As Ripple (XRP) promotes its upcoming RLUSD stablecoin that runs on the XRP Ledger, and Uniswap (UNI) continues to roll out its browser-based wallet extension, DTX Exchange launches the testnet of its Layer 1 blockchain.
All of these projects are going above and beyond many traditional DeFi projects by using proprietary tech, but the question is, can newbie DTX bring in the returns that Ripple (XRP) and Uniswap (UNI) holders have previously enjoyed?
DTX Exchange set to release its own L1 Blockchain
One of the best things about DeFi is the opportunity for retail investors to benefit in ways previously only possible for institutional investors. But one of the more problematic aspects is that onboarding people onto web3 can be confusing for newcomers.
However, data from DefiLlama shows us that over $1.5 billion is locked across all DeFi, and that figure is set to grow. Especially with developments like DTX Exchange’s hybrid trading platform’s upcoming Layer 1 blockchain and wallet.
An inbuilt wallet and blockchain will make it easy for people to do transactions without the need to worry about third-party wallets or connecting to numerous blockchains. It also ensures the safety and speed of DTX, as no external effects can stop the chain from working, such as a Uniswap user might face if Ethereum was congested.
Currently, DTX’s blockchain is in the testnet phase and there is a faucet for anyone who would like to try it out. Perhaps more bullish, though, is that the DTX blockchain increases the use cases for the DTX coin, meaning that it could become a rival for the likes of Binance’s BNB coin, which is up by around 500,000% since its ICO in 2017.
Ripple (XRP) releases their RLUSD stablecoin
Ripple (XRP) is one of the oldest DeFi coins to have its own blockchain, known as the XRP Ledger (XLRP). Ripple (XRP) boasts that its blockchain (which is over 10 years old), allows for easy on-chain development, low transaction fees, high speeds, and high reliability. The release of their stablecoin RLUSD is a logical development in their growth.
These are similar to the benefits that DTX’s blockchain will offer. The main difference, however, is that Ripple (XRP) is designed for B2B customers rather than individual users, and that’s why it calls itself ‘The Blockchain Built for Business’.
Ripple’s use cases have made millionaires out of many who bought the coin when it was at a low market cap and therefore a low price. While Ripple (XRP) holders still stand to potentially benefit from new developments, greater potential gains can be found in smaller projects that mirror Ripple’s earlier trajectory, such as DTX Exchange.
Uniswap (UNI) makes swapping easier through its new wallet called the ‘Uniswap Extension’
Uniswap (UNI) isn’t the cheapest decentralized exchange, but they are the biggest and most used, spanning over 11 blockchains. But the Uniswap (UNI) team isn’t stopping there. After the recent beta release of their Chrome extension wallet, it’s now easier than ever to use Uniswap (UNI) across chains.
This helps to solve the problems of ease of use and interoperability currently faced by the DeFi industry. The wallet, which was released in April this year, currently has a 4.3 rating on the Chrome web store, and 50,000 users.
Some users take issue with the fact that you don’t get a seed phrase when you sign up, and that currently it’s only available on Chrome. But other users report they are very happy with the sidebar design which makes swapping easier and faster than ever.
However, Uniswap (UNI) and Ripple (XRP) have underperformed Bitcoin this year, up by a mere 32% and 12.7% respectively. While the exact reasons for this are complicated, the key point to note is that both coins have a very high market cap, meaning that new developments bring diminishing returns.
Those looking to make sizeable profits from similar but newer tech would do well to take a look at the DTX presale, which offers investors the chance to get in early. Uniswap (UNI) is currently up by around 461% from its all time low as recorded by Coingecko, while Ripple (XRP) is up by approx 22,011%.
