Looking back at the performance of major mainstream currencies in this cycle, although many people will have the impression that this round of market is dominated by BTC, in fact there are still a few tokens that have outperformed BTC - Ripple (XRP) is the best representative of them.
Calculated based on the bottom price of $0.287 in June 2022, XRP once surged to $3.4, with the maximum increase of about 1085% in this cycle; as of the time of writing, XRP has fallen back to around $2.1 due to the overall market correction, but it is still up more than 630% from the low point of the cycle. While other altcoins generally performed poorly, XRPs strong performance helped it return to the top 3 of the cryptocurrency market capitalization ranking. Calculated by the full circulation valuation (FDV), XRP even temporarily surpassed ETH many times, and once became the second largest cryptocurrency after BTC.
The dilemma for XRP holders: limited opportunities for gains
Although XRPs secondary performance is amazing, for XRP believers, the ecosystem still has an obvious dilemma for a long time - due to the blockchain characteristics of XRP Ledger, the profit opportunities of holding XRP are limited, and users cannot obtain other benefits besides price growth by holding XRP for a long time.
In short, since the XRP Ledger adopts the Federated Byzantine Agreement (FBA) consensus mechanism, it cannot support native staking like PoS networks such as Ethereum and Solana , so XRP holders cannot earn income through native staking or liquidity staking like ETH and SOL holders; in addition, since the XRP Ledger network itself does not support smart contracts, the DeFi ecosystem surrounding XRP is progressing relatively slowly , and it is difficult for XRP holders to release greater value through various DeFi tools.
Doppler Finance, the protagonist of this article, hopes to address this problem head-on. To this end, Doppler Finance has proposed a new concept called XRPfi to help XRP holders unlock new income opportunities using XRP and other assets within the XRPL ecosystem (such as Ripples stablecoin RLUSD).
Doppler Finance introduced that due to the lack of income channels, 92% of the total supply of XRP is currently idle, corresponding to a market value of approximately US$113 billion. The core mission of the protocol is to convert these idle XRP into active assets and help XRP holders earn more.
Specifically, Doppler Finance will explore new income opportunities for XRP from multiple channels by combining CeFi and DeFi.
First of all, the core XRPfi product, Doppler Finance allows XRP holders to participate in institutional-grade income strategies in a secure manner by integrating institutional-grade custody solutions.
Secondly, Doppler Finance will also provide liquidity staking services similar to Ethereum and Solana on the XRPL side chain (such as the Root Network of the PoS mechanism), allowing users to obtain staking income without sacrificing liquidity.
In addition, Doppler Finance has launched a lending protocol customized for the XRPL sidechain, allowing users to use XRP and other assets for lending operations throughout the pan-XRPL ecosystem, further expanding the profit possibilities in the XRPL ecosystem.
According to the survey results given by Doppler Finance, about 52% of XRP holders are eager to unlock new income opportunities through channels such as staking, which means that Doppler Finances products have a very high degree of market demand fit . Since Doppler Finance was officially launched in the first quarter of this year, the rapidly growing business figures have once again proved this.
How big is the demand space? Actual data speaks for itself
Doppler Finance was officially launched on February 14 this year. For security reasons, the protocol adopted a limited deposit mechanism in the early stage.
On the first day of launch, Doppler Finances deposit limit was 200,000 XRP, and the quota was quickly snatched up within 1 minute; on February 16, Doppler Finance opened the second batch of deposits with a total limit of 1 million XRP, but users still quickly filled it up within 15 minutes; on March 21, Doppler Finance opened the third batch of deposits with a total limit of 5 million XRP. A large number of users and funds poured in again, causing the total locked value of the protocol to quickly exceed 10 million US dollars.
On April 14, Doppler Finance opened the fourth batch of deposits, with a total limit of 10 million XRP. As of the time of writing, about 8.39 million XRP have been deposited, corresponding to a TVL of approximately US$16.73 million. Compared with static XRP holdings, all XRP deposited in Doppler Finance can enjoy a real-time APY of 3-4.5%.
Potential airdrop opportunities: Points program is now online
In addition to basic income, users participating in Doppler Finance can also expect to obtain another potential benefit - by earning points, they may be able to unlock future airdrops.
Doppler Finance has launched a points program, which is divided into two types: Doppler Points (DP) and Resonance Points (RP). The difference between the two is that DP mainly focuses on the XRPfi scenario, that is, participating in various institutional-level yield strategies through XRP deposits; RP mainly focuses on liquidity pledge scenarios and lending scenarios on side chains.
DP points have been launched. For every $1 worth of tokens deposited by users, they can get 0.01 DP per hour. In order to encourage early user participation, the fourth batch of deposits can get 2 times the DP points bonus. In addition, users can also get 10% of the points of the invitees by inviting them (the invitees can also get 10% acceleration).
RP is not yet online, but according to the disclosure of Doppler Finance, the points calculation model will be roughly similar to DP.
Although Doppler Finance officials did not explicitly mention the future utility of DP and RP, they only emphasized that obtaining points can make one an early contributor to the protocol. However, according to industry practice, points are often linked to airdrops, so the future value of DP and RP is worth looking forward to.
Introduction to the Participation Tutorial
In terms of interaction, Doppler Finances UI design is relatively 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 Girin Wallet as a wallet solution.
After downloading the wallet, transfer the XRP you hold to the wallet address. After linking the wallet, click Deposit in the front section of the Doppler Finance application, and selectively 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 interfaces.
Ripple accelerates its development, Doppler Finance is indispensable
Since Trumps victory in the election, the regulatory environment for the cryptocurrency industry has improved significantly. Recently, the SEC has reached a preliminary settlement agreement with Ripple, which means that Ripple has finally gotten rid of its long-standing regulatory burden and has 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 market. In the following months, progress around the XRP ETF continued. Last month, Ripple officially announced the acquisition of cryptocurrency-friendly broker Hidden Road for $1.25 billion to expand its services to institutional investors. CME has also recently confirmed its intention to add XRP futures. Not long ago, there were even rumors in the market that Ripple was interested in bidding $4 billion to $5 billion to acquire Circle (although it has been rejected)...
Looking closely at Ripples recent achievements, most of them are still focused on the B-side field, and the C-side layout is relatively limited, and the emergence of Doppler Finance just fills this gap. Through the new income channel provided by Doppler Finance, the XRP in the hands of users will no longer be forced to idle because of nowhere to go, but can actively seek interest-earning opportunities in the CeFi and DeFi fields - In this way, the ecological value of XRP worth hundreds of billions of dollars will be awakened, thereby completely activating the ecological activity of XRP.
