XRP could expand its presence to Flare Networks and other decentralized ecosystems as FXRP, a wrapped version of the token, with the help of Flare’s bridging protocol LayerCake.
Hugo Philion, the co-founder of Flare Networks and CEO of Flare Labs, disclosed this in a recent statement on X. The move will become possible through Flare Networks’ upcoming FAssets project, which would imbue smart contracts to assets that do not have them on their respective blockchains.
XRP Coming to Flare and Other Ecosystems
This project would target assets such as Bitcoin (BTC), XRP, and Dogecoin (DOGE). The protocol works by minting wrapped versions of the tokens on the Flare Network and leveraging these wrapped versions for smart contracts functions, including staking and other dApp use cases
In his latest disclosure, Philion confirms that FXRP, the wrapped version of XRP, would allow XRP to be domiciled on the Flare Networks. This move would especially be significant for proponents looking to utilize their XRP tokens on Flare.
FXRP will enable XRP to come to Flare and also other ecosystems through LayerCake. This let’s dapp developers build dapps that can interact with the multiple crosschain assets that will exist and already exist on Flare. Now if hooks were on the XRPL Flare could also serve its…
— Hugo Philion ☀️ (@HugoPhilion) February 11, 2024
However, according to Philion, the development would bring XRP to the Flare Networks and allow users to bridge XRP to other blockchain ecosystems. This will be possible through LayerCake, Flare’s decentralized insured-in-transit bridge protocol.
Notably, when a user mints XRP into FXRP, its wrapped FAssets version, the resulting token would originally reside on the Flare Networks for use in smart contracts. Nonetheless, users looking to have their FXRP on other ecosystems can bridge the tokens through LayerCake to these other networks.
Philion says this would allow dApp developers to build applications that can work with multiple tokens from different blockchains, such as FXRP, FDOGE, FBTC, and others. This way, they can create more interoperable applications that leverage the value and functionality of multiple chains.
More Benefits for Hooks Builders
In addition, the Flare Labs CEO believes the high interoperability between Flare and the XRP Ledger could benefit builders more if Hooks existed on the XRPL. Hooks are small pieces of code that would enable native smart contracts functionality on the XRPL.
As of press time, Hooks have not been implemented on the XRP Ledger, as some believe more testing is necessary. The feature is already present on Xahau, the XRPL sidechain from XRPL Labs. Ripple CTO David Schwartz thinks Xahau is a good avenue to test out the Hooks protocol.
According to Philion, if Hooks had been implemented on the XRP Ledger, leading to builders developing applications using the protocol, Flare could have leveraged the interoperability between both networks to feed high-quality data to applications made using Hooks.
The FAssets project is still under development, with its launch imminent. As reported by The Crypto Basic last year, Flare Labs announced the start of the private beta testing phase of the project on Nov. 30, 2023. The next stage involves beta participation from other entities.
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.