XRP community upset with what Bitstamp’s major announcement turned out to be
In a surprising move, Bitstamp, one of the leading crypto exchanges, made a long-anticipated announcement regarding XRP. Bitstamp had been one of the first exchanges to recognize XRP, and its latest announcement was anticipated to be a game-changer. However, the news, instead of sparking cheers and recognition, left the XRP community disappointed.
The major exchange’s announcement revealed a boost in the annual percentage yield on lending XRP to 2%. This move is aimed at enticing XRP enthusiasts and those seeking to earn yield by utilizing their crypto. Notably, the boosted APY is set to be a permanent feature of the exchange. As noted in the press release, Bitstamp ensured that lending occurred only to reputable institutions, backed by rigorous risk and credit assessments through a partnership with Tesseract.
Despite these efforts, the announcement fell short of expectations in the XRP community. Anticipation had been running high, with hopes for a groundbreaking announcement on par with major financial institutions adopting XRP applications. Given that Bitstamp stands as one of the main ODL corridors for Ripple, the community had set its sights on something truly monumental.
Expectations are enemy of happiness
The disappointment resonated throughout the XRP community, leaving many feeling like they had been held hostage to their own expectations. An improved XRP lending offering failed to garner the cheers and recognition that the exchange had likely anticipated.
At the end of the day, Bitstamp’s endeavor to innovate and foster profitability through the XRP lending service might still have merit, but it is evident that the community had set its hopes on a different kind of revelation.