A new crop of decentralized finance (DeFi) applications is launching on the XRP Ledger as the network gears up for a major upgrade.
The XRP Ledger (XRPL) has seen an influx of new applications launched in the DeFi sector, with Orchestra Finance, an AMM decentralized exchange, being the latest to go live on testnet.
According to an update from the decentralized exchange (DEX), users can already try Orchestra Finance on the XRPL testnet. Users can expect to enjoy zero front-running, as well as low fees and instant transactions, all powered by the XRPL.
🎻 We’re pleased to invite you to try our testnet version.
Visit https://t.co/kdRizporyx#XRPL #AMM #DeFi— Orchestra Finance 🎻 (@OrchestraFi) September 8, 2023
Like most blockchain-based decentralized exchanges, Orchestra Finance plans to implement an automated market maker (AMM) model.
Using the platform, users can swap XRPL-based assets, provide liquidity, and earn a portion of trading fees. The project also teases pool governance functionalities and regular auctions, allowing users to get a discount on trading fees.
Being live on testnet means users can already try out swaps and liquidity provided on XRPL Orchestra Finance using XRPL testnet tokens they acquire on a faucet on the platform.
At the time of writing, Orchestra Finance only integrates with the newly launched Crossmark wallet, albeit while planning to enable support for more popular options such as Xumm, Ledger, D’cent, and WalletConnect.
XRP Community Enters a New Era of AMMs
Orchestra Finance is one of the few emerging applications adopting XRPL to provide AMM functionalities to users. Like most DeFi primitives springing up on the XRPL ecosystem, Orchestra would hope to tap into the XLS-30d upgrade on the network.
XLS-30d brings a native AMM to the XRPL for the first time. The upgrade could usher in a new era for XRPL users by powering decentralized exchanges and introducing new passive income-earning opportunities.
In the past week, The Crypto Basic covered the testnet launch of Magnetic, another XRPL-based DEX. However, Magnetic’s launch was shrouded in controversy as the platform used a form of memo spam to target newcomers.
