Blockchain North America Trending

Ripple and Axelar Foundation Set a New Standard for Blockchain Interoperability on XRPL

As more firms look to enter the blockchain and decentralised space, easy integrations and the ability to develop applications are an absolute must. Ensuring this is possible on the XRP Ledger (XRPL), Ripple, the crypto solutions provider, has partnered with Axelar Foundation, the nonprofit decentralised interoperability network.

Axelar network’s integration with the XRPL aims to help bolster the XRPL DeFi ecosystem by providing essential liquidity for stablecoins and large-cap assets. Developers will also be able to capitalise on the XRPL’s built-in features such as the native DEX, the upcoming AMM, and payments system recognised for its security and efficiency.

Additionally, Axelar network will help facilitate the deployment of cross-chain dApps directly on the XRPL. Beyond traditional asset bridging, Axelar delivers general message passing (GMP), a feature that expands XRPL’s functionality, enabling developers to execute function calls on smart contracts residing on 55+ connected blockchains. This capability ensures the secure, cross-chain exchange of a wide array of payloads, including both data and function calls, via Axelar’s GMP.

Such an advancement surpasses the initial focus of simple bridging transactions, where assets are typically locked on one chain and represented on another. With GMP, transactions involving XRP and other assets can transcend the XRPL, fostering a higher level of sophistication and creating a more unified experience in dApps that utilise XRP.

Ripple’s proposed amendment XLS-38 was the first step in enhancing interoperability within the XRPL ecosystem, particularly in bridging connections between the XRPL mainnet and its sidechains such as the upcoming EVM-sidechain.

The partnership with Axelar Foundation propels interoperability into the broader blockchain realm. By bridging the XRPL with Axelar’s network ecosystem of interconnected blockchains, this initiative broadens the scope of interoperability, enabling the XRPL to tap into new ecosystems and drive forward multi-chain innovation.

A new standard for blockchain interoperability

At the forefront of tokenising real-world assets (RWAs), the XRPL is establishing a new standard for blockchain interoperability that greatly benefits developers, validators, enterprises, and other participants within the XRPL ecosystem focused on building with this use case.

The Axelar Foundation will broaden blockchain adoption by facilitating RWA. Axelar network’s comprehensive API and tooling enable seamless integration of tokenized assets on the XRPL with a broad spectrum of applications, accessing deep liquidity pools within the Web3 ecosystem.

This not only extends the applications and reach of RWAs on the XRPL but also lays the groundwork for more integrated and intuitive multi-chain user experiences, propelling forward the innovation and usability of blockchain technology.

Integrating the Axelar network

Enhancing the blockchain ecosystem through Cross-Chain Connectivity Axelar’s cross-chain security approach is founded on permissionless proof-of-stake validation, with risk-mitigation layers including validator security policies and contract limits on how much can be transferred over some time.

Axelar is built on a hub-and-spoke network topology, enabling swift containment and isolation of problems on connected chains, without sacrificing network liveness or security. The XRPL will be integrated into this secure cross-chain infrastructure via a multi-signature contract with 32 Axelar validators signing transactions to and from the XRPL.

“Connecting XRPL demonstrates Axelar network’s market-leading ability to integrate diverse consensus mechanisms into a unified environment for building seamless user experiences that scale everywhere,” said Georgios Vlachos, co-founder of the Axelar protocol and director at Axelar Foundation.

“Axelar already connects Cosmos, EVM, and Polkadot chains in its fast-growing network of interoperable blockchains. XRPL adds a powerhouse of DeFi and RWA innovation into 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.”

The next step in blockchain utility

“The advancement of blockchain interoperability can break down the silos between networks, enabling seamless interaction and value transfer across diverse platforms. This shift will drive innovation, particularly in DeFi, and could help lead to a more interconnected and accessible blockchain ecosystem,” said David Schwartz, CTO of Ripple and co-creator of the XRPL.

“This initiative from Axelar will help enhance the XRPL’s interoperability by extending it to a wider network of blockchain environments while complementing the XRPL’s rich feature set and opening up new pathways for utility and innovation.”

Set to launch in May, the integration of Axelar network with XRPL marks a significant milestone in the evolution of blockchain interoperability and utility.


Related posts

PayU Nigeria Goes Bigger on Online Payments with PayU Receive

Manisha Patel

One Billion Consumers To Be Protected Under ACI Fraud Management Solution

Tyler Pathe

DevOps Adoption Will Accelerate Over the Next Two Years in the Financial Services Sector

Manisha Patel