underway, proposing to reduce these requirements by a factor of ten. Users can check the current specific requirements under the 'base reserve' and 'owner reserve' tabs on XRP Scan.
Analysis of the Trust Lines mechanism
Trust Lines are the infrastructure XRPL uses to hold fungible tokens. According to Ripple's official documentation: 'Trust lines enforce XRPL's rules, ensuring that no one is forced to hold unwanted tokens. This precaution is crucial for realizing use cases such as community credit on XRPL.'
The core value of Trust Lines is:
Prevent forced acceptance of junk tokens
Allow implementation of freeze and authorization control
Support 'No Ripple flag' to prevent unintended balance adjustments
When a token issuer creates tokens, their balance may become negative, indicating the amount issued, while the holder's balance remains positive. For example, after the issuer sends 100 tokens, their trust line balance is -100, and the recipient's balance is +100.
Detailed explanation of the Rippling mechanism
Rippling (also the origin of the Ripple name) further extends this concept, allowing token balances to automatically flow through connected accounts during payment. This is a passive exchange system that allows for atomic settlement without the issuer's involvement.
For example: if Alice owes Bob 10 dollars, and Bob owes Charlie 10 dollars, the rippling mechanism allows Alice to pay Charlie directly while automatically adjusting the balances on all trust lines.
This design is similar to a double-entry bookkeeping system, mainly used for:
Achieve efficient net settlement
Support real-world assets (RWA)
Stablecoin trading
Tokenized goods
Cross-border payment
This design gives asset issuers stronger control. Especially in terms of compliance requirements, authorized Trust Lines issuers can enable the 'Require Auth' flag, restricting token ownership to approved accounts. This makes XRPL particularly suitable for assets that require strict KYC/AML regulation.
Although this centralized control may attract criticism from decentralization supporters, it is precisely this unique advantage of XRPL in specific application scenarios.
After understanding how Rippling works, users can choose to enable or disable this feature based on their needs:
Enabling Rippling is suitable for:
Users who hope accounts can be part of the payment path
Accounts acting as intermediaries, such as market makers or exchanges (it is currently uncertain whether fees can be earned through this function)
Disabling Rippling is suitable for:
Users who do not want their balance to be used for payment paths
Ordinary users who want to protect their assets from unintended adjustments
It should be noted that each time a trust line is established (for example, connecting with a meme coin issuer), 2 XRP must be locked in the wallet as a reserve.
The technological evolution of XRPL: from Hooks to EVM sidechains
Compared to Ethereum's EVM, Solana's SVM, or Aptos' Move VM, XRPL adopts a different technological route. It uses a WebAssembly-based Hooks system, which is a lightweight trading logic program.
Hooks system
Hooks are XRPL's unique answer to smart contracts. Interestingly, they currently run on the Xahau network (a fork of XRPL), rather than the XRPL mainnet. Hooks can add additional logic before and after transactions, such as:
Prevent fraudulent payments
Automatically save XRP
Add carbon offsets to transactions
It is worth mentioning that Uniswap v4 also employs a similar hooks mechanism to add extra features before and after trading, supporting limit orders and other features.
EVM sidechain: expanding the XRPL ecosystem
Although XRPL already has native AMM functionality, supporting liquidity provision and cross-token trading, Ripple is developing an EVM sidechain to achieve more efficient capital flow between other chains and DeFi applications.
Key features
Currently in the testing phase
Expected to launch in a few months
XRP will serve as a gas token
Using Axelar as a cross-chain bridging solution
Community disputes
The XRPL community has divergent views on the technical roadmap:
Some people hope to implement Hooks functionality on the mainnet
There are doubts about the necessity and role of the EVM sidechain
It is worth noting that the bridging between EVM and XRPL is supported by Axelar. If this ecosystem develops smoothly, Axelar may become a significant beneficiary.
Future outlook
XRPL is evolving towards modularity, representing an important technological turning point. The development of the EVM sidechain will be a focal point worth watching, as it may bring new application scenarios and development opportunities to XRPL.
These technological innovations will bring more possibilities to XRPL, especially in the application aspects of DeFi. As the ecosystem continues to develop, we may see more innovative application scenarios emerging.
Complete guide to trading Meme coins on XRP
XRPL has a built-in AMM (Automated Market Maker) function, currently mainly used for Meme coin trading.
Approximately 14 million XRP are deposited in the AMM pool. Although the TVL is relatively low, trading volume continues to rise due to the Meme coin craze. (The pool's locked amount can be viewed via XRP Scan.)
Getting started with trading
1. Wallet selection
Visit the First Ledger website to create a wallet via Telegram or directly in the browser and save the keys locally.
Additionally, you can also try the Xaman wallet on mobile. It runs well, and you can import keys between these two wallets to see which one suits you better.
2. Acquiring XRP
Buy from centralized exchanges or use Simpleswap for cross-chain bridging.
3. Trading platforms
The First Ledger (entry-level preferred) token list is updated in real time, supporting sorting by 24h trading volume, market capitalization, number of holders, and creation time.
xMagnetic (advanced platform) offers token discovery, liquidity provision, and data analysis features, and it is recommended to use it in conjunction with the Xaman wallet.
Sologenic DEX can serve as an alternative trading platform, but the user experience may not be as good as the above platforms; it is recommended to use the Xaman wallet together with xMagnetic.
Risk warning
Most Meme coins are controlled by a few wallets, with common wallets holding over 40% of the supply. XRPL indeed needs Pump.fun to make token issuance fairer. Focus on early projects, pay attention to trading volume, check holder distribution, and be cautious with new coins.
Investing in Meme coins requires caution, proper risk control, and thorough research. Remember: always understand the project's fundamentals before trading to avoid impulsive investments.
