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CARDANO-XRP BRIDGE GOES LIVE – A GAME CHANGER FOR BOTH ECOSYSTEMS
▪Cardano and XRP Ledger now have a direct connection through the Wanchain bridge.
▪The linkup is a mutually beneficial one for native assets within both ecosystems.
Cardano (ADA) and the XRP Ledger (XRPL), two leading blockchains, have formed a coalition to strive for seamless interoperability. Both ecosystems have launched a new bridge, connecting ADA and XRP, the native coin operating on the XRPL.
Cardano and XRPL Expand Interoperability With New Bridge
TapTools, a digital wallet tracking Cardano trading, brought the attention of the crypto community to the Cardano-XRP bridge. This bridge, which is now live, is facilitated by Wanchain, a decentralized blockchain interoperability solution.
As reported by TapTools, the Cardano-XRP bridge is designed to expand interoperability and liquidity between the two networks. This technical advancement marks a massive milestone for both blockchains, representing the first time they connect via a bridge.
Besides promoting interoperability and liquidity, the bridge will support DeFi adoption and enhance utility for both ADA and XRP.
Historically, both communities have different technological and market positioning. However, they can now leverage the new bridge to interact in unprecedented ways.
Users can utilize the bridge to transfer ADA onto the XRP Ledger and vice versa.
It will also increase the Total Value Locked (TVL) for users exploring Decentralized Finance (DeFi) opportunities on Cardano. This increased interoperability is crucial as the world moves swiftly toward widespread blockchain adoption.
Beyond these benefits, the bridge potentially paves the way for integrating Ripple’s stablecoin, RLUSD, as a bridged asset. It is important to note that the Cardano-XRP bridge operates without centralized control. This means users retain control over their assets without interference from a third party.
Meanwhile, Wanchain will help to preserve the underlying value of wrapped versions of XRP and ADA as they seamlessly interact with applications on the opposite chain.
Wanchain uses a distributed key generation and secure multi-party computation (MPC) mechanism to ensure assets move safely across different blockchains.
Impact on ADA, XRP, and Broader Market
The Wanchain XRP/Cardano bridge will benefit Cardano and the XRP ecosystems in numerous ways. For Cardano, the bridge will help strengthen users’ appeal for the blockchain as more capital flows into ADA-based DeFi platforms. Our latest report covered that the XRPL Decentralized Exchange has surpassed $20 billion in liquidity, highlighting XRP’s expanding role in DeFi.
Also, thanks to this bridge, XRP users are encouraged to explore Cardano’s ecosystem more. This attention toward the network can lead to greater adoption of Cardano’s native smart contracts and Decentralized Applications (dApps).
Regarding XRP, the new bridge can unlock staking, borrowing, lending, and yield farming opportunities previously unavailable to XRP holders. The bridge can also elevate XRP’s role in multi-chain ecosystems, extending its potential beyond traditional payments and remittances.
For the broader market, the new bridge demonstrates that achieving a more interconnected blockchain environment is possible. It also demonstrates the growing importance of interoperability in the blockchain industry and ensures that cryptocurrencies are not isolated.
@ Newshounds News™
Source: Crypto News Flash
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BRICS CONFIRMS DEVELOPMENT OF NEW PAYMENT SYSTEMS IN 2025
Brazil, which chairs the upcoming BRICS summit in 2025 confirmed that they plan on the formation of new payment systems. Under the leadership of Brazilian President Luiz Lula da Silva, the alliance will discuss alternative payment options to the US dollar.
The BRICS Sherpas meeting will take the ideas forward and the upcoming 17th summit could see massive changes in the way the bloc operates and settles cross-border transactions.
The move could lead to a paradigm shift in global trade and tilt the financial powers from the West to the East. Developing countries are looking to cut ties with the US dollar and strengthen their local currencies in the forex markets.
The US dollar is in the crosshairs of a major shift that could pave the way for native currencies to take the driver’s seat of the financial markets.
BRICS: New Payment Systems in 2025 Could Be a Reality
Brazil’s President Luiz Lula da Silva made a strong statement saying that BRICS will continue advancing the de-dollarization agenda. The President also added that under their leadership, BRICS will work towards developing new payment systems as an alternative to the US dollar.
“Brazil is going during the period of its presidency to fully develop transparent and safe payment systems,” he said.
The bloc will work towards launching safe payment systems to uplift their GDP and strengthen their native economies. The move will give a boost in the arm to their local currencies making businesses thrive.
The next BRICS summit is scheduled to be held in Brazil’s Rio De Janeiro on July 6th and 7th. All the nine member countries will meet at the summit and discuss policies and sign new trade deals. Details on the new payment systems could be revealed at the 17th summit in July this year.
@ Newshounds News™
Source: Watcher Guru
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