Only One Vote Required: XRP Change Could Release Trillions in Institutional Funds

Update on XRPL Domain Modification

The recent proposed amendment regarding allowed domains has garnered significant support, with 79.41% backing, according to data from xrpscan. One more vote remains to trigger the activation timer for this change. Notably, out of 34 UNL validators, 27 voted in favor while 7 opposed it, as highlighted by XRPL validator Grape.

Grape pointed out that we’re very close to a majority, suggesting that the next voting decision could potentially unlock trillions in institutional capital. He mentioned, “Literally one more validator vote and it’s time to get this done.”

This amendment needs at least 80% support to proceed, and it’s currently just 0.59% shy of that threshold. Once the support surpasses this mark and stays above 80% for two weeks, it will activate on the mainnet.

Allowed domains are seen as transformative for the XRP Ledger, as they introduce a level of institutional control typically found in private networks, while still retaining the benefits of public systems. This modification is poised to enable permissioned decentralized exchanges (DEXs) and allow financial institutions to engage in controlled financial flows on the XRPL.

Furthermore, these DEXs will facilitate regulated trade activities, and upcoming lending protocols may also utilize the permissioned domains for managing lending and borrowing processes.

Such permitted DEXs are anticipated to attract institutional payment flows, with potential applications in stablecoin and fiat exchange, contractor payments, cross-border business transactions, and corporate finance.

XRP Community Day Announced

Additionally, RippleX has announced that XRP Community Day is set for February 11th. The event will be global, held in three regional X-Spaces, allowing widespread participation. For those in the APAC region, it’s scheduled for February 12th.

On February 27th, an XRP Australia event will take place, focusing on critical discussions surrounding XRPL developments, DeFi expansion, regulatory clarity, automated market makers, and the APAC region’s evolving dynamics.