XRP持有人对Ripple的成功有直接的兴趣

加密研究员SMQKE最近解释了XRP投资者仅通过持有令牌就如何对Ripple的成功产生兴趣。

Crypto researcher SMQKE has explained how investors in the crypto token XRP have an interest in the success of the company Ripple, simply by holding the token.

加密研究员SMQKE解释了Crypto代币XRP的投资者如何通过持有令牌对公司的成功感兴趣。

The researcher, known on X (formerly Twitter) for his deep dives into crypto, began by noting a recent legal report by James C. Spindler for William & Mary Law School, America’s oldest law school, focusing on the regulatory implications of crypto.

这位研究人员在X（以前称为Twitter）上以深入了解加密货币的研究人员始于指出James C. Spindler最近的法律报告William＆Mary Law School是美国最古老的法学院，重点介绍了Crypto的监管含义。

The original report, released in May 2025, mentioned XRP as an economic proxy for Ripple’s future success. The company has always maintained that XRP is a utility token, not an investment contract. However, the report argued that XRP’s value is connected to the performance of Ripple’s payment network.

最初的报告于2025年5月发布，提到XRP是Ripple未来成功的经济代理。该公司一直坚持认为XRP是公用事业代币，而不是投资合同。但是，该报告认为XRP的值已连接到Ripple的支付网络的性能。

Interestingly, Ripple has also mentioned that its payments product, which can be used by clients such as banks, uses XRP in a way that does not impact the token’s price. Despite this, the report claimed XRP holders effectively gain exposure to Ripple’s future licensing revenue, even without holding equity or receiving dividends.

有趣的是，Ripple还提到其付款产品可以由银行等客户使用，以不影响令牌价格的方式使用XRP。尽管如此，该报告称XRP持有人有效地获得了Ripple的未来许可收入，即使没有持有股权或获得股息。

After uncovering the report in a previous post, SMQKE was later asked by a user how XRP holders could be interested in Ripple’s success. In response, he presented an analogy to help investors and enthusiasts better grasp the relationship between XRP holders and Ripple.

在上一篇文章中揭示了该报告后，用户后来询问SMQKE XRP持有人如何对Ripple的成功感兴趣。作为回应，他提出了一个类比，以帮助投资者和发烧友更好地掌握XRP持有人与波纹之间的关系。

According to SMQKE, purchasing XRP is similar to buying a share in a drug patent from a pharmaceutical firm. While the patent itself is not a security and doesn’t promise payouts, its market value depends on the company behind it pushing forward with development and adoption.

根据SMQKE的说法，购买XRP类似于从制药公司购买药品专利的股份。尽管专利本身不是安全性，也不是保证支出，但其市场价值取决于其背后的公司推动开发和采用。

"If the company flounders and the drug never gets approved, the patent becomes worthless despite being a valid piece of intellectual property," SMQKE added.

Smqke补充说：“如果公司比目鱼和药物永远不会获得批准，那么尽管是有效的知识产权，该专利就毫无价值。”

Likewise, he claims that Ripple depends on XRP to scale its payment infrastructure, and XRP holders have a direct stake in whether that system succeeds or fails.

同样，他声称波纹取决于XRP来扩展其付款基础架构，而XRP持有人在该系统是否成功还是失败时有直接的利益。

"The company is reliant on it, much like a pharmaceutical company is dependent on its patent to generate revenue and value," said the researcher.

研究人员说：“该公司依靠它，就像一家制药公司依赖其专利来产生收入和价值一样。”

SMQVE added that XRP does not grant voting rights or legal claims over Ripple’s business, but it still places holders in a position where their fortunes rise and fall with the company’s progress. For context, investor sentiment around XRP has depended on Ripple’s developments over the years.

Smqve补充说，XRP不对Ripple的业务授予投票权或法律索赔，但它仍然使持有人处于随着公司的进步的命运而下降的位置。就上下文而言，XRP周围的投资者情绪取决于多年来的波纹发展。

"In essence, XRP functions like the intellectual property behind Ripple's ecosystem, making those who hold it de facto backers of that system," said SMQKE.

Smqke说：“从本质上讲，XRP的功能就像波纹生态系统背后的知识产权一样，使那些事实上的支持者成为该系统的支持者。”

In his analogy, Ripple is the pharmaceutical firm, XRP functions like the patent, and RippleNet (now part of Ripple Payments) is the real-world application.

在他的类比中，Ripple是制药公司，XRP诸如专利之类的功能，Ripplenet（现在是Ripple Payments的一部分）是现实世界中的应用程序。

When an XRP holder pointed out that RippleNet can operate without XRP, SMQKE referenced a 2020 study conducted by researchers from Imperial College London and University College London, highlighting the nearly 600,000 transactions that occurred daily on the XRP Ledger in 2019.

当XRP持有人指出Ripplenet可以在没有XRP的情况下运行时，SMQKE引用了伦敦帝国学院和伦敦伦敦帝国学院的研究人员进行的一项2020年研究，强调了2019年XRP Ledger每天发生的近60万笔交易。

According to the study, XRP overwhelmingly dominated payment volume on the XRP Ledger, processing hundreds of millions of XRP daily. Notably, this usage shows how deeply integrated XRP is within Ripple’s infrastructure, even if the company allows clients the flexibility to bypass it.

根据这项研究，XRP在XRP Ledger上压倒性地占据了支付量，每天处理数亿XRP。值得注意的是，此用法表明了XRP在Ripple的基础架构中的深入集成，即使该公司允许客户灵活地绕过它。

He also highlighted an Atlantis Press report which claimed that as long as Ripple’s payment solutions remain widely adopted, XRP would continue to function as a central component in cross-border transactions.

他还强调了亚特兰蒂斯新闻界的报告，该报告声称，只要Ripple的支付解决方案仍被广泛采用，XRP将继续充当跨境交易中的核心组成部分。

However, it is important to note that Ripple itself has confirmed that its payments product can operate independently of XRP. Clients have the option to use XRP as a bridge currency, but they are not required to do so.

但是，重要的是要注意，Ripple本身已经确认其付款产品可以独立于XRP运行。客户可以选择使用XRP作为桥梁货币，但不需要这样做。