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2012Ripple is a blockchain payment technology company founded in 2012 and headquartered in San Francisco, USA, focusing on cross-border payment and financial settlement solutions. Although Ripple's core business is not a decentralized exchange (DEX) in the traditional sense, its underlying blockchain network, XRP Ledger (XRPL), includes a native decentralized exchange feature that allows users to trade assets directly on-chain without relying on centralized custodians.
Ripple's vision is to build a global financial network that makes the flow of money more efficient and cost-effective. Its native token, XRP, is designed to serve as a bridge currency for cross-border payments, while XRPL's decentralized exchange (DEX) supports XRP's trading with other assets, including stablecoins, tokenized assets (RWA), and other cryptocurrencies.
core technology architecture
XRPL's decentralized exchange (DEX) uses an order book model, where all trades are executed directly on-chain, without relying on external liquidity providers or market makers. Its technical features include:
Decentralized order book: XRPL's DEX uses a fully decentralized order book system, where buy and sell orders are matched directly on-chain, ensuring transparency and censorship resistance.
Atomic settlement: Transactions are settled atomically on XRPL, avoiding counterparty risk on traditional exchanges and ensuring that transactions are completed instantly and irreversibly.
Low transaction costs: XRPL has extremely low transaction fees (typically less than 0.0001 XRP), making it suitable for high-frequency and small-value transactions.
Native Asset Support: XRPL DEX supports direct trading of XRP with various tokenized assets such as stablecoins, gold tokens, stock tokens, etc.
In 2024, Ripple further optimizes XRPL's DEX features by introducing an Automated Market Maker (AMM) mechanism that allows liquidity providers to earn trading fees through pools, thereby increasing market depth.
Key Products &
ServicesRipple's DEX is primarily integrated into the XRP Ledger ecosystem and provides the following core features:
XRP Marketplace: Supports XRP trading with other assets, including stablecoins (such as USDT, USDC) and tokenized assets (such as gold, real estate, etc.). RWA）。
Cross-chain payments: With XRP as a bridge currency, XRPL DEX facilitates fast exchanges between different blockchain assets and reduces cross-border payment costs.
Institutional-grade liquidity: Ripple's ODL (On-Demand Liquidity) solution leverages XRP as an intermediary asset to help financial institutions achieve instant cross-border settlements, and the XRPL DEX provides underlying liquidity for the system.
Stablecoin integration: In 2024, Ripple launched RLUSD (Ripple USD stablecoin) to further enrich the trading pair of the XRPL DEX and enhance the connection to traditional financial markets.
Market Performance & Industry PositionAs
of 2025, XRPL has a TVL (Total Locked Value) of approximately $15 million, ranking 78th among all public chains. Although the transaction volume is not as high as that of mainstream DEXs, Ripple's DEX occupies a unique position in the space of institutional cross-border payments and RWA transactions.
After the launch of the RLUSD stablecoin, the daily trading volume exceeded $100 million, becoming an important growth point for the XRPL DEX.
Overall
, Ripple's DEX has unique value in the institutional-grade financial settlement and RWA trading space, but its long-term development will depend on the adoption rate of the EVM sidechain and the market penetration of RLUSD.
