XRP Loses Massive $140B Potential Liquidity in WST Saga
- XRP sidelined in WST saga: Hoskinson claims XRP and Cardano lost due to Ethereum bias.
- XRPL superior to Stellar: Despite stronger metrics, XRPL lost to Stellar in blockchain selection.
- Alleged collusion: Hoskinson accuses Consensys, Circle, and BlackRock of unfairly influencing decisions.
XRP and Cardano were labeled significant losers by Cardano founder Charles Hoskinson, who has criticized the Wyoming Stable Token (WST) Projects blockchain selection process as biased and unfair.
The WST initiative aimed to launch a dollar-pegged stablecoin backed by Wyoming, a pro-crypto state. Ripples RLUSD infrastructure could have powered this effort, boosting liquidity on major exchanges and showcasing Ripples stablecoin capabilities. However, Hoskinson claims the process was manipulated to favor Ethereum and its affiliates.
Hoskinson also criticized the involvement of Anthony Apollo, the executive director overseeing the WST project, citing his ties to Consensys. According to Hoskinson, Apollo shifted the projects multichain vision to an Ethereum-centric approach. This decision excluded other strong contenders like Cardano and XRP Ledger (XRPL), both of which could have significantly benefited from the project.
Ripple (XRP) vs. Stellar: A Question of Merit
The Cardano founder singled out Stellars inclusion over the Ripple blockchain as a questionable choice. Stellar, with a market cap of $13 billion and $1 billion in daily trading volume, pales in comparison to the blockchain, which boasts a $140 billion market cap and tens of billions in daily transactions.
Hoskinson insists that Ripples RLUSD infrastructure offered a compelling alternative to Circles USDC but was disregarded. He suggested that Ripples participation could have allowed Wyoming to issue millions in tokens, creating substantial liquidity.
Hoskinson alleges collusion among Ethereum developer Consensys, stablecoin issuer Circle, and asset manager BlackRock. He claims these entities influenced the selection process, sidelining promising blockchain projects like Cardano and Ripple.
Hoskinsons critique extends beyond individual losses. He views the WST project as a missed opportunity to foster innovation and fairness in blockchain adoption. Instead, it has fueled concerns about centralized decision-making in a decentralized industry.
Read more: https://www.tronweekly.com/xrp-loses-140b-potential-liquidity-wst-saga/
Text source: TronWeekly
