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RIPPLE DIGITAL ASSET REPORT: XRP Update

Introduction

Ripple has always had a controversial status within the crypto ecosystem.

Being one of the oldest projects in the space, it has earned many retail investors’ hearts early on. The XRP Army (what Ripple fans call themselves) is enormous, and through that retail interest, the project had secured its place as third by market capitalization on CoinMarketCap.

However, while retail investors were happy with how the project was progressing and expected it to moon during this bull run, many crypto analysts were skeptical about its future. Something didn’t quite add up with Ripple and its XRP token.

On one side, there is Ripple Labs, with a growing business and a large number of institutional clients. On the other side, the XRP token has little to do with what that company is doing.

For the most part, Ripple did not need the XRP token for its services, and as a company, it has created very little demand for the XRP token during its eight years of operation.

Moreover, trying to avoid legal charges, the company has tried to disassociate itself from the XRP token. At the same time, it was selling it to retail investors to fund its business operations. It is critical to understand that there was almost no utility behind XRP for retail.

Ripple had the idea to use the token for sourcing liquidity in cross-border transactions between large financial institutions. However, the company struggled to find significant adoption for such use-cases.

The factual use-case for the token was to fund the company’s operations, which has created a long-lasting debate within and outside the crypto space on whether XRP is a commodity or a security.

This debate could have lasted for another eight years, with Ripple successfully running its business. However, with crypto becoming more and more popular, regulators are starting to pay closer attention to the industry.

Now the company is facing SEC charges, and no matter how this situation unfolds, there will be a lasting negative impact on Ripple Labs as a company, XRP Ledger as a blockchain, and XRP as a token.

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Summary

Convex’s business model is built on Curve, a DeFi blue chip that continues to be one of the market leaders. It repackages Curve’s governance into a liquidity bootstrapping product that is already being used by projects like Abracadabra and Alchemix, and there is potential for more projects using it down the line. Ergo, Convex is one of the few examples of business-to-business models in crypto.

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