As the XRP Ledger continues to see rapid expansion across the DeFi space, the recent unveiling of a major development that proposes loan services on the XRP Ledger has sparked a new buzz.
With the news already gaining attention, a reaction from top Ripple executive Reece Merrick has confirmed that a new generation of lending and yield products is coming to the XRP Ledger.
XRPL lending protocol eyes first application
SOIL, a renowned protocol offering institutional lending services with USDC, RLUSD, and XRP, has announced plans to integrate the XRPL Lending Protocol and SAV.
According to the firm, it is looking to become the first application to use the XRPL Lending Protocol and SAV, potentially introducing a new category of lending and yield products on XRPL.
Following its efforts to launch a new phase of lending services and yield-generation products directly on the XRP Ledger, the firm has proposed the activation of certain standards in the near future.
This includes XLS-65 and 66, which are expected to be activated as soon as possible to ensure that the upgrade is effectively deployed on the network.
XRP Ledger sees growing expansion
With XRPL's rapid expansion amid multiple deployments of innovative DeFi products, the network continues to outperform major blockchains.
If the proposed upgrade is implemented directly on the XRP Ledger, the native lending and yield products pose further expansion for XRP Ledger's use cases within the DeFi space.
As such, the network will offer users access to loans, providing exclusive borrowing opportunities and the ability to earn returns directly through applications built on the network.
While the official launch date is yet to be announced, Merrick's reaction to the update has triggered excitement and optimism across the XRP community.
