Looking back at the performance of major cryptocurrencies in this cycle, while many may impressionistically believe that this market trend belongs solely to BTC, in fact, there are still a few tokens that have outperformed BTC — Ripple (XRP) is the best representative among them.
Calculating from the bottom price of $0.287 in June 2022, XRP once surged to $3.4, with a maximum increase of about 1085% during this cycle; as of the time of writing, XRP has fallen back to around $2.1 due to the overall market correction, but it still has an increase of over 630% from the cycle low. In a situation where other altcoins are generally underperforming, XRP's strong performance has helped it re-enter the Top 3 in the cryptocurrency market capitalization rankings. Based on fully diluted valuation (FDV), XRP has even temporarily surpassed ETH multiple times, becoming the second-largest cryptocurrency after BTC.
The Dilemma of XRP Holders: Limited Yield Opportunities
Although XRP's secondary market performance is impressive, for XRP believers, the ecosystem has long faced a significant dilemma — due to the blockchain characteristics of the XRP Ledger, the yield opportunities for holding XRP are limited, and users cannot earn other yields beyond price appreciation through long-term holding of XRP.
In short, because the XRP Ledger uses a Federated Byzantine Agreement (FBA) consensus mechanism, it cannot support native staking like PoS networks such as Ethereum and Solana, so XRP holders cannot earn yields through native staking or liquid staking like ETH and SOL holders; additionally, since the XRP Ledger network itself does not support smart contracts, the progress of the DeFi ecosystem surrounding XRP is relatively slow, making it difficult for XRP holders to unlock greater value through various DeFi tools.
The main character of this article, Doppler Finance, aims to directly address this issue. To this end, Doppler Finance has proposed a new concept called "XRPfi," which aims to help XRP holders unlock new yield opportunities by utilizing XRP and other assets within the XRPL ecosystem (such as the Ripple stablecoin RLUSD).
According to Doppler Finance, due to the lack of yield channels, currently 92% of the total supply of XRP is idle, corresponding to a market value of about $113 billion, and the core mission of the protocol is to convert these idle XRP into active assets, helping XRP holders "earn more."
Specifically, Doppler Finance will explore new yield opportunities for XRP through a combination of CeFi and DeFi from multiple channels.
First is the core XRPfi product, where Doppler Finance can integrate institutional-grade custody solutions, allowing XRP holders to participate in institutional-grade yield strategies securely.
Secondly, Doppler Finance will also provide liquid staking services on XRPL sidechains (such as the PoS mechanism of the Root Network), allowing users to earn staking rewards without sacrificing liquidity.
Additionally, Doppler Finance has launched a lending protocol specifically tailored for XRPL sidechains, allowing users to conduct lending operations using XRP and other assets throughout the broader XRPL ecosystem, further expanding the yield possibilities within the XRPL ecosystem.
According to research results provided by Doppler Finance, about 52% of XRP holders are eager to unlock new yield opportunities through staking and other channels, indicating a high market demand fit for Doppler Finance's products, and since Doppler Finance officially launched in the first quarter of this year, the rapidly growing business numbers have further proven this point.
How Large is the Demand Space? Real Data Speaks
On February 14 of this year, Doppler Finance officially launched. For security reasons, the protocol initially adopted a limited deposit mechanism.
On the first day of launch, the deposit limit for Doppler Finance was set at 200,000 XRP, which was quickly filled within one minute; on February 16, Doppler Finance opened a second batch of deposits with a total limit of 1 million XRP, but users still filled it within 15 minutes; on March 21, Doppler Finance opened a third batch of deposits with a total limit of 5 million XRP, leading to a massive influx of users and funds, causing the total locked value of the protocol to quickly exceed $10 million.
On April 14, Doppler Finance opened a fourth batch of deposits with a total limit of 10 million XRP. As of the time of writing, approximately 8.39 million XRP have been deposited, corresponding to a TVL of about $16.73 million — compared to static holdings of XRP, all XRP deposited in Doppler Finance can enjoy a real-time APY yield of 3-4.5%.
Potential Airdrop Opportunity: Points Program Launched
In addition to basic yields, users participating in Doppler Finance also have the potential to earn another type of yield — by earning points, which may unlock future airdrops.
Doppler Finance has now launched a points program, with points divided into Doppler Points (DP) and Resonance Points (RP). The difference between the two is that DP mainly focuses on the XRPfi scenario, i.e., participating in various institutional-grade yield strategies through XRP deposits; RP mainly focuses on the liquid staking and lending scenarios on the sidechain.
DP points have been activated, allowing users to earn 0.01 DP for every $1 worth of tokens deposited per hour. To incentivize early users, the current fourth batch of deposits can earn double DP points, and users can also earn 10% of the points from their referrals (the referred users can also receive a 10% acceleration).
RP has not yet been launched, but according to disclosures from Doppler Finance, the point calculation model will generally be similar to DP.
Although Doppler Finance has not explicitly mentioned the future utility of DP and RP, only emphasizing that earning points can make one an "early contributor" to the protocol, industry practices often link points to airdrops, so the future value of DP and RP is worth looking forward to.
Participation Tutorial Overview
In terms of interaction, Doppler Finance's UI design is quite clear, so the interaction is not complicated. Currently, Doppler Finance has launched the core XRPfi product and the lending product based on the sidechain Root Network.
Taking the core XRPfi product as an example, since it uses the XRPL network, users need to download a wallet solution such as Girin Wallet.
After downloading the wallet, transfer the XRP you hold to the wallet address, and after linking the wallet, simply click "Deposit" in the Doppler Finance application front end to deposit a certain amount of XRP to complete the interaction. After that, users can also view their positions and points in real-time through the Dashboard and Points interface.
Ripple Accelerates Development, Doppler Finance is Indispensable
Since Trump's election victory, the regulatory environment for the cryptocurrency industry has significantly improved, recently the SEC has reached a preliminary settlement agreement with Ripple, which means Ripple has finally shed the long-standing regulatory burden and officially entered a period of accelerated development.
At the end of last year, Ripple officially announced the launch of RLUSD, making a high-profile entry into the stablecoin space; in the following months, there has been continuous progress regarding the XRP ETF; last month, Ripple announced the acquisition of cryptocurrency-friendly broker Hidden Road for $1.25 billion to expand its services to institutional investors; the Chicago Mercantile Exchange has also recently confirmed its intention to add XRP futures; not long ago, there were even rumors in the market that Ripple intended to bid $4 billion to $5 billion to acquire Circle (though it was rejected)…
Looking closely at Ripple's recent achievements, most are still focused on the B-end sector, with relatively limited C-end layout, while the emergence of Doppler Finance perfectly fills this gap. Through the new yield channels provided by Doppler Finance, the XRP in users' hands will no longer be forced to remain idle due to "nowhere to go," but can actively seek yield opportunities in both CeFi and DeFi — in this way, the ecosystem value of XRP, worth hundreds of billions of dollars, will be "awakened," thereby completely activating the ecological vitality of XRP.
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