Company: TOXR
Filing Date: 2025-10-10
Form Type: S-1/A
Source: 0001213900-25-098141
Chunk: 127

Company: 21Shares XRP ETF
Filing Date: 2025-10-10
Form: S-1/A
Chunk 127
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 applications (“dApps”) that highlight its growing influence in the blockchain industry.
These dApps cover a wide range of applications, from DeFi to real-world asset tokenization, leveraging the XRP Ledger’s high-speed,
cost-efficient, and scalable infrastructure. This robust platform has created an environment where developers can build innovative solutions
that attract a broad and engaged user base, positioning the XRP Ledger as an attractive hub for blockchain-based applications.

A key feature of the XRP
Ledger’s dApp ecosystem is its native decentralized exchange, which facilitates seamless trading and liquidity provision for a
variety of digital assets. Platforms focused on tokenizing real-world assets further enhance the ecosystem, offering users transparent
access to financial instruments and other tokenized assets. The recent introduction of the RLUSD stablecoin has contributed to the growth
of the XRP Ledger’s DeFi ecosystem, providing a medium of exchange that enhances the functionality of existing dApps and supports
the development of new financial products.

The RLUSD stablecoin has
also played a pivotal role in attracting new developers and projects to the XRP Ledger, fostering a wave of innovation within the ecosystem.
By offering a stablecoin for transactions and smart contracts, RLUSD has lowered barriers for developers seeking to build sophisticated
DeFi applications, drawing both emerging and established projects to the platform. This influx of development activity has expanded the
scope of the XRPL’s dApp offerings, creating new opportunities for users and reinforcing the ledger’s reputation as a versatile
and forward-thinking blockchain.

The XRP Ledger benefits
from a vibrant developer community that drives innovation and collaboration. The participation of prominent projects from the broader
blockchain industry further amplifies the ecosystem’s appeal, bringing diverse expertise and use cases to the XRP Ledger. With
RLUSD serving as a catalyst for growth, the XRP Ledger continues to evolve as a dynamic platform for decentralized applications, fostering
a collaborative environment where developers and users alike contribute to its ongoing expansion and impact in the blockchain space.

Transactions are validated
on the XRP Ledger by a network of independent validator nodes. These nodes do not mine new blocks but participate in a consensus process
to ensure that transactions are valid and correctly ordered on the XRP Ledger. Any node can be a validator, but for practical purposes,
the XRP Ledger depends on a list of trusted validators known as the Unique Node List or “UNL.” Validators are entities (which
can be individuals, institutions, or other organizations) that run nodes to participate in the consensus process. These