Looking back at the performance of major mainstream 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 surged to a high of $3.4, with a maximum increase of approximately 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 generally performed poorly, 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 Earning Opportunities
Although XRP's secondary market performance is impressive, for XRP believers, the ecosystem has long faced a significant dilemma—limited earning opportunities for XRP holders due to the blockchain characteristics of the XRP Ledger, which prevent users from obtaining other earnings 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, meaning XRP holders cannot earn yields through native or liquid staking like ETH and SOL holders can. Additionally, since the XRP Ledger 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," designed to help XRP holders unlock new earning opportunities by utilizing XRP and other assets within the XRPL ecosystem (such as the Ripple stablecoin RLUSD).
Doppler Finance states that due to the lack of earning channels, approximately 92% of the total supply of XRP is currently idle, corresponding to a market value of about $113 billion. 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 earning opportunities for XRP by combining 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 earning strategies securely.
Secondly, Doppler Finance will also provide liquid staking services on XRPL sidechains (such as the PoS-based 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 earning possibilities within the XRPL ecosystem.
According to research results provided by Doppler Finance, about 52% of XRP holders are eager to unlock new earning opportunities through staking and other channels, indicating a high market demand fit for Doppler Finance's products. Since Doppler Finance officially launched in the first quarter of this year, the rapidly growing business figures have further confirmed this.
How Big 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 capped deposit mechanism.
On the first day of launch, Doppler Finance's deposit cap 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 cap of 1 million XRP, which was also filled within 15 minutes; on March 21, Doppler Finance opened a third batch of deposits with a total cap of 5 million XRP, leading to a massive influx of users and funds, causing the total locked value of the protocol to quickly surpass $10 million.
On April 14, Doppler Finance opened a fourth batch of deposits with a total cap 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 Opportunities: Points Program Launched
In addition to basic earnings, users participating in Doppler Finance also have the potential to gain another form of income—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 earning strategies through XRP deposits; RP mainly focuses on the liquid staking and lending scenarios on the sidechain.
DP points have now been activated, allowing users to earn 0.01 DP for every $1 worth of tokens deposited each hour. To incentivize early users, the current fourth batch of deposits can earn double DP points. Additionally, users can 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 Doppler Finance's disclosure, the points calculation model will generally be similar to that of 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.
Overview of Participation Tutorial
In terms of interaction, Doppler Finance's UI design is quite clear, making it not complicated to interact. 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, meaning 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 CME 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, and the emergence of Doppler Finance just fills this gap. Through the new earning 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 earning opportunities in the CeFi and DeFi fields—thus, the ecosystem value of XRP, worth hundreds of billions of dollars, will be "awakened," thoroughly activating the ecological vitality of XRP.
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