TREASURY CFO Endorses XRP-Xahau Burn2Mint Solution, Cites Difference with Ethereum L2s
Fredo Ayala, Chief Financial Officer of TREASURY, an XRPL project, took to X to express his admiration for the burn2mint mechanism on the Xahau Network.
Ayala praised the elegance of the solution, emphasizing its superiority compared to other networks.
The burn2mint @XahauNetwork utilizes as a basis to move value is such an elegant solution when compared to other networks.
Yesterday #ETH had another L2 launch. Number 17, provides native yield and some other functionality. 249m + bridged within 24 hours. Secured by a multisig.…
— Fredo Ayala 🏴☠️ 🪝 (@Fayala_brash) November 23, 2023
XRP-Xahau Burn2Mint Solution
For context, the burn2mint (B2M) solution on Xahau allows XRP enthusiast to burn their XRP tokens for the Xahau network’s native token, XAH. Note that Xahau is a sidechain operating on the XRP Ledger (XRPL) for smart contract functionality.
Ayala praised Xahau Network’s burn2mint, highlighting it provides a secure and unassailable transaction path. He noted that the primary goal is to link with decentralized networks that share a common basis rather than focusing on creating trading opportunities.
Notably, Ayala’s endorsement comes following Ethereum’s latest layer-2 launch, which marked the 17th addition to the Ethereum ecosystem. He highlighted that the launch attracted $249 million in assets within 24 hours. He added that a multisig setup reinforces the network’s security.
Despite the native yield and additional functionalities the new ETH L2 offered, Ayala underscored the remarkable achievement of the Xahau Network. A key distinction he noted is the robust security of the B2M protocol, asserting its immunity to hacking attempts.
Furthermore, Ayala stressed the technical superiority of the XRPL ecosystem. “The XRPL as an ecosystem is more technically sound than many other solutions in crypto,” the TREASURY CFO remarked.
While acknowledging its imperfections, he lauded XRPL’s open-source nature, enabling anyone to build compatible solutions. Meanwhile, he stressed the necessity for a diverse ecosystem with multiple tools, referencing Xahau as one among several side chains and EVM chains contributing to XRPL’s growth.
Growing List of Tools within XRPL
In parallel, the TREASURY CFO highlighted the versatile tools within the XRPL ecosystem. They include Automated Market Makers (AMM), Bridges, Burn2mint, Hooks, Decentralized Identifiers (DID), Evernode, NFT, and “programmable in-line items.”
Furthermore, Ayala, who doubles as the CEO of Brash Labs, disclosed that Brash Labs is developing warranty and insurance products designed to settle on-chain with auditable proof for claims.
The CEO is confident that their NFC to insurance API data feed, currently pending patent approval, is positioned to transform financial infrastructures. The initial testing phase will be conducted in the automotive sector in collaboration with a well-established century-old company.