Ripple News: Allbridge Brings DeFi To The XRP Ledger

April 15, 2022 2:10 pm

Allbridge is a company that specializes transferring assets between different blockchain networks and has recently added support for the XRP ledger.

Ripple made the announcement on Thursday, April 14 that the integration was effective as this was actually first introduced back in January.

The XRP ledger is the 14th chain that Allbridge now supports and will now be able to connect the XRP ledger with both EVM and non-EVM compatible chains which includes projects like Solana, Terra, NEAR Protocol, and Fantom.

As XRPL also has its own native decentralized exchange, stable coins and other DeFi tokens are also able to be traded with the use of XRPL.

PYMNTS.com reports:

“The integration with XRPL allowed us to deeply enhance our cross-chain expertise and offer a truly unique solution to the market,” Andriy Velykyy, co-founder and CEO of Allbridge, said in a statement.

The goal, he added, is to establish an interconnected cross-chain environment.

During the second quarter, Allbridge said it will add assets to the XRP Ledger, starting with SOLO, a token of the Sologenic ecosystem.

Ripple provided Allbridge with technical support to integrate the XRP Ledger through its blockchain expertise, the company said.

Together, Allbridge and Ripple are “contributing to growing cross-chain interoperability as many in crypto build toward a multi-chain future.”

Last month, Ripple announced it will commit 1 billion XRP to develop new use cases on the XRP ledger.

This newest integration with Allbridge was made possible through Ripple’s XRPL grants program which provides capital to open-source projects to be built on the ledger.

With the program, XRPL continues to gain important and innovative capabilities to make it the leading blockchain ledger while projects get to take advantage of XRPL’s blockchain technology.

Ripple has stated that this is just the beginning and that it plans to continue to add more additional developer programs over the upcoming years.

The funding will be done via the use of the XRP token which will be distributed to developers who are looking to build their apps on the Ripple network.

CryptoGlobe.com reports:

Andriy Velykyy, co-founder and CEO of Allbridge, made the following statement then:

“This partnership offers us a unique opportunity to add the support of XRP Ledger, enabling millions of DeFi users to interact with the XRP ecosystem.

Ripple had this to say about XRPL:

“The XRP Ledger was created in 2012 with the first DEX. Other capabilities inherent to the XRP Ledger such as auto-bridging allow for assets transferred to the XRPL to access the DEX’s existing liquidity to create synthetic order books for assets.

“For example, say you’re looking to trade from BTC into ETH on the XRPL DEX, and there is no ETH/BTC liquidity, but there are ETH/USD, BTC/USD, ETH/XRP, and BTC/XRP pairs.

Pathfinding will execute the trade by finding the most efficient path within seconds, via XRP or another bridge asset, where liquidity is best. Since its inception, more than $200 billion has been traded on the XRP Ledger’s DEX.“

The more prominent the XRP Ledger becomes within the DeFi ecosystem, the more likely that it will become the new standard for decentralized finance which is considered the future of finance.

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