Ripple Injects $1.3M to Bootstrap Promising XRP Ledger (XRPL) Projects

Ripple, through its developer outfit, has released the list of awardees of XRPL Grants Wave 6 which features top innovative projects across several Web3.0 sectors. The awardees were chosen after Wave 6 made a call for applications and received over 129 applications from all over the world.

XRPL Grants Wave 6 Awardees Selected

After a thorough review process, Ripple Developers decided to invest $1.3 million to support a total of 22 projects leveraging the XRP Ledger (XRPL). These projects from 13 countries are some of the groundbreaking initiatives transforming finance and other industries on the XRPL. 

The operations of these projects cut across several sectors including Decentralized Finance (DeFi), Artificial Intelligence (AI), developer tooling, education and sustainability, GameFi, and Non-fungible tokens (NFTs). Hence, the comprehensive review and judging process involved top technical experts and judges from various fields.

Moreso, some of the projects are involved with 14 financial use cases to underscore the diverse application of the XRPL, particularly in the DeFi ecosystem while 8 are focused on some other cases. 

Here are the New Ripple Labs-backed Innovators

Among the innovative protocols Ripple is backing include EVM Finance, a DeFi gem largely recognized for its advanced financial solution, especially in the area of fragmentation. According to the X post made by Ripple Developers, EVM Finance is a hub for balances, transactions, and DeFi interfaces with token metrics. 

Notably, this DeFi project also enjoys support from Aave which recently rebranded to Avara. 

DeXfi, the ultimate DeFi one-stop-shop on the XRPL, is one of the awardees. Led by Austria-based Chris Winkler, DeXfi offers users seamless trade and swap. It also provides liquidity on a single platform. Winkler’s work was recognized and this earned him funding worth $50,000 to push the project to greater heights.

Other awardees in the DeFi space are FLUIDEFI InstiLink, REDIMI – XRP Passport, VNX Stablecoins on the XRPL, and Wolfram XRPL Exchange Data Infrastructure.

ChatXRP was the only AI project selected for Wave 6 with an award of $75,000. It is worth noting that ChatXRP provides stress-free access to Web3.0 services via an interface and in the process, it ends up simplifying XRPL interactions. Under education, EpicTask was selected while for sustainability EUA Carbon Token and Meta-Carbon also made the list. 

Onboard these new innovators is XRPL’s way of bolstering its future potential. It is undergoing heavy upgrades and with Xahau Sidechain on the horizon, the protocol’s future looks promising.