XRP adoption gets elevated after a major strategic move is underway. The digital currency affiliated with Ripple is gearing up for integration into key partners, Flare Networks, and other ecosystems via LayerCake. This development, as announced by Hugo Phillon, co-founder of Flare Networks, heralds a significant advancement between the two allies. According to Phillon, the incorporation of FXRP will facilitate a seamless entry of XRP into Flare Networks and other ecosystems through LayerCake.
This integration not only empowers decentralized application [dapp] developers but also allows them to construct dapps capable of interacting with the multitude of cross-chain assets present or anticipated on Flare. Notably, Phillon highlighted the potential synergy if hooks were implemented on the XRP Ledger, emphasizing that Flare could provide high-quality decentralized data to dapps developed using hooks.
The historical connection between the two collaborating partners stems from Flare’s initial aspirations to function as a decentralized finance [DeFi] application for Ripple. Over time, it has evolved into a layer 1 blockchain and Oracle provider with backing from Ripple, the renowned payments startup. Flare Networks introduces 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 essence, 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.