Despite facing ongoing legal battles, Ripple Labs continues to innovate and enhance its ecosystem with new developments. The company is introducing Federated Sidechains, which will enable federated finance to smart contracts within the broader XRP ecosystem without decreasing the speed or efficiency of XRP. Ripple also launched a $250 million Creator Fund to explore new use cases for NFTs on the XRP Ledger, while Flare Network launched its Canary project, Songbird, a live testing ground for the main network. With smart contract functionality and NFTs on the horizon, as well as the emergence of Songbird, the XRP ecosystem remains bullish.
New Developments with Ripple, XRP, and Flare Network
Amidst ongoing legal issues with the SEC, Ripple Labs continues to innovate and improve their protocol and ecosystem. Here are some of the latest developments with Ripple, XRP, and Flare Network.
XRP is Flipping the $1 Level and Looking to Charge Up the Hill
At the time of this recording, the price of XRP is at $1.06 after flipping the psychological $1 level from resistance back into support. Besides settling with the SEC, what will it take for XRP to continue to charge up the hill and pass its local all-time high of $1.83? Adding smart contracts and NFTs to the arsenal is an excellent place to start.
Federated Sidechains Will Expand Use Cases for XRPL
The XRP community has been committed to the innovation and forward progress of the XRP Ledger or XRPL to dramatically increase its decentralization, performance, and feature set. Federated Sidechains, introduced in June, will enable federated finance to smart contracts within the broader XRP ecosystem without decreasing XRP’s speed or efficiency. Developers can also create private or public sidechains, with public sidechains available for the community to leverage for various use cases.
Ripple Launches a $250 Million Creator Fund for NFTs on the XRP Ledger
Ripple is also making a splash in the NFT world. They recently announced they launched a $250 million Creator Fund to enable creators to explore new use cases for NFTs on the XRP Ledger. The fund will provide targeted financial and co-marketing support for creators, brands and marketplaces to explore new use cases for NFTs on the XRPL leveraging its innate advantages of speed, cost, and sustainability.
Songbird Canary Project is Officially Taking Flight
Flare Network launched this live Canary sidechain that will be a testing ground for the main network, which will come later depending on how many problems Songbird uncovers. Hugo Philion, a co-founder of the Flare Network said, Flare is Ethereum for all the layer 1s that were left behind. Adding smart contract capabilities to chains that are already worth billions of dollars can be quite impactful for all of them.
Despite the ongoing legal battles, Ripple is not slowing down with its development and innovation. The XRP ecosystem continues to grow and improve with smart contracts, NFTs, and federated sidechains. Flare Network’s Songbird Canary project is also starting to take flight, bringing smart contract functionality to larger layer 1 platforms that need it. The future looks bright for Ripple, XRP, and Flare Network as they continue to innovate and make strides in the cryptocurrency world.