XRP is advancing its interoperability by integrating with the Axelar network, allowing it to interact with other blockchain ecosystems.
Steps Towards XRP Interoperability
According to XRPL validator Vet (@Vet_X0), approximately 124,000 XRP is currently bridged via the Axelar network. This event marks an important step in XRP's expansion beyond its main ledger. The Axelar platform is designed to connect numerous standalone blockchains through a decentralized network of validators.
Expanding XRP’s Functionality
The Axelar bridge was launched simultaneously with the XRPL Ethereum Virtual Machine (EVM) sidechain, opening new possibilities for XRP. By integrating with Axelar, users and developers gain access to a wide array of decentralized applications and services across more than 60 supported blockchains, including EVM platforms, Cosmos-based chains, and Bitcoin Layer 2 networks.
Improving Liquidity and Programmability
XRP’s interoperability with Axelar also impacts liquidity distribution since XRP can now be utilized in liquidity pools and lending protocols. Additionally, the integration with Axelar allows for the use of XRP in programmable smart contracts, a functionality that previously required compromises in decentralization.
XRP's integration with the Axelar network strengthens its position within the cryptocurrency ecosystem, enhancing access to various DeFi and dApp services, as well as increasing asset liquidity and programmability.
