The Ripple XRP Ledger (XRPL) now supports Non-Fungible Tokens (NFTs) after the community passed the XLS-20 proposal on October 31st.
The new development allows developers to create their own digital assets on the blockchain network without affecting network security or efficiency.
Top Ripple executives, including CEO Brad Garlingouse and CTO David Schwartz, described the event as an ecosystem milestone.
— Brad Garlinghouse (@bgarlinghouse) November 1, 2022
Tokenization is nothing new to XRPL, but it marks an important milestone for developers and creators to tokenize any asset and build innovative Web3 projects with utility. The new standard introduces native NFTs to the XRP Ledger to represent proprietary assets as well as efficient and secure operations for enumerating, transferring, and holding such tokens.
The XLS-20 proposal has been in the works for some time and was initially delayed due to a bug in the code. Ripple announced the development of his NFT standard in XRPL about a year ago, and he pledged to fund the project more than $250 million.
XRP Ledger Integrates Stasis Euro Stablecoin
In another development, the euro-pegged stablecoin Stasis Euro (EURS) has been integrated into Ripple’s XRP Ledger.
Stasis said the decision to consolidate on XRPL was due to “important advantages such as greater scalability, increased speed, and reduced cost.” EURS is an Ethereum-based stablecoin pegged to the Euro.
Gregory Klumov, CEO of Statis, said the move will help increase adoption of EURS. He said:
“It will solidify our assets for the next cycle of stablecoin market adoption. We will focus on exploring emerging opportunities for XRP that enable…”
Meanwhile, these developments have yet to be positively reflected in XRP’s price performance.The cryptocurrency has fallen about 1% over the past seven days, trading at $0.4592 at the time of writing, according to data from CryptoSlate. increase.