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Cardano Founder Seeks to Provide ‘Much Better Yields’ for XRP Holders
Cardano founder Charles Hoskinson has proposed an initiative that would enable XRP holders to earn significantly better yields.
Hoskinson made the announcement during a recent live broadcast. In a tweet, the popular Cardano media outlet Angry Crypto Show highlighted a segment of the broadcast in which Hoskinson suggested positioning Midnight as XRP’s DeFi layer.
Notably, Hoskinson’s initiative envisions Midnight, Cardano’s upcoming sidechain, as the decentralized finance (DeFi) hub of the XRP ecosystem.
Midnight Features
Hoskinson first presented Midnight in 2022 as a privacy-focused sidechain for Cardano. Two years later, in 2024, Cardano’s research and development arm, IOG, launched the Midnight testnet.
Earlier this year, he revealed that XRP holders would participate in the upcoming Midnight airdrop, dubbed “Glacier Drop.” It plans to distribute NIGHT and DUST tokens to 37 million blockchain wallets, including XRP Ledger (XRPL) addresses.
Midnight as XRP DeFi Layer
Now, the Cardano founder aims for Midnight to serve as the DeFi layer of the XRP ecosystem, allowing XRP holders to earn rewards. This initiative would enable XRP holders to bridge their tokens to Midnight and deposit them into Cardano-based DeFi protocols to “get much better yields.”
Other XRP Initiatives From Hoskinson
Meanwhile, Hoskinson’s DeFi plan for XRP is just one piece of a broader roadmap envisioned for the token’s ecosystem. In April, Hoskinson confirmed that XRP would be integrated into Lace, Cardano’s non-custodial blockchain wallet.
Additionally, discussions are ongoing regarding the potential integration of Ripple USD (RLUSD) stablecoin on the Cardano blockchain. Moreover, XRP holders would also participate in the upcoming Glacier Drop, slated for later this year. In a recent engagement on X, the Cardano founder referred to these initiatives as a ‘whole package’ for XRP.’
