XRP adoption gets a major boost after Flare Network, a key Ripple partner, announces an important integration. According to a recent post by a co-founder of Flare Networks, Hugo Phillon is all set to onboard the Ripple-linked token into its network as well as other ecosystems through LayerCake. The new development signals a new era as it features the addition of the wrapped token FXRP for the first time, which will facilitate a seamless entry of XRP into Flare Networks.
This collaboration is touted to equip decentralized application [dapp] developers not only to build dapps but also to interact with the wide array of cross-chain assets present or anticipated on Flare. Phillon, in particular, shone the spotlight on the limitless capabilities in case hooks arrive on the XRP Ledger mainnet, emphasizing that Flare could provide high-quality decentralized data to dapps developed using hooks.
The two collaborating partners shared a long history that began with Flare’s initial aspirations to function as a decentralized finance [DeFi] application for Ripple. Over time, the firm transitioned into a layer 1 blockchain and Oracle provider with significant backing from Ripple, the leading payments entity. Flare Networks launched two pivotal assets, namely FXRP and Spark [an inherent collateral asset of the system]. Spark, a byproduct of a utility fork of XRP, is crucial for fueling smart contracts on Flare.
In short, Flare Networks operates as a smart contract platform crafted for the Ripple-backed token, doubling as a secure conduit from tokens to other networks.
XRP Ledger Dapps
Ripple CEO Brad Garlinghouse previously articulated that Flare combines the most advanced technological features of Ethereum and Avalanche, positioning itself as a leading smart contract platform for the token. The convergence of Ripple’s rapid settlement capabilities, Ethereum’s smart contract functionalities, and Avalanche’s consensus mechanism within Flare enables developers to craft smart contracts for novel use cases, such as lending and decentralized finance [DeFi].
While specific details regarding the integration are eagerly anticipated, the announcement has generated widespread interest. A user pointed out the potential for XRPL dapps to leverage Flare’s decentralized data through Hooks, emphasizing the promising landscape for cross-chain innovation.