Despite early promises, the latest developments around the Bank for International Settlements (BIS) Project Mariana have cast a shadow of uncertainty on XRP’s future. JC Collins, an expert in Geopolitics, Macroeconomics, and Crypto Philosophy, recently weighed in on these developments.
Project Mariana and the ERC-20 Standard
Project Mariana, a BIS initiative, aims to develop a platform for Central Bank Digital Currencies (CBDC) using the ERC-20 technical standard. In an unexpected turn, the Hybrid-Function Market Maker service is now provided by Curve V2, with two EVM-based smart contracts managing payments.
This development highlights a glaring omission: XRP and Ripple find no mention in the BIS documentation, despite long-standing support and optimism among developers and supporters.
Ripple and XRP, though once considered heavy hitters, seem to be left in the dust. Even with partnerships with various banks and a favorable SEC lawsuit outcome, XRP hasn’t seen the expected flood of value. It’s almost like watching the cool kid suddenly being left out of the party.
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Adaptation and Evolution in the Digital Space
The adaptability of ERC-20 and the rapid evolution of tech across Layer One chains might be overshadowing XRP’s role in the global financial system. The adaptation to ERC-20 has become a powerful trend, possibly setting a standard that Ripple might find challenging to counter.
Despite this, Collins emphasizes that the game isn’t over for Ripple and that the technological landscape will continue to change at a breathtaking pace. The failure or success of Project Mariana will also shape the evolution of the space.
Geopolitics and the Monetary Transformation
The ongoing geopolitical shift away from USD hegemony and the increasing momentum towards the multilateral world present a complex backdrop to these developments. The BIS’s influence extends to all central banks, making its actions relevant to CBDC initiatives around the world. Collins’s insights into the geopolitical landscape provide a sobering reminder of the intricate interplay of global forces in the world of finance.
So, where does this leave Ripple and XRP? In a word, uncertain. Ripple’s future might not align perfectly with the grand vision many had hoped for, but it continues to be part of an exciting and ever-changing conversation.
