AUDD Launches on Ethereum, Struggles With Liquidity on XRPL
Bill Morgan, a famous digital assets enthusiast, has expressed his disappointment that there have been no integrations involving market makers to provide liquidity to AUDD on the XRPL. Morgan made known his opinion during an elaborate interaction with a spokesperson of AUDD on X (formerly Twitter).
I thought it may be a liquidity issue. I am impressed by your openness and direct answers. It is a pity that there have been no integrations involving market makers to give this liquidity to AUDD on the XRPL. Why has the experience on Stellar been better? https://t.co/MJmfwDuUaa
— bill morgan (@Belisarius2020) October 19, 2023
A discussion ensued between the AUDD spokesperson and Morgan shortly after the project announced that it was live on Ethereum. The announcement read, “We are excited to announce the launch of AUDD on the Ethereum blockchain as an ERC-20 token. Get ready for a new era of possibilities!”
Following AUDD’s announcement, Morgan asked if a trustline existed for AUDD on the XRPL. The project’s spokesperson responded affirmatively, providing an issuing address with which users can establish the trustline. In response, Morgan advised the AUDD spokesperson to feature the benefit of an AUDD on the XRPL and other chains in the forthcoming XRP 2024 Gold Coast conference.
The spokesperson appreciated Morgan’s suggestion but decried the low level of AUDD adoption across the XRPL ecosystem. According to him, the project would like to showcase something but has not had the opportunity.
The discussion continued with AUDD’s spokesperson explaining to Morgan to buy the AUDD tokens and the limitations faced by the project for now. According to him, AUDD is minted on a 1:1 basis. To buy AUDD, users register for an account on the project’s platform and buy it in Australian dollars. He also explained that interested users can buy the AUDD tokens on LocalCoinSwap or from the Stellar DEX before swapping it for XRPL on the AUDD platform.
The spokesperson further noted that through monitoring user interactions with AUDD on Stellar, the on-chain AMM was a strong source of liquidity provision and facilitation of decentralized trading.
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