The XRP community is seriously considering the launch of native staking feature on the XRPL ledger, giving users of its community the opportunity to earn yield on their tokens.
The XRP community for almost a decade since the launch of the project has had to rely on other third-party platforms for yield-earning opportunities.
The conversation around developing a native staking feature for the XRP community ending a decade-long dependence on third-party platforms is in full swing at the moment with top members of the XRP community weighing in on the option.
Native staking on the XRP ledger
XRP community recently has been dropping their two cents on Native staking in the community suggesting ways to go about achieving the aim.
Mickle, a prominent XRP figure, suggested the idea of XRP staking while suggesting projects that could help bring this to life.
He started the conversation on his X page tagging the Crypto project that he wants to take up the challenge of creating a native staking feature on the XRP community.
”Hey here’s an idea for someone to steal. XRP staking. please go make this happen. Here’s a guide https://babylonlabs.io”
Mickle recommended Babylon Labs, a Bitcoin staking protocol as a worthy candidate for creating a native staking system for the XRP community.
According to Mickle, the project is doing native staking the right way and the XRP community could use some of those features. Babylon Labs allows Bitcoin holders to earn yields on their holdings without relying on third-party trust or bridging assets to other chains.
Hugo Philan Co-founder and CEO of Flare Networks responded to Mickle’s request telling him that the development of the necessary tools for XRP staking is in the works.
“ The tools to achieve this are already being built on Flare with FXRP as the staking asset. The FDC can then be used to slash services being provided by the staked nodes/service providers. A great example of this would be if someone wanted to relay the FTSO price to XRPL using the XRP oracle proposal.”
He added that the protocol would leverage the Flare Data Connector (FDC) for slashing of the services from the providers or staked nodes, such as when relaying Oracle data between platforms like Flare and XRPL.
The XRP community is a growing community around XRP the native cryptocurrency for XRP Ledger. The Cryptocurrency is quite popular and has been used severally in real-world situations as a means of exchange.
What to Know
- “XRP” and “Ripple” are often erroneously used interchangeably. Ripple (previously Ripple Labs) is a company, and XRP is the name of the native cryptocurrency for XRP Ledger, an open-source distributed ledger run by the XRPL foundation.
- The current price for 1 XRP is currently N893.
