XRP Beats Cardano by Market Cap After XRPL Labs Major Announcement

XRP

XRP continues to climb up in market cap top, with XRPL Labs announcing “Hooks Amendment”

At the end of the working week, XRP was able to move further away from Cardano (ADA) in the market capitalization top of CoinMarketCap. After starting July with nearly identical valuations of around $15.1 billion, XRP managed to break away from its main perennial competitor and gained another $1.4 billion in seven days to its capitalization. In relative terms, XRP has jumped 9.46% over the past seven days, doubling Cardano’s growth over the same period.

That said, the same seven days of events surrounding XRP had more of a positive tone to them: from the Colombian government’s use of the XRPL blockchain, the surge of address activity on the XRP Network, the advancement of the Ripple court case, to the introduction of support for the XLS-20 standard for NFT. However, it seems that the main breakthrough news for XRPL happened today, July 8, when it was announced that after two years of work, the XRPL Labs team is ready to introduce the “Hooks Amendment.”

How does “Hooks Amendment” change the game for XRPL?

The idea behind “Hooks”, described by Wietse Wind, one of the leading XRPL developers, is to add smart contract functionality to the blockchain, where each user-developer can influence the behavior and flow of transactions by incorporating “hooks” – small pieces of code that would be set in the XRPL account and enable the transaction logic the developer needs on the blockchain.

Hooks can be written in any programming language, have any business logic and imply any smart contract concept. Thus, there is almost total flexibility in the execution of smart contracts on XRPL. Along with the announcement of the public testing of the “Hooks Amendment,” the XRPL Labs team also announced the launch of “Hooks Builder,” a web framework within which developers can fully test the innovation in all of its forms. So, for a more in-depth look, you should definitely visit the XRPL Hooks website.

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