Ripple has partnered with the Axelar Foundation to drive interoperability within the XRP Ledger (XRPL) blockchain, with a specific emphasis on promoting the tokenization of real-world assets (RWA).
The integration of the Axelar network with XRPL aims to strengthen the layer 1 DeFi ecosystem by providing the necessary liquidity for stablecoins and high-value assets. Meanwhile, developers will benefit by taking advantage of XRPL's inherent features such as its native DEX, upcoming AMM, and renowned payment system known for its security and efficiency.
Focus on RWA
“Tokenization,” especially of “real-world assets” (RWA), has become a major trend in the crypto industry, and has witnessed considerable adoption in recent years, attracting interest from both individual users as well as the main institutional actors.
In a bid to capitalize on this trend, the Axelar Foundation seeks to expand the adoption of blockchain technology by facilitating the tokenization of real-world assets (RWA) with its partnership with Ripple.
Additionally, the Axelar network will facilitate the deployment of cross-chain dApps directly on XRPL. In addition to the conventional asset bridge, Axelar introduces general message passing (GMP), which is expected to enhance the capabilities of XRPL by allowing developers to execute function calls in smart contracts on more than 55 connected blockchains.
This functionality ensures secure cross-chain exchange of various payloads, including data and function calls, via Axelar's GMP.
in a statementsaid David Schwartz, CTO of Ripple and co-creator of XRPL,
“This initiative from Axelar will help improve the interoperability of XRPL by extending it to a broader network of blockchain environments, while complementing XRPL's rich feature set and opening new avenues for utility and innovation.”
Ripple's XLS-38 proposal marked the initial step in improving interoperability within the XRPL ecosystem, specifically bridging connections between the mainnet and sidechains similar to the upcoming EVM sidechain.
The partnership with the Axelar Foundation extends this interoperability beyond XRPL, linking it to Axelar's network of interconnected blockchains. The company explained that this collaboration expands interoperability horizons, allowing XRPL to access new ecosystems and drive multi-chain innovation.
XRPL Network Statistics
The XRP Ledger (XRPL) has been in operation for over a decade. According to a recent report by Messari, network activity on XRPL showed a mixed trend in the fourth quarter.
While active addresses on XRPL decreased by 31.3% compared to the previous quarter, transactions increased by 22.7% during the same period. Notably, nft mints saw a significant 491% quarter-over-quarter increase, resulting in a 170% increase in total nft transactions.
In Q4 '23 alone, there were 3.4 million nft mints, which represented more than half of all mints since the introduction of the XLS-20 standard in 2022.
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