In a recent collaboration, Ripple has joined forces with Axelar Foundation to enhance interoperability on the XRP Ledger (XRPL) by connecting with more than 55 blockchain networks.
The collaboration, inked with the Axelar Foundation, a non-profit organization overseeing the growth of the Axelar Network, would help bolster the XRP Ledger’s interoperability at a time when some XRPL community figures have lamented the network’s relative seclusion.
The Axelar team announced the partnership through a press release, with RippleX, the development arm of Ripple, calling attention to it in a recent post. Information from the release suggests that the aim of the collaboration is to bolster better interconnection between the XRPL and the broader blockchain ecosystem.
This collaboration with @Axl_Foundation will enhance the XRPL's interoperability by extending it to a wider network of blockchains while complementing the #XRPL's feature set and opening new opportunities to broaden reach and utility. 🤝 https://t.co/zI8TcXzisH
— RippleX @ #ETHDenver2024 (@RippleXDev) February 27, 2024
Details of the Integration
Axelar Network, initially developed by Interop Labs, is poised to integrate with the XRPL, enabling the secure and efficient transfer of assets across an extensive network of interconnected blockchains. This integration is scheduled to launch in May.
Renowned for its decentralized architecture and stability dating back to 2012, the XRP Ledger has earned global confidence in facilitating the tokenization and exchange of value involving both crypto assets and real-world assets (RWAs).
This partnership strives to strengthen the XRPL ecosystem by using Axelar’s General Message Passing (GMP) to enable RWA and DeFi features. One major goal of the collaboration is to offer ample liquidity for stablecoins and major assets by integrating with Axelar.
The integration would give network participants and builders on the XRP Ledger an opportunity to witness better functionality on the blockchain, especially when combined with the robust XRPL infrastructure featuring the upcoming AMM and the native DEX.
The Axelar team noted that their GMP product introduces a feature that delivers more utility than the mere conventional transaction bridging capability. Notably, it allows developers to execute calls on smart contracts residing on over 55 connected blockchains.
This guarantees a secure exchange of diverse payloads such as function calls and on-chain data across multiple networks. The enhancement contributes to a more advanced and refined experience for decentralized applications (dApps) leveraging the XRPL.
The XRPL Aims to Welcome RWA Tokenization
The team behind Axelar emphasized the XRPL’s commitment to tokenizing real-world assets (RWAs), underscoring its role in setting a standard for interoperability. Notably, Ripple recently partnered with Zoniqx to facilitate tokenization on the network.
According to the Axelar team, the Axelar Foundation’s API and tooling are designed for the smooth integration of tokenized assets on the XRPL with applications across the crypto ecosystem. This broadens the scope and potential applications of real-world assets on the XRPL.
David Schwartz, CTO of Ripple, expressed optimism about the initiative, emphasizing that breaking down silos between networks will help bolster innovation, especially in the DeFi sector.
Monica Long, the president of Ripple, stressed that the partnership would help facilitate three things: bring more dApps to the XRPL, bolster liquidity for stablecoins and other major assets, and extend the features of the XRPL to the over 55 blockchains connected to Axelar.
We keep saying it..the future is multichain! Hugely excited for @axelarnetwork to integrate with the XRP Ledger 1/ bringing more cross-chain dApps to XRPL 2/ providing liquidity for stablecoins + other assets 3/ expand the XRPL’s features to 50+ other blockchains. https://t.co/A8C8Kig34J
— Monica Long (@MonicaLongSF) February 28, 2024
Notably, Ripple already seeks to introduce an EVM sidechain for the XRPL to bolster interoperability, with the introduction of the XLS-38 amendment to launch a cross-chain bridge. The amendment and partnership with Axelar Foundation signify a leap in enhancing interoperability within the XRPL ecosystem.
Disclaimer: 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’s opinion. Readers are encouraged to do thorough research before making any investment decisions. The Crypto Basic is not responsible for any financial losses.
-Advertisement-
