Company: TOXR
Filing Date: 2025-11-07
Form Type: S-1/A
Source: 0001213900-25-107665
Chunk: 132

Company: 21Shares XRP ETF
Filing Date: 2025-11-07
Form: S-1/A
Chunk 132
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 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 XRP Ledger’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 validators ensure
the integrity and accuracy of the ledger. Each node in the network maintains a Unique Node List — a list of other validators
that the node trusts to reliably validate transactions. The XRP Ledger’s architecture means that different nodes may maintain different