In a latest post on X, Ripple revealed that it is introducing a new metadata standard for XRP ledger’s (XRPL) multipurpose tokens to make it easier to discover, rank, and integrate. Ripple aims to expand its institutional decentralized finance (DeFi) on the XRPL by 2025.
The new metadata for multipurpose tokens (MPTs) aims to address the challenge that users and developers face. Currently, MPTs and XRPL rely on flexible metafield data, which is full of inconveniences, as stated by Ripple. The flexible metafield data lacks structured fields like a currency code, which led to difficulties in sorting, identifying, and comparing tokens.
The new scheme proposed by Ripple aims to enhance the discoverability and rankability of MPTs, providing users and developers with a better experience. The outlined metadata standards by Ripple are:
Ripple’s proposed new metadata standard aims to address all the difficulties users previously faced, along with preventing technical and practical issues encountered in the token market. With all the new elements, the regulatory compliance remains the focal point in the new standard, reflecting Ripple’s priority of ensuring legitimacy.
Ripple is introducing a new metadata standard for XRP Ledger’s multipurpose tokens to enhance their discoverability, ranking, and integration by providing structured fields like ticker and name.
The new standard addresses current issues with flexible metafield data that make MPTs hard to sort and identify, aiming for a better user and developer experience.
Benefits include increased legitimacy, transparent transactions, smoother functionality, advanced adoption of XRPL, and enhanced competition with other platforms.
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