The Ripple team has just released a proposal for a cross-chain bridge on the XRP Ledger which would expand the utility of the blockchain and the token.
Emi Yoshikawa, VP of Corporate Strategy and Operations at Ripple shared the details of the newly published XLS-38d, a standard proposal.
Authored by Mayukha Vadari, a RippleX software engineer, and Scott Determan, the Githib document outlined the mechanism of the cross-chain bridge.
Cross-chain bridges, work to bring interoperability and are protocols that allow communication between blockchains.
For instance, cross-chains like Allbridge, Multichain, and Apex have already integrated with blockchains, including XRPL, Ethereum, Avalanche, and others to enable the transfer of value.
According to the GitHub document, two blockchains—a locking chain and an issuing chain—are connected via a bridge [also called a mainchain and a sidechain]. Each is a separate ledger with its own validators and perhaps its own unique transactions.
There is a bridge, which is significant because it enables the transfer of assets from the locking chain to the issuing chain as well as their return from the issuing chain to the locking chain. A cross-chain transfer is the name of this crucial process.
The concept originated in August 2022 when Vadari announced in an interview that RippleX was hard at work on a production release of sidechains that, if embraced by the XRP community, would run concurrently with the XRPL mainnet.
That being said, the ledger backed by Ripple has attracted tremendous traction in spite of the prolonged lawsuit with the U.S. Security and Exchange Commission.
XRPL Has Added 2000 New Tokens To Its Network
According to data, over 2,000 additional tokens have been added to the XRPL network in the last 12 months. Despite the SEC engaging in a legal dispute with Ripple Labs in 2020, activity has increased.
The network presently has 8,356 cryptocurrency tokens running on its computers, as per recent data from XRPL volume.
In the past 365 days, 2,000 additional tokens have been added to the total. From February 2022 through February 2023, the network will receive about 6 new tokens every day.
Without a doubt, the ledger will reach 10,000 milestones if it maintains its current momentum.