XRP Continues to Climb Market Cap Tops, XRPL Labs Announces “Hook 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 a nearly identical valuation of around $15.1 billion, XRP managed to break away from its perennial top competitor and gained an additional $1.4 billion in capitalization in seven days. In relative terms, XRP is up 9.46% over the past seven days, doubling the growth of Cardano over the same period.
That said, the seven days had a positive tone for them, similar to the events surrounding XRP: the use of the XRPL blockchain of the Colombian government, increased address activity on the XRP network, the advancement of the Ripple court case, XLS-20 for the NFT. The introduction of support for the standard. However, it seems that the main breakthrough news for XRPL came today, July 8th, when it Was declared That after two years of work, the XRPL Labs team is ready to introduce the “Hook Modification”.
How “Hook Modification” Changes the Game for XRPL?
The idea behind the “hook”, described by Vietse Wind, one of the leading XRPL developers, is to add smart contract functionality to the blockchain, where each user-developer can influence transaction behavior and flow by embedding “hooks” – tiny bits of code. Fragments that will be defined in the XRPL account and allow the transaction logic the developer needs on the blockchain.
Hooks can be written in any programming language, can contain any business logic and can mean any smart contract concept. Thus, there is almost complete flexibility in the execution of smart contracts on XRPL. Along with announcing the public testing of “Hook Modification”, the XRPL Labs team also announced the launch of “Hook Builder”, a web framework within which developers can fully test innovation in all its forms. Therefore, for a more in-depth look, you should definitely visit the XRPL Hooks website.