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Hello this is Matt on the moon Lambo Channel and this is one of the coolest Stories I've seen that's xrp related in A long time and you know what makes it Extra special is that uh this is Happening as a result of something bad That happened which I covered in a video Just the other day in case you hadn't Heard there's been some trouble with XLS 30 the amendment that just got approved And went live that's the automated Market maker um and I'll catch you up to Speed on that in case you missed it very Briefly but as a result of this uh Developers Within the xrp ecosystem are Going to make a new xrp blockchain yes Really um and I'll get into the Specifics of what that means but I I'll Tell you this at the outset um it's it's Coming as a result of the mishap let's Call that occurred with the launch of The ex the automated Market maker on The Xrp Ledger and and so what we're talking About here is basically a blockchain That could be used as a place to test Amendments before they go live on the Xrp ledger so as not screw something up And um but to be clear this isn't just Some sort of test net that's not what This is this is a live blockchain that Will have a real token that you can buy And sell on exchanges that will have a Real market cap um and so um you know
It's not technically a guarantee it's Going to happen but I will tell you that Um it looks like it's already getting Traction within the community every I Haven't seen anybody that's against this To be honest with I I mean presumably Since we're such a big Community there Would be some that are against it I Haven't seen it yet um I'd love to see Those arguments because I'm I'm Open-minded when it comes to stuff like This and you know I want to hear both Sides of an argument before I'm like yes I firmly believe so and so that's just How I operate in life uh but I will say Right off the bat this seems to make a Lot of sense and I can't think of a Downside right off the off the bat here But this is proposed by whe wind uh yes That whe wind very famous within the xrp Community uh guy that got the uh zaha Xrp side chain going it's a separate Blockchain uh that launched recently That actually happened that's a real Thing that happened we have a new xrb Side chain as a result of that he's the One that's pushing for this so I would Hazard a guess right now that this is Going to Happen uh so a lot of work ahead before Something like this gets developed and Launched a lot of things to consider But in terms of like is this a real Thing that is likely to happen my
Personal opinion right now is yes way More likely than not especially after Seeing the feedback from the community But uh before going further I do to be Clear I do not have a financial Background of any kind I am not offering Financial advice and you definitely Should not buy or sell anything because Of anything I say right I'm just an Enthusiast who enjoy making YouTube Videos about crypto related topics but Just as a hobby and just for fun all Right just to quickly catch you up in Case you you hadn't heard Um right after the automated Market Maker was launched literally the day After uh we the community had to stop Using it CU there was a there was a Serious chance that some bad stuff could Happen um even if it wasn't probable There was an actual launch a chance that This launch product on The xrp Ledger Could result in actual lost funds so Even if it's unlikely the fact that That's possible and that it actually Went live on The xrp Ledger that's Caused for concern which is why I really Appreciate the effort that the community Seems to be going led by we say win but Here's a post on March 23rd so that'd be Saturday with the news breaking uh in The evening from this this is from Ripple the Ripple X account official Ripple X
Account we've identified a discrepancy In a few amm pools in which transactions Are not executing as intended our Engineering team is working to resolve The issue alongside Community Participants out of an abundance of Caution it's best not to deposit new Funds into amm pools for now and those Holding LP tokens consider redeeming Them will provide up updates on this Thread as soon as possible okay and so Read between the lines there they're Saying don't use this thing get out if You have any exposure remove it just in Like you can read between the lines here Right they're they're pretty it's a very Professional message but you can you can See what they're getting at and there There is an update on this and this came Uh Sunday afternoon they wrote the issue Has been identified the discrepancy Affected how the decks decentralized Exchange uh payment engine routes Liquidity through amm pools and Order Books in some complex payment payment Path scenarios we're reviewing the Proposed fix now with the community um Which will then need to go through the Amendment voting process so folks that Does mean that um once this is finalized Validators have to vote on it so it has To get the 80% plus one um threshold That's or well that's not literally plus 1% but it has to be over
80% uh that's the way that's coded and Then once that happens that sets a two We timer and then if that threshold is Sustained for two weeks then the then The automated Mark maker uh the new Version would go live so we're weeks out From this but like I said yesterday I Just I still think long term it's going To be fine I I'm not aware of anybody Actually being materially harmed by this It's just kind of a bummer and it's a Little bit of a slop Fest and I get that But uh it's working out the Kinks and This is something that is going to Increase the long-term viability of xrp And The xrp Ledger longterm so in the End it's going to be okay and we get Something really cool out of it it looks So here's a post uh Sunday afternoon From whe say wind and this is pretty Fantastic I hope this Happ I'm assuming Most of you are uh aware of who whe say Wind is one of the most prolific Developers in all of the xrp Ecosystem um xrpl Labs I'm sure again Like I said the vast majority of you Familiar at this point um so here's Here's what he said in the midst of all This craziness happening with the launch Of the automated Market maker and he he Posted this on X a long time ago Actually not that long but we're in Crypto I tweeted some doubts about a Canary Network to Hugo from flare in
Hindsight I realize I was wrong so let Me pause right there um a canary network Is a network that is built basically to Support a separate blockchain to test Stuff the first Canary and I'll explain More in just a second but the first Canary Network ever was kusama which I'm Pulling up on the screen here here you Can see it on live coin watch it's a It's an actual live independent Blockchain this is a canary Network for Polka Dot uh poka out a separate blockchain Live and the whole point here is that Rather than just having like a test net Where it's a close system and it's it's Not an actual live blockchain and it's You know there's no coin that you can Buy and sell in the exchanges rather Than just have a test net which isn't Quite the same as you know implementing New software in the real world Environment rather than do that what They did was they took poka dot they Made a copy of it they called that copy Of it kusama so kusama is a copy of Polka dot and then what you do with Kusama is if you if you want to launch Something on polka dot you launch it on Kusama first if you want to make a Change you make the change on kers then If it works and it's tested in the real World there's no problems it's not Disastrous then you implement it on
Polka do which is where the very serious Enterprise grade stuff should be built That's the thought process behind it to Test it it's not a test net because it's An actual main net that's live it's a Live blockchain but you test it on that Blockchain if it works move it to the Other one and it's understood that That's what that is and and stuff can go Wrong on kusama like that's that's the Whole plan that's the whole point and so Flare actually copied this uh and that's What Songbird is Songbird and I I'll Mention I don't know if I just said it a Second ago but in case I didn't I'll Mention it kusama is the world's first Canary Network that's where this came From so the polka dot people the Developers they pioneered this and it Worked the world likes it it's useful so As long as polka do is useful kusama Will always be useful as Well so then when flare is being Developed uh lat to development the Hugo Filon who's one of the league guys there Developing this uh came came with the Idea to kind of copy the idea Basically so they created it is flare It's a copy of flare but it's a separate Standalone blockchain and it's called Songbird and I'm assuming most of you Are aware of flare and Songbird but I'm Just going through this because without This like the significance of this won't
Be uh won't be clear if I didn't take a Couple minutes here to break this down Uh and there's always new people jumping In crypto new people jumping in the xrp Community so want to make sure we're on The same page before getting into the Rest of what we say when said but uh but But it's it is useful and so this is Actually what we're talking about doing Now for The xrp Ledger as you'll see We're talking about building a new Blockchain it's it'll be the xrp Blockchain but a copy of it that is a Canary Network that would prevent stuff like This from going wrong on The xrp Ledger Itself so basically if this was already In place what happened the other day With this mistake with the amm it Wouldn't have happened because it would Have happen on a separate blockchain and It's and people are still able to openly Speculate this stuff and by the way I'll Mention this too since I already got These charts up here like these are Wildly valuable chains so polka dot it's It's number 14 in market cap its Canary Blockchain here kusama is 129 in uh in in in market cap it's it's Ranked 129 out of over 20,000 Coins that's incredible take a look at Flair Flair is ranked 81 in market cap Pretty impressive on its own considering That it's only been live for a little
Bit over a year look at song bir though Songbird 281 market cap again out of Over 20,000 coins so it makes sense that It would be lower in market cap than Flair and it makes sense that kusama is Lower in market cap than polka dot but If there's if there's a canary Network For The xrp Ledger where do you think That is going to rank uh Presumably higher than kusama and it's Just kind of interesting because if You've got your Speculator cap on right Now you might be thinking well how high Will that sonan price and I don't know You know everybody we're here to make Money though right Um so if that happens there's going to Be very strong interest and I assume Right out the gate it won't it I Wouldn't be surprised if it's pretty Much instantly in the top 100 by market Cap because it's for the or if not Immediately very quickly I would be I Would be shocked if it's not but we'll Have an opportunity at a new coin and I I'll definitely get exposed to it for Sure if this actually happens uh for Sure um because as long as The xrp Ledger is useful the canary network of Course will always be useful because There's always going to be updates and New stuff to test of course there will There always be new stuff getting built On The xrp Ledger if it's useful it's
Cool as hell right so here's the rest of What uh whe a wind had to say the recent Finding of a bug in the freshly launched Automated Market maker on The xrp Ledger Shows the need for better testing Testing with real value on a network That isn't main net testing when an Amendment is available not when it was Voted in and went live yes I'm talking a Canary Network I'm not the first person To mention Canary Network in the context Of The xrp Ledger I've seen other people Mention it before the recent situation Made me realize that we have a lot of Things in place too when combined make This a Reality it needs to be a separate Network with a native asset that has Some value so it makes sense for people To use it in real life scenarios and Make sense for users and devs to test And try to exploit so folks uh when he Says native asset he's talking about a Brand new cryptocurrency on a brand new Blockchain that is a copy of the xrp Ledger so people can try and abuse it And break it that's the point of the Canary Network it will have real world Value it will be traded on Exchanges this is wild stuff this is so I never thought something like this Might like the concept I don't even know That it ever entered my mind uh I don't Think it did honestly so as soon as I
Saw this I was like this is awesome I Hope that this happens this would be so Cool anyway we say when continue There needs to be an upside to testing Just like what happened now on mainnet With amm it needs not to reset and stay Full history just like mainnet it needs Wallet support support by tools Platforms and Open Access just like Mainnet most importantly it needs to be A network from the community for the Community from and for the projects the Developers the ecosystem the Traders the Holders for everyone so everyone has an Equal opportunity to participate in Canary activities the coming days I'll Have some chats with other ecosystem Particip participants with our Compliance officer in legal with other Projects Etc to organize thoughts Challenges possibilities and work Towards a proposal that the that uh that Will make sense for the entire ecosystem In the broadest sense don't call me I'll Call you please save your thoughts I'll Make sure there will be a place where Ideas suggestions thoughts doubts Etc Can be shared then to organize that with A bunch of us because this cannot be and Will not just be my own plan it will be A plan by from and for the entire Tech Developer xrp Ledger user Community to Be continued smiley Face that's wild folks this is cool is
It not so a brand new xrp blockchain CU It's just it's a copy of it it's just a Copy of the xrp blockchain call it Something else slap a coin on it well of Course it would be there because there's Already a coin of The xrp Ledger call Something else get it on exchanges and Just run with it this yeah this th this Is going to be interesting this is going To be super super Interesting and so again although There's technically no guarantee this is Going to happen w win like I was Alluding to at the outside of the video Here he he just he doesn't just stay Stuff for the sake of it he he thinks Stuff through he thinks stuff through Before he he would you know put a big Post out like this when he said he was Going to launch a side chain because he Wasn't happy that you know you don't Have lirer one smart contract Functionality on The xrp Ledger like he Wasn't kiding around it didn't take long For that thing to actually get launched He's like yeah we're doing this and then He did it with other the help of a bunch Of other people too but a how is life It's a side chain of The xrp Ledger if He says that uh he's going to push for This and it again it seems like Everybody agrees this is awesome why Would this not happen so I think it is Is going to happen that's that's my
Guess technically not guaranteed but I Expect this thing to get built and we'll I don't know what the timeline will be But given that you're you're basically Copying an existing existing code The Xrp Ledger and like in terms of the Development side of this I I don't Imagine there's much to do there you not Really have to develop a lot it's more Like you know because I don't think like Unless you have to actually change Something I'm just unaware of because I'm not a developer but outside of that It's just you copy it and then you make Copies of like any types of tool sets or Anything to work in conjunction with it And from there it's just a matter of if You want it to be you know true live Testing you got to get it on Cryptocurrency exchanges but given that It's can Canary Network for The xrp Ledger uh I don't imagine that would be Terribly Difficult so we we'll see what happens Here and then in a separate post he Added two things whe say win said number One the canary Network needs to uh needs Real stable coins it needs Ur USD usdc Etc I'll work with gatehub to make this Happen and number two no this can't be Zaha but I think zaha and Canary are a Perfect match so there you Go I hope it happened not a guarantee But I'm optimistic I'll keep you posted
As things develop here folks I'm not a Financial adviser you should not buy or Sell anything because of anything I say Or right that would be a very very very Bad idea until next time to the Moon Lambo
