Allbridge cross-chain bridge integrates DeFi support for XRP Ledger, XRP price suddenly increased sharply

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2022-04-16 18:21:16

The Allbridge cross-chain bridge fulfilled its promise to Ripple back in January when it successfully integrated support for the XRP Ledger (XRPL).

Allbridge cross-chain bridge integrates DeFi support for XRP Ledger, XRP price suddenly increased sharply

Thus, XRPL has officially become the 14th blockchain supported by Allbridge. The latest transfer allows Allbridge to link XRPL to a number of blockchains that are compatible or independent of the Ethereum Virtual Machine (EVM), including Solana, Terra, NEAR Protocol, BNB Chain, Fantom and many more supported platforms. Allbridge’s support.

Notably, Allbridge is the bridge to bring together blockchain giants Near Protocol and Terra by the end of 2021. In addition, Allbridge will help improve XRPL’s DeFi performance by leveraging the DEX exchange, allowing trading translate leading stablecoins and decentralized tokens based on the protocol. To date, Allbridge has processed around $5.8 billion in transactions since its launch.

Andriy Velykyy, Co-Founder and CEO of Allbridge said:

“Allbridge has become the first bridge to link XRP Ledger with the booming DeFi ecosystem. The integration with XRPL allows us to deepen our cross-chian expertise and provide a truly unique solution to the market.”

In Q2 2022, Allbridge also plans to bring more unique assets to XRP Ledger, starting with SOLO, a token of Sologenic – a relatively complex ecosystem built on top of XRP Ledger, facilitating for investing, trading between cryptocurrencies and non-blockchain assets like stocks, ETFs and commodities from over 30 leading stock exchanges globally.

Overall, the total number of transactions on XRPL has increased significantly over the past year, with a total of 130 million transactions and $113 billion being made through 114 billion XRP volume. Moreover, XRP Ledger is being seen as Ripple’s trump card on its ambition to conquer the NFT space and use sidechains that enable smart contract deployment.

In January, Ripple first released the NFT beta on the XRP Ledger, while further upgrading the protocol standard, allowing users to explore the full NFT functions on the platform, creating a solid premise. to receive the key growth trend in the current market.

However, perhaps thanks to this news combined with the company’s optimistic signs about the situation of the lawsuit with the SEC that was “revealed” by the Ripple CEO on the same day, XRP suddenly reacted very positively despite the share. Major altcoins are under considerable pressure from BTC. At press time, XRP is trading at $0.77, up 7.82% over the past 24 hours.

1H chart of XRP/USDT price.  Source: Binance
1H chart of XRP/USDT price. Source: Binance

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