The Solana network has integrated XRP, according to a Friday announcement.
The integration, which has been in the works for several months, bridges the gap between two of the cryptocurrency industry's most prominent ecosystems.
The asset has been launched as a wrapped token, designated as wXRP.
The Solana Foundation partnered with LayerZero and Hex Trust, two major infrastructure providers, in order to be able to facilitate this massive cross-chain move.
LayerZero is the leading omnichain interoperability protocol, which handles the bridging mechanics to securely transfer value between the native XRP Ledger and the Solana blockchain. Hex Trust is a digital asset custodian responsible for holding the underlying XRP reserves that back the newly minted wXRP tokens on Solana.
The announcement has noted that the XRP Ledger is specifically designed for "fast" and "low-cost" transactions. Now, XRP holders will be able to get exposure to Solana's vast DeFi ecosystem.
Immediate DeFi adoption
The integration will inject fresh cross-chain liquidity into Solana's DeFi space.
It is worth noting that wXRP has been simultaneously rolled out across several of some of the leading applications of the popular "Ethereum killer."
wXRP is natively supported by the popular Phantom wallet. A slew of major decentralized exchanges and automated market makers (AMMs), including Jupiter Exchange, Meteora, and Titan Exchange, already support the wrapped token.
Dan Burgin
U.Today Editorial Team
