XRP Will Not Become A Stablecoin For Banks After AMM Launch: Expert
2023年11月15日 - 9:00PM
NEWSBTC
In the wake of Ripple’s announcement regarding the integration of
an Automated Market Maker (AMM) into the XRP Ledger (XRPL), the
community has been abuzz with speculation and debate. Central to
this discourse is the potential transformation of XRP in light of
this update, particularly in regard to its classification and
function as a digital asset. Ripple’s Chief Technology Officer,
David Schwartz, previously hailed this update as the most
significant for XRPL, raising expectations among stakeholders.
Additionally, at the recent Swell conference, Ripple revealed plans
to integrate its rebranded Ripple Payments product with the XRPL’s
native decentralized exchange (DEX), further stirring discussions
among community members. The community’s response has been a mix of
euphoria and confusion. Digital Perspectives, a key community
influencer with over 150,000 followers on X, expressed concerns
over the potential implications of this update: “Are we watching
XRP become a stablecoin with the introduction of AMMs and the
Prudential Treatment requirements from the Bank of International
Settlement [BIS]? Cat 1 vs Cat 2, where would you classify XRP?”
Related Reading: New XRP Ledger Upgrade Goes Live, What’s New? He
further questioned, “When XLS-30D passes and AMMs become an
integral part of the XRPL, will it change the characteristics of
XRP and qualify as a group 1b asset for BIS and other banks?” XRP
Price Volatility Is Necessary Panos Mekras, the co-founder of
crypto-focused company Anodos, quickly intervened to dispel the
rumors and speculation about XRP morphing into a stablecoin to fit
into the 1b asset class of the BIS with the advent of the AMM.
Mekras, who has previously clashed with Digital Perspectives over
misinformation, laid out a detailed refutation of the idea that XRP
could become a stablecoin. He emphasized, “The fundamental nature
of XRP as the native coin of the XRP Ledger, a decentralized
digital asset traded freely, is unchangeable. It’s technically
impossible for XRP to transform into a stablecoin, a concept that
completely contradicts its inherent design.” Related Reading:
Stunning Correlation Emerges Between XRP And XLM, What’s Going On?
He further delved into the dynamics of AMMs, noting that they are
most effective in environments with high volatility. This
volatility benefits liquidity providers (LPs) by attracting more
traders and, consequently, increasing trading volume and fees.
According to Mekras, the AMM is tailored to take advantage of such
market conditions. Mekras also highlighted the potential impact of
the AMM on XRP’s market dynamics. He suggested that the AMM’s
implementation might lead to an increase in buying pressure on XRP.
A significant portion of the token is expected to be locked in the
AMM, which would enhance its liquidity and attract more traders.
This, in turn, would make the crypto token more versatile and
efficient for various use cases. In his concluding remarks, Mekras
called for a more informed understanding within the community. He
stressed the need to focus on the technical aspects of XRPL and the
AMM, advising against following individuals who propagate
misinformation. “The community should stop following and paying
attention to enablers of misinformation such as Digital
Perspectives and learn more about the technicals of the XRPL and
the AMM,” Mekras said. At press time, the XRP price found support
at the 0.382 Fibonacci retracement level in the 1-day chart and
traded at $0.6333. Featured image from Shutterstock, chart from
TradingView.com
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