tl;dr
Ripple has partnered with the Axelar Foundation to enhance interoperability within the XRP Ledger (XRPL) blockchain, focusing on advancing the tokenization of real-world assets. The integration of the Axelar network with XRPL strengthens the DeFi ecosystem, provides liquidity for stablecoins and hig...
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Ripple and Axelar Foundation Partnership Ripple Partners with Axelar Foundation to Enhance Interoperability Within XRPL Blockchain
Ripple has partnered with the Axelar Foundation to enhance interoperability within the XRP Ledger (XRPL) blockchain, focusing on advancing the tokenization of real-world assets. The integration of the Axelar network with XRPL strengthens the DeFi ecosystem, provides liquidity for stablecoins and high-value assets, and facilitates the deployment of cross-chain dApps directly on XRPL. This partnership expands XRPL’s horizons and allows access to new ecosystems, while also enhancing its capabilities through General Message Passing (GMP) and opening up new pathways for utility and innovation.
The integration of the Axelar network with the XRPL aims to strengthen the layer 1’s DeFi ecosystem by providing necessary liquidity for stablecoins and high-value assets. Meanwhile, the developers will benefit from leveraging the 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” (RWAs), has emerged as a major trend in the crypto industry, witnessing a considerable uptake in recent years, drawing interest from both individual users and major institutional players. In a bid to leverage this trend, the Axelar Foundation seeks to expand the adoption of blockchain technology by facilitating the tokenization of real-world assets (RWAs) with its partnership with Ripple.
Furthermore, the Axelar network will facilitate the deployment of cross-chain dApps directly on the XRPL. In addition to conventional asset bridging, Axelar introduces General Message Passing (GMP), which is expected to enhance XRPL’s capabilities by allowing developers to execute function calls on smart contracts across more than 55 connected blockchains.
XRPL Network Stats
The XRP Ledger (XRPL) has been in operation for over a decade. According to a recent Messari report, 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 experienced a significant surge of 491% quarter-over-quarter, resulting in a 170% rise in total NFT transactions. In Q4’23 alone, there were 3.4 million NFT mints, which accounted for more than half of all mints since the introduction of the XLS-20 standard in 2022.
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