Native on-chain lending protocol idea employs three new XLS and is set to advance DeFi ecosystem on XRPL
With the new mechanism, on-chain accounts on XRP Ledger will be able to benefit from decentralized lending in a censorship-resistant manner without middlemen.The novel proposal, XLS-66d or"XRP Ledger-Native Lending Protocol," was published yesterday, April 12, 2024, on RippleX devs'
Technically, the activation of XLS-66 requires the implementation of two new entities within XRPL, i.e.,"Pseudo-Account" and"Single-Asset Tokenized Pool." Then, pool delegates, on-chain actors of a new type, will manage the operations of lending pools, attract liquidity and provide loans.The novel design is 100% decentralized: Borrowers and pool delegates will agree on loan terms off-chain, then record them on-chain.
The team of Ripple's technical development arm RippleX highlighted the paramount importance of this accomplishment for XRP Ledger and the DeFi scene as a whole:
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