Anodos Finance, a software development firm specializing in Web3 applications on Ripple’s XRP Ledger (XRPL), recently affirmed its support for the platform. This endorsement comes amidst technical issues encountered with the introduction of Automated Market Makers (AMM) on XRPL.
The company, via a social media post on X, highlighted its commitment to XRPL, citing “lightning-fast transactions, low costs, high scalability, energy efficiency, decentralization, and a proven track record of over 10 years” as key factors. The firm added that their engagement with XRPL, provides them with a unique perspective on the network’s capabilities and user needs.
According to Anodos Finance, the XRP Ledger, launched in 2012 and notable for pioneering DeFi features, is recognized for its significant but underutilized potential. The project aims to bridge the gap caused by misinformation, marketing deficiencies, and the lack of impactful projects and applications on XRPL. The firm’s strategy includes leveraging the ledger’s existing infrastructure and the billions of dollars in dormant XRP to drive growth and innovation.
On March 24, RippleX reported a technical malfunction affecting certain AMM pools on XRPL, leading to transaction disruptions within these pools. Users were advised against depositing new funds into the affected AMM pools and encouraged to withdraw existing funds until the issue was resolved. This glitch prompted a temporary suspension of services by several projects utilizing AMMs on XRPL, including Anodos Finance.
Meanwhile, Panos Mekras, the co-founder and CFO of Anodos Finance, also joined the discussion acknowledging the challenges XRPL is facing. According to Mekras, several developers have shifted to other blockchains that offer “better opportunities.”
Despite these obstacles, Mekras reaffirmed his and his company’s dedication to XRPL, emphasizing the platform’s strengths in “technology, community, and potential.” He pointed out the “unexplored potential” within XRPL as a significant factor for continued investment and development. He concluded his post with an optimistic phrase, “Together we can.”
Amidst this backdrop, Ripple Chief technology officer David Schwartz has provided insights regarding the glitch that brought the XRPL AMM operations to a halt. He clarified that the issue wasn’t due to a “single-sided deposit,” which often lead to price impacts when pools don’t have sufficient liquidity. However, he still urged users to review the price impact before submitting a transaction.
