What’s worth watching isn’t the slogan—it’s that the conditions aren’t complete yet.

Clearpool opened a governance proposal on September 11 to expand to the XRP Ledger: the token exchange ratio changes from $CPOOL 1:1 to $CLEAR, and it’s aimed at institutional credit on XRPL. Since 2021, cumulative lending has exceeded $965M. Current TVL is about $30M—it's not a small plate, but the migration hasn’t cleared the vote yet.

The staking point is in the original protocol. The product needs to run on XLS-65 (single-asset vault) and XLS-66 (lending agreement). Both require about 80% of validators to pass before it can go live on the mainnet; until the threshold is reached, full lending remains only on paper.

About the token: during the migration, about 1.125 billion $CLEAR will be in circulation; after three years, it will unlock to about 1.429 billion. Current holders get 70%, the vault and partners get 15%, ecosystem incentives get 10%, and contributors get 5%. Also, an additional 50% of protocol fees will be used to buy back and burn, to offset the dilution narrative.

Ripple as an LP, together with Cicada (historical underwriting of over $860M), has launched a credit fund for a $RLUSD -denominated vehicle; the amount is undisclosed, and LP ≠ principal-protected. The official statement also said: The EVM private lending market continues to operate; it is not a one-size-fits-all shutdown.

My take: first look at the Snapshot and the XLS-65/66 voting, then discuss the “Morpho of XRPL”. If the proposal is not passed, and the mainnet original language is not already live.

Source: Clearpool governance page, CryptoBriefing (9/12), and discussions related to X.

Not investment advice.

#Clearpool #XRPL #RWA #机构信贷 #Web3