- Ripple teams up with Axelar for enhanced XRPL interoperability.
- Archax intends to tokenize real assets worth millions of dollars on the XRPL.
Monica Long is the President of Ripple and recently gave her opinion on Ripple’s latest upgrades. She specifically mentioned the XRPL Sidechain.
The current updates are about the development on the XRPL’s EVM sidechain, Axelar and the planned contribution by Archax of real-world tokens worth hundreds of millions to XRPL.
The preparations for the future Oracle releases and Multi-Purpose Tokens (MPT) have caused widespread interest in what changes are expected to occur during the third and forth quarters of this year.
Updates in Q2 – namely progress w/ the XRPL EVM sidechain & Axelar for interoperability, Archax expected to bring hundreds of millions of $ of tokenized RWA onto the XRPL and prep for future Oracles and MPT releases – are making me very excited about what’s coming in Q3 + Q4. https://t.co/GO7jjdBSsf
— Monica Long (@MonicaLongSF) August 2, 2024
The Role of Oracles and Strategic Co-operation with Axelar in XRPL
Ripple announced in the quarter prior that Axelar would be the only bridge for the XRPL sidechain. source The native token of the XRPL sidechain, eXRP.
Axelar’s strategic collaboration with the Bridge provides a bridge that is both safe and effective.
Axelar can also connect other fungible coins to the XRPL network and 55 different blockchains, thus improving interoperability.
Oracles will improve the decentralized functionality and smart contracts of institutions by providing them with accurate and consistent data feeds. financial (DeFi) applications.
Oracles like these will provide a variety of data feeds, such as price and event information, which makes them a vital tool for institutions. Band Protocol and DIA are partnering to provide decentralized oracle data for XRPL’s mainnet as well as EVM’s sidechain.
Multi-Purpose Tokens, or MPTs, are expected to become standard in the third-quarter. They will enable complex token structures which can be used as a way of representing diverse assets and rights using metadata.
It will also be useful to institutions looking for a way to efficiently tokenize assets and manage them. Native support for the MPT standard on XRPL will give developers access to these features via APIs.
Ripple revealed in the second quarter of 2018 that Archax will be introducing hundreds of millions in RWA tokens into the XRPL. next year.
As previously announced, Ripple also created a fund in Japan and Korea to support XRPL innovations. highlighted CNF
CNF reported Whale Alert discovered that 500,000,000 XRP were released from an escrow account at an unidentified wallet. This massive movement of XRP in the cryptocurrency community has sparked several hypotheses and arguments.
In the same vein, and as previously reportedRipple has worked with OpenEden in order to add US Treasury Banknotes to the XRP Ledger. OpenEden’s total value locked for US Treasury tokenized securities has surpassed USD 75,000,000.
The XRP currency is currently trading around $0.5711The. 0.36% Over the past 24 hours, a trading volume of $1.582 billion was recorded.
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