- Ripple and Axelar partner to improve XRPL sidechain interoperability.
- Archax intends to tokenize real assets worth millions of dollars on the XRPL.
Monica Long, Ripple President, has recently shared her views on Ripple Upgrades, specifically, the XRPL sidechain.
These updates address the development on the XRPL’s EVM sidechain, Axelar and the planned contribution by Archax of real-world tokenized assets worth hundreds of millions to the 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 had stated in its previous quarterly report that Axelar would be the only bridge used to supply the native token of the XRPL, eXRP.
The strategic partnership with Axelar takes advantage of their experience, and benefits from linked sidechains. It also provides users with an efficient and safe bridge.
Axelar can also connect other fungible coins to the XRPL network and 55 different blockchains, thereby improving interoperability.
Oracles on XRPL provides institutions with accurate, consistent data feeds that will improve the functionality and usability of Decentralized Financial Applications (DeFi).
The Oracles are designed to support many use cases including event and price data. They will be vital for DeFi institutional. Band Protocol and DIA are partnering to provide decentralized oracle data for XRPL’s mainnet as well as EVM sidechain. They will ensure real-time reliability of market data and access.
Multi-Purpose Tokens (MPT), which are expected to come into effect in the third-quarter, allow the creation complex token structures, which can be used as a way of representing diverse rights and assets through metadata.
It will also be useful to institutions looking for a way to efficiently tokenize assets and manage them. XRPL will natively support the MPT standard, providing developers with direct access via simple APIs.
Ripple revealed in its second quarter announcement that Archax – a UK Financial Conduct Authority regulated digital assets exchange, broker, custodian – will add hundreds of millions dollars of tokenized RWAs in the XRPL during the course of the year.
As previously announced, Ripple also created a fund in Japan and Korea to support XRPL innovations. highlighted CNF
CNF reported Whale Alert reported that 500 million XRP from escrow had been released at an unknown wallet. The huge movement in XRP has sparked many arguments and hypotheses within the crypto world.
As we have previously discussed, a similar move has been made. 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 coin currently trades at about $0.5711The. 0.36% The daily volume traded was $1.582 Billion in the past 24 hours.
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