XRP plans to appear on Ethereum and Solana networks, expanding its availability.
🚀 Key details and significance
✔️How it works:
Wrapped XRP (wXRP)
Mechanism: XRP will be integrated not directly, but through a wrapped token (Wrapped XRP, wXRP). This is a token that is issued on another blockchain (e.g., Solana or Ethereum) and backed at a 1:1 ratio by native XRP, which is held in custodial storage.
Custodian: The issuer and custodian of native XRP is the regulated institutional custodian Hex Trust. This adds a layer of security and compliance with regulatory requirements.
Standard: wXRP uses the LayerZero Omnichain Fungible Token (OFT) standard, which initially allows it to be used across multiple blockchains, including Solana, Ethereum, Optimism, and HyperEVM, with plans for further integration.
✔️ Why is this needed?
Expanding utility and DeFi
Access to DeFi: Most importantly, this opens up XRP's access to vast ecosystems of decentralized finance (DeFi) on Ethereum and Solana. XRP holders will be able to use their assets for:
Trading on DEX.
Lending and borrowing.
Providing liquidity.$XRP ,$ETH ,$SOL
