Major Ripple (XRP) on XRPL

TL;DR

Ripple will reestablish the XRP Ledger Testnet on August 19, 2024 to improve stability, reduce node operation costs, and improve security. Speculations suggest that the reset is to test tokenized US Treasuries, with Ripple investing $10 million to support this initiative. “Attention XRPL Developers”

The Ripple team revealed that the XRP Ledger (XRPL) Testnet will be restarted on August 19, 2024. The procedure will take approximately 15 minutes, during which the Testnet may not be available to developers.

“The resets improve Testnet stability and reduce the cost of running a Testnet node. We will provide updates once it is complete,” the team said.

In addition, the company revealed that it has focused on other long-term solutions to improve the resilience of the ecosystem. Some of the key goals include limiting access to Testnet XRP to reduce “network stress”, doubling the security field, and establishing a regular schedule for Testnet reset.

“Reminder: In addition to this testnet, members of the XRPL community are encouraged to create and manage additional testnets to support various testing and development needs,” the team concluded.

What could be the reason?

Numerous X users commented on Ripple’s announcement of the scheduled reset below, speculating on possible reasons for the move. Some suggested that the XRP Ledger could be briefly unavailable due to the bond and tokenized bond test.

Earlier this month, OpenEden, a fintech company focused on connecting traditional finance and DeFi, said it will issue US Treasury bonds tokenized on the XRPL for the first time.

Financial products are digital representations of traditional US Treasury bonds issued on a blockchain or distributed ledger technology platform. The process involves converting rights to financial products into tokens, which can then be held, traded or transferred to digital wallets.

For its part, Ripple pledged to establish a fund to invest $10 million in US Treasury bonds. Markus Infanger, senior vice president of RippleX, described the products as an “exciting example of how all kinds of real-world assets are being tokenized to drive utility and new opportunities.”

“Institutions are increasingly looking for places to tokenize their real-world assets, and the arrival of Treasury bills on the XRPL powered by OpenEden reinforces the decentralized Layer 1 blockchain as one of the leading blockchains for to real-world asset tokenization,” he added. .

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