Ripple CTO David Schwartz addressed XRP Ledger (XRPL) account reserves and the voting mechanism. He tried to clarify that the voting system is designed to coordinate feature activation and not as the network’s primary governance tool. An XRPL ambassador responded to it by highlighting that validators are critical defenders of XRPL from bad decisions.
The XRPL governance came under scrutiny when a fresh wave of investors’ interest could be seen flying in the XRP. Lots of excitement over the upcoming RLUSD stablecoin launch has led Ripple’s native crypto to record a 16% jump in the past 7 days. Additionally, Xaman, a self-custodial wallet built for the XRPL saw an over 200% surge in its active weekly users since summer.
Ripple CTO flags caution
Schwartz in a post shared some thoughts on the recent discussion around XRPL account reserves and the voting mechanism to change the amount. He targeted the voting option stating that It can govern because only active validators can vote, and there might be instances where some validators are inactive.
To make this process more stable, the Ripple CTO proposed one improvement which requires an explicit configuration for voting to raise reserves, with the default setting being “off.” He suggested another plan where it would be to “set the default to have no preference on what the reserve is and only vote to raise or lower the reserve if explicitly configured to.”
On the current reserve drop, Schwartz said it was overdue but slightly more aggressive than he’d prefer. He highlighted that lowering reserves immediately unlocks XRP for all XRPL accounts, no XRP is “taken” or “lost,” as reserves safeguard the network. However, raising reserves needs to be approached with caution to avoid locking up XRP or creating a perception of undue influence.
Daniel Keller, who referred to himself as the CEO of the XRPL, responded to comments putting a spotlight on the importance of validators as the network’s defense against rushed decisions. He cited issues like the XLS-20 rollout and premature AMM proposals.
As the CEO of the XRPL I want to share my thoughts on this comment and matter as well.
Validators are the last bastion to defend the network from bad decisions, and given the history of the previous two years, we have learned that this is necessary. Who doesn’t remember the… https://t.co/YcIRsIIN65
— Daniel “Wen DexTools” Keller (@daniel_wwf) December 17, 2024
He praised validators for prioritizing risk over judgments of “good” or “bad” amendments as it ensures network safety. He supported the reserve reduction while calling it long overdue. Keller in the final comments expressed his confidence in XRPL’s current state and concluded by saying, “Onwards and upwards.”
Ramping up for RLUSD
Ripple announced that its RLUSD stablecoin will launch globally on December 17, 2024. This comes a week after the New York Department of Financial Services (NYDFS) approval, following Ripple’s acquisition of Standard Custody, which will distribute RLUSD to exchanges.
Ripple CEO Brad Garlinghouse highlighted RLUSD’s compliance and its potential for widespread adoption as US crypto regulations get clarity. He mentioned that its stablecoin will be on the exchanges like Archax, Bitso, CoinMENA, MoonPay, Uphold, and more.
XRP price have already picked up the pace by printing a 366% surge in the last 60 days. XRP is now the third biggest crypto in the industry, holding a market cap of over $147 billion. Ripple’s native crypto is trading at an average price of $2.57, at press time. Its 24 hour trading volume is up by 111% to stand at $13.96 billion.
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