XRP leveraged as a gas token on the Root Network, a new EVM-compatible blockchain developed using Substrate and integrated with the XRP Ledger.
XRP is set to play a revolutionary role as a gas token on an innovative blockchain known as the Root Network. This breakthrough development presents exciting opportunities for XRP holders and significantly expands the asset’s functionality.
Dip Collector, a pseudonymous crypto proponent, highlighted this development in a recent tweet, elaborating on the mechanics involved.
The #RootNetwork is a very advanced blockchain based on #substrate that is #EVM compatible, uses XRP as the gas token, with #Root as the native token which will mainly be used as staking token to secure the network and for governance. Staking rewards will be paid out in #XRP. One…
— Dip_Collector (@dip_collector) June 17, 2023
The Root Network is a blockchain built using Substrate, a framework that harmoniously interacts with the Ethereum Virtual Machine (EVM). The fact that Substrate is EVM-compatible means that blockchains created with it will feature an environment that makes it possible to run smart contracts and dApps built with Ethereum.
As The Crypto Basic disclosed last year, Ripple partnered with Fluf World, the Metaverse project behind Root Network, in June 2022. The partnership paved the way for the integration of XRPL with the Root Network.
Within the Root Network, XRP will assume the crucial function of a gas token. Users must pay gas fees to perform transactions or engage with DApps. By utilizing XRP as the gas token, network participants can effortlessly settle these fees, enhancing accessibility on the network.
Moreover, the native token of the Root Network, ROOT, will predominantly act as a staking token to bolster network security and facilitate governance. Participants engaged in staking will receive XRP as a reward, creating an enticing incentive for users to actively contribute to the network’s security.
The Root Network to Integrate with the XRP Ledger
One intriguing aspect of the Root Network lies in its integration with the XRPL DEX (Decentralized Exchange). The XRPL DEX operates within the XRP Ledger, renowned for its abundant liquidity and thriving trading activity.
By connecting the in-chain DEX of the Root Network with the XRPL DEX, the network can effectively tap into the existing liquidity and trading infrastructure of the XRP Ledger. This integration serves to invigorate the network’s liquidity and enrich the overall user experience.
Incorporating XRP as the gas token and integrating with the XRPL DEX signify notable advancements for the XRP ecosystem. It expands the utility of XRP beyond international payments, affording it a prominent position within the wider blockchain ecosystem.
As the Root Network continues its development and gains momentum, the significance of its integration with the XRPL becomes apparent. The combination of an EVM-compatible blockchain, the utilization of XRP as the gas token, and the integration with the XRPL DEX unlock a realm of possibilities for the future of XRP.
DisClamier: This content is informational and should not be considered financial advice. The views expressed in this article may include the author's personal opinions and do not reflect The Crypto Basic opinion. Readers are encouraged to do thorough research before making any investment decisions. The Crypto Basic is not responsible for any financial losses.
