- Ripple destroys 12M RLUSD tokens; stablecoin’s market cap nears $300M.
- Hoskinson cites risk-based development on Cardano upgrades like Hydra and Leios.
- Aave adds RLUSD to V3 Ethereum Core Market with defined supply and borrow caps.
On April 23, Ripple confirmed the destruction of 12 million Ripple USD (RLUSD) tokens. This strategic move comes amid Ripple’s ongoing effort to manage the token’s supply and maintain ecosystem balance. Shortly after the burn, an equivalent amount was minted from the RLUSD
Earlier in April, Ripple minted over 100 million RLUSD tokens to address increasing demand for its stablecoin. As of the latest CoinGecko data, RLUSD’s market capitalization is nearing $300 million. The company aims to position the stablecoin among the top five by market cap by year-end.
RLUSD Expands to Aave’s Lending Market
Many users can presently supply and borrow RLUSD through the V3 Ethereum Core market on the decentralized finance platform known as Aave. Aave enabled users to supply and borrow RLUSD through its defined operational parameters. The stablecoin supply limitation for RLUSD stands at 50 million units yet the borrow limit does not exceed 5 million units.
The expansion of RLUSD presence now includes access to centralized exchanges including Bitstamp, Kraken and Bullish alongside its DeFi space availability. By adding Aave as an integration point the project should drive further usage and liquidity across decentralized applications in DeFi.
Charles Hoskinson Responds to Cardano Funding Debate
During an online report Charles Hoskinson responded to Cardano funding issues while discussing the path forward for the project. Cardano holds an ecosystem value of approximately $25 billion according to him as he spoke about uniting people for the platform’s growth. According to Hoskinson the platform currently maintains millions of users and serves thousands of decentralized applications.
The Cardano development firm Input Output Global (IOG) made previous mistakes yet continues to improve its network infrastructure according to their mission of enhancing efficiency. According to Hoskinson there are community members who exploit governance debates for personal conflict resolution purposes. The detractors continue to object to additional funding for IOG by connecting their complaints to previous development work involving the Atala Prism project. IOG actively develops both the Hydra and Leios upgrades without any certainty about receiving funding. The development of protocols at IOG continues independently yet they will discontinue work once their present responsibilities are fulfilled unless external financial backing becomes available.
Decentralization and Governance Clarified
According to Hoskinson during his most recent AMA the delegated representatives (dReps) play an essential part in governing the ecosystem. According to him the representatives control both funding decisions and project development through decentralized processes.The community needs to follow the governance process since sustainable development depends on fair community participation instead of domestic disputes.
