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Charles Hoskinson Proposes Gateway to Unlock Ripple’s XRP $136 Billion DeFi Potential On Cardano
- XRP, the third-largest cryptocurrency, valued at over $136 billion, may join Cardano's DeFi ecosystem.
- Charles Hoskinson, Cardano's founder, proposed integrating XRP into Cardano's DeFi using the privacy-focused sidechain Midnight.
- The plan involves creating a cross-chain bridge allowing XRP access to Cardano's DeFi services like staking, yield farming, and lending.
- Midnight is Cardano's zero-knowledge sidechain, based on the eUTXO model, supporting confidential smart contracts.
- Hoskinson highlighted the privacy benefits for XRP holders using Midnight for DeFi interactions.
- XRP Ledger lacks native DeFi infrastructure, unlike Ethereum or Cardano, making the bridge to Midnight significant.
- The proposal could offer XRP holders new earning opportunities by participating in on-chain DeFi activities.
- Cardano's Lace wallet will support XRP, enabling users to hold and swap XRP and other assets alongside ADA.
- Discussions are ongoing for potential Ripple RLUSD stablecoin integration into the Cardano ecosystem.
- Hoskinson's proposal positions Midnight as an interoperability layer addressing privacy and utility challenges.
- No official launch date is set for the XRP-Midnight bridge, but with Midnight's mainnet planned for 2025, progress is underway.
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