My people! How's the vibe? Stay tuned for this news that brings us some juicy gossip from the crypto world! Imagine that the folks at XAO DAO just dropped the bomb: they are going to launch the first Decentralized Autonomous Organization (DAO) on the XRP Ledger! 🤯 Just as you heard!
This is no small thing, buddies. It's like the XRP Ledger, which has been around for a while, is going to shift into high gear for decentralization. 🚀 It was about time! The folks at XAO DAO, who are an LLC from Wyoming, said on X (formerly Twitter, remember?) that this will be a new era for decentralized innovation. Pure fire! 🔥
Now, what is this XAO DAO thing? Well, look, it's like a super modern governance engine for the XRPL network. And what is it for? So that users can fully engage in the decisions! 🗳️ No more of a few calling the shots. Here, if you become a member, you can vote on how the network's resources are allocated to support projects and other proposals! It's like having a voice and vote in the neighborhood council, but in the digital world! 🤓
The most curious thing about this move, co-founded by Fabio Marzella and Santiago Vélez, is that they do not plan to launch their own token. Zero meme tokens or mysterious bubbles! 🙅♂️ Their thing is real utility, governance, providing funds (grants), and building community. They say that the real value is in participating and helping to build the future of the XRPL! 👷♂️
And how's the voting process going? Well, super simple, my people. The more XRP you have, the more weight your vote will carry at the time of the "snapshot." All votes count, but the one with more greenbacks weighs more! 🤑 Although the XAO DAO is not functioning yet, you can already sign up on the waiting list to become a member. Don't miss out!
The move behind the money: Who distributes the funds? 💰
Here comes the interesting part, a buddy who knows a lot about XRP, WrathofKahneman, spilled the beans: the XAO DAO is going to be the one to implement the governance system to distribute the one billion XRP that Ripple allocated to develop the XRPL ecosystem! Tremendous responsibility! 🤯 Before, Ripple was the one in charge of funding the projects, but now, the newly formed XRPL Foundation will be responsible, and it will use the XAO DAO system to decide who gets the grant! Pure transparency, my people!
Moreover, the statutes of the XRPL Foundation give a seat on the board to the XAO DAO. That's how important this is! The DAO, along with XRPL Commons, XRPL Labs, and Ripple Labs, are the founding members of this Foundation. Heavyweights at the table! 💼
And to show you that this is serious, Santiago Vélez, one of the founders of XAO DAO, explained that the governance application will use the XRPL and also the Ethereum Virtual Machine (EVM) sidechain of the XRPL. The XRPL to register who the members of the LLC are, and the sidechain to create and burn the governance tokens for each proposal and vote. Pure cutting-edge technology! 💻
DeFi rising like crazy on XRPL? It seems so! 📈
With this move towards decentralized governance, the XRP community is not about to change for anyone. They say it's a giant step towards total decentralization! And although the network is 13 years old, it has struggled a bit to take off in activity compared to others. But, watch out! It seems things are changing.
Since the XRPL APEX Conference, integrations and new products haven't stopped! Circle USDC is already on the network, Ondo Finance launched tokenized U.S. Treasury bonds, and the EVM sidechain is coming soon! Pure good vibes! 🎉
And XRP is also about to take off in traditional (TradFi) and decentralized (DeFi) finance. On June 18, asset manager 3iQ launched an XRP exchange-traded fund (ETF) on the Toronto Stock Exchange! That's big money! 💸 Moreover, several DeFi protocols are creating products with XRP, and even Flare Network plans to bring FXRP to its mainnet.
All this boom of interest and advancements is already moving the XRPL networks! An average of 295,000 active addresses in the last 3 months. And XRP has remained stable, even rising more than 1% today! Pure good energy! 💪
So, my people, stay alert with the XRP Ledger! It seems like things are getting good and the future looks promising. Will we see XRP rise like crazy? Stay tuned!$XRP $BTC $ETH
