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The XRP Ledger (XRPL) is on the brink of a major governance transformation with the official confirmation of a Decentralized Autonomous Organization (DAO). This shift is poised to decentralize decision-making processes and significantly enhance community participation, marking a pivotal evolution in the ecosystem’s governance framework.
XRP Ledger DAO Confirmed
Prominent community member Crypto Eri (@sentosumosaba) amplified the news by sharing a video snippet of David Bchiri, CEO of XRPL Commons, from his recent interview with Web3 Deep Dive. In her commentary on X, Eri outlined the timeline of the governance changes, noting, “XRP Ledger Governance is changing. We first learned about exploration with XRPL Labs, XRPL Commons, Ripple & Australia not-for-profit Wave of Innovation in a XRPL Labs post Sept 6. Then a DAO mention Sept 19 in XRPL Foundation Github Blog. Now, a DAO confirmation & announcement is coming.”
The genesis of this governance overhaul dates back to September 6, when XRPL Labs announced collaborative efforts with XRPL Commons, Ripple, and the Australian not-for-profit Wave of Innovation. XRPL Labs emphasized that these discussions were just the beginning, indicating that “much more to come in the months ahead as we dive deeper into this new chapter and journey.”
Further advancements were communicated on September 19 by the XRPL Foundation through their GitHub blog. The foundation revealed plans to establish an initial board comprising key members from XRPL Labs, XRPL Commons, Ripple, and community representatives, potentially facilitated through the new DAO structure.
In his interview with “Web3 Deep Dive,” David Bchiri elaborated on the relationship between Ripple and XRPL Commons and provided new details on the potential DAO formation. First, he clarified that while Ripple initiated the XRP Ledger protocol twelve years ago and continues to support XRPL Commons, the latter operates as an independent nonprofit.
Bchiri explained, “We’re supported by Ripple. We work a lot with the RippleX team. […] We work as partners but we’re very independent. We have a board that is fully independent. No one from Ripple is on our board. […] Ripple is going to focus more and more on their products, still supporting the XRPL.”
Bchiri provided a first in-depth look at the structural aspects of the impending DAO. He outlined that the new DAO will feature a fully independent board of directors, initially composed of XRPL Commons, XRPL Labs, and the DAO itself, with plans to incorporate more community members and entities over time.
The new governance model will include specialized committees responsible for various aspects of the XRPL ecosystem. Bchiri noted, “Each committee will operate independently, so a committee for core development, a committee for UNL publishing, […] compliance regulation.”
Bchiri also emphasized the importance of recognizing and formalizing the contributions of community members, stating, “We’re creating a framework for the people who are already doing the work to be recognized and have a well-made nonprofit that will hopefully scale with the help of everyone.”
Bchiri concluded by highlighting the transparency and community engagement inherent in the process: “This is a process that we want to expose to everyone […] We’ve had to do this core process of deciding where it will be incorporated, who the first members are, and how to onboard new members. The vision for this new entity is that it will be operated fully by the community, now we’re just pushing the first impulse, so then it can roll on its own.”
At press time, XRP traded at $0.5075.
Featured image created with DALL.E, chart from TradingView.com
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