In a recent post on X, Vet, a notable XRPL validator, disclosed that launching meme tokens on the XRP Ledger (XRPL) is feasible, mirroring the ongoing trend on networks like Solana.
You can launch meme coins on the XRP Ledger too.
Comparably the tooling in this aspect is not great on the XRPL, but that’s fixable and devs are working on it.
— Vet 🏴☠️ (@Vet_X0) July 28, 2024
Vet acknowledged that the current infrastructure for launching meme coins on XRPL is not as advanced as on other platforms. However, he noted that developers are actively working to enhance this aspect.
These improvements in tooling are expected to make the process more efficient and user-friendly, ultimately attracting more projects to the XRPL.
Meanwhile, Vet’s disclosure has sparked wild reactions within the crypto community. X user Mordechai suggested, “Maybe it’s best to keep the memes to a minimum on XRPL. Act like the adults in the room.” The XRPL validator responded by noting that having meme coins within a blockchain is a characteristic feature of public networks.
However, another X user criticized developers for restricting user-friendly token issuance by requiring KYC and a 100XRP fee, under the pretext of safety, while misleading users about adoption. Vet responded that the identified issue would also be fixed in due course.
Furthermore, the idea of meme coins on XRPL raises curiosity about the market. One commenter highlighted that it would be fun to watch how XRPL automated market makers would handle pumps and dumps.
In response to Vet’s statement that XRPL’s existing tools for meme coin launch are inadequate, a commenter expressed disagreement, stressing that “There’s plenty of tooling on the XRPL as it is.”
On the other hand, Vet highlighted that liquidity would not be a problem for meme coins on XRPL, counting on the loyalty of followers in successful meme coin launches. He reckons that XRP influencers, with their substantial follower base, can drive liquidity by promoting these new tokens.
Essentially, the launch of meme coins on the XRP Ledger would mark a notable shift in the XRP community, potentially opening new opportunities for investors, as seen with the Solana chain.