Despite the close association between Flare Networks and Ripple Labs Inc., the blockchain payments linked token XRP is not operational on the former, a situation that is poised to change soon.
XRP to go Live on Flare Networks
Co-founder and CEO of Flare Network Hugo Philion took to the X platform to reveal that XRP will come to the Flare network through the FXRP asset.
According to Philion, the integration will be done through the help of LayerCake, a decentralized asset that will even extend the integration of XRP to other protocols beyond Flare Network.
As an Oracle network looking to gain market share from Chainlink and The Graph, developer support is important and with the LayerCake protocol, Philion noted that Decentralized Application (DApp) developers can innovate with endless possibilities. By bringing the modalities by which they can create an application with interoperable features, they will make more impact over time.
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
The blockchain ecosystem is dynamic and in pushing the best value for all, developers prefer to operate in an open system. The XRP ecosystem has been making a crucial pivot in recent times as the XRP Ledger has seen the emergence of Xahau Sidechain and the launch of its Layer-2 scaling solution Evernode over the past year.
On their part, Flare Networks developers are enabling the right environment and the team has enabled hooks compatibility with the XRPL Flare. Per Philion’s description, this could serve its high-quality decentralized data to DApps built using the smart contract development environment.
XRP and Flare Reacts to Long-Awaited Innovation
Flare Network made its emergence in the cryptocurrency ecosystem with a major promise to cause a paradigm shift across the board.
The protocol’s native token FLR was airdropped to XRP holders at the time on a 1:1 basis, further cementing the linkage between both assets. Members of the XRP community that has been following the evolutionary trends on both protocols believe that it is high time XRP and FLR integrate in ways that can further drive innovations.
The two coins are showing resilience across the board with XRP trading at $0.5245 atop a 0.54% slump in 24 hours and FLR jumping by 11% to $0.03297. The Flare’s growth is evident the community is enthralled on the potential benefits of the XRP integration in the near future.
The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.
✓ Share: