Crypto news: Ripple and Axelar have announced a strategic partnership to ensure seamless interoperability on the XRP Ledger (XRPL) across different blockchain networks.
The goal of the collaboration is to promote a more interconnected blockchain ecosystem, allowing developers to explore new possibilities for integration and application development.
This effort also aims to expand the use and influence of the XRP Ledger in the vast landscape of financial services. Let’s see all the details below.
Ripple: expanding the utility of the XRP Ledger in the crypto sector
As anticipated, Ripple and Axelar Foundation are collaborating to enhance the interoperability of the XRP Ledger across various blockchains.
The integration of the Axelar network with XRPL will allow for secure and efficient transfer of assets across over 55 connected blockchains.
We remind you that XRPL is a decentralized level 1 blockchain, consolidated by over a decade of reliability and stability.
The same one that has gained the trust of companies and developers around the world for the tokenization and efficient exchange of crypto-native and real assets.
This collaboration aims to promote a more connected blockchain ecosystem, offering developers new opportunities for integration and application development.
Furthermore, Axelar’s network will serve as an additional resource to further expand the utility and reach of XRPL.
The integration of the Axelar network with XRPL aims to strengthen the XRPL DeFi ecosystem, providing vital liquidity for stablecoins and high-capital assets.
Developers will also be able to leverage XRPL’s built-in features, such as the native DEX, upcoming AMM, and payment system recognized for its security and efficiency.
Furthermore, the Axelar network will facilitate the implementation of cross-chain dApps directly on XRPL.
In addition to the traditional asset linking, Axelar offers General Message Passing (GMP), a feature that expands the capabilities of XRPL, allowing developers to make function calls to smart contracts residing on over 55 connected blockchains.
This feature ensures secure and cross-functional exchange of a wide range of data and function calls through Axelar’s GMP.
This progress exceeds the initial goal of ‘simple bridge transactions’, where assets are typically locked on one chain and represented on another.
With General Message Passing (GMP), XRP transactions and other assets can transcend the XRPL, promoting a higher level of sophistication and creating a more integrated experience in dApps that use XRP.
The advancement of blockchain interoperability
At the forefront of tokenizing real-world assets (RWA), the XRPL is setting a new standard for blockchain interoperability.
Furthermore, the Axelar Foundation will expand the adoption of blockchain by facilitating the RWA.
The complete API and tools of the Axelar network allow for seamless integration of tokenized assets on XRPL with a wide range of applications, accessing deep liquidity pools within the Web3 ecosystem Web3.
This not only extends the applications and scope of RWAs on XRPL, but also lays the foundation for more integrated and intuitive multi-chain user experiences, pushing forward the innovation and usability of blockchain technology.
Axelar’s cross-chain security approach is based on permissionless proof-of-stake validation.
By including risk mitigation levels that include validator security policies and contractual limits on the amount of money that can be transferred in a period of time.
Axelar is built on a hub-and-spoke network topology, which allows for quickly containing and isolating issues on connected chains, without sacrificing network liveliness or security.
The XRPL will be integrated into this secure cross-chain infrastructure through a multi-signature contract with 32 Axelar validators who sign transactions to and from the XRPL.
Georgios Vlachos, co-founder of the Axelar protocol and director of the Axelar Foundation, stated:
“The connection of XRPL demonstrates the ability of the market-leading Axelar network to integrate different consensus mechanisms in a unified environment for the creation of seamless user experiences that scale everywhere. Axelar already connects the Cosmos, EVM, and Polkadot chains in its rapidly growing network of interoperable blockchains. XRPL adds DeFi and RWA innovation power to the growing Axelar ecosystem. The Axelar Foundation is excited to support this integration and expand the interconnected world of Web3 together with Ripple and XRPL.”
Some statements regarding Ripple news
Even Ripple’s CTO and co-creator of XRPL, David Schwartz, stated the following:
“The progress of blockchain interoperability can break down silos between networks, allowing for seamless interaction and transfer of value across different platforms. This change will lead to innovation, especially in DeFi, and could help create a more interconnected and accessible blockchain ecosystem.”
The XLS-38 amendment proposed by Ripple was the first step to improve interoperability within the XRPL ecosystem, focusing on bridging connections between the XRPL mainnet and its sidechains, such as the upcoming EVM sidechain.
The partnership with Axelar Foundation pushes interoperability in the broader scope of blockchains.
By connecting the XRPL with Axelar’s interconnected blockchain network ecosystem, this initiative expands the scope of interoperability. In particular, it allows the XRPL to access new ecosystems and promote cross-chain innovation.
The launch is scheduled for May and the integration of the Axelar network with XRPL marks a significant milestone in the evolution of blockchain interoperability and utility.