Coreum Launches Bridge to Strengthen XRP's Interoperability and DeFi Power
- Written by Newsfile
March 20, 2024 2:00 PM EDT | Source: Coreum[1]
Dubai, United Arab Emirates--(Newsfile Corp. - March 20, 2024) - The Coreum Development Foundation, or Coreum[2], the open-source enterprise-grade layer 1 blockchain, has successfully launched a pivotal network feature envisioned since its inception: Native interoperability with the XRP Ledger (XRPL)[3]. Coreum's bridge protocol represents a major advancement in borderless blockchain operations, establishing a pathway for smooth asset transfers between XRPL and the growing network of IBC[4]-compatible appchains.
Coreum was designed to address the essential requirements of scalability, security, and interoperability for large enterprises to adopt blockchain-based solutions, echoing Ripple's fundamental ethos of enabling a reliable payment network for global business operations.
With a blockchain resurgence nearing a fever pitch amid rising token prices and more regulatory acceptance-enterprises and institutions are set to play a pivotal role in the industry's new era of prosperity. However, critical infrastructure is still missing to ensure businesses can handle blockchain implementations seamlessly and with minimal development uplift. Enterprises now demand more adaptable solutions. The need for architectures that facilitate interoperability natively and offer communication pathways compatible with established standards like ISO 20022 is more urgent than ever.
The XRPL Coreum Bridge's[5] launch marks a strategic use of Coreum's WASM Smart Contract architecture, channelling XRP and other XRPL-native assets into a diverse ecosystem of DeFi applications and use cases. It capitalizes on Coreum's flagship Smart Token technology to simplify the integration of business logic within each token deterministic code, enabling automated functionalities like whitelisting, burning, and freezing. This native feature presents a clear example of how tokenization can be executed without complex smart contract programming, and with cross-network mobility capabilities.
In essence, the Bridge harnesses the distinct strengths of both platforms to create a product that directly augments efficiency for blockchain operations. By unveiling two-way functionality and multi-asset support, XRPL users not only have revitalized DeFi flexibility but can also access Coreum's enterprise-grade blockchain features.
Some of the singular Coreum features that the bridge delivers through the bridge include:
Smart Token creation and management. For XRPL-native tokens, the bridge contract generates a programmable Coreum-based Smart Token that embodies the original asset, equipping it with minting, burning, and IBC-related functions.
IBC interoperability ensures easy and secure asset flows from Coreum to more than 100 IBC-compatible chains and expands XRPL interactivity with new ecosystems and development opportunities.
DeFi access for XRP holders, including products for staking, lending, and borrowing among other decentralized capabilities.
Liquidity management and enhanced liquidity options for cross-chain assets.
Cross-chain dApp development tools and opportunities to create decentralized applications that leverage both XRPL and Coreum.
Coreum's all-encompassing, ISO20022-compliant infrastructure puts interoperability at the forefront, granting developers, institutions, and traders greater possibilities in decentralized finance through XRPL.
To ensure tokens are accurately recognized and represented on both networks, the bridge implements a token registry for all tokens designated for bridging on Coreum and XRPL. These tokens contain critical information on the issuer, currency, bridging fees, and more through a unique denomination number.
"Launching our bridge with XRPL marks a significant breakthrough in blockchain interoperability for enterprises, giving those utilizing Ripple's technology the continued innovation they need and expect," says Bob Ras, Co-Founder of Coreum. "We're very proud of our long-standing relationship with Ripple through Sologenic and Coreum, and bringing this bridge into fruition is an impactful step forward for continued collaboration."
About CoreumCoreum, the world's first Superledger, is a 3rd-generation, layer-1 blockchain designed for enterprises of any size. With a transactional speed of up to 7,000 TPS and ISO20022 compliance, Coreum ensures expedient and economical transactions across a swift and secure PoS network. As an Enterprise-Grade Blockchain (EGB), Coreum introduces a new layer of programmability with 'Smart Tokens,' enabling robust use cases through WASM-based smart contracts, including tokenized Real World Assets (RWA) and Neobanking applications. To learn more, please visit https://www.coreum.com/[6].
About the XRP LedgerThe XRP Ledger (XRPL) is a decentralized layer 1 blockchain renowned for its decade-long reliability and stability in tokenizing and exchanging crypto-native and real-world assets. Designed to support businesses and builders, it is powered by XRP, a cryptocurrency purpose-built for payments. Trusted by over 1,000 visionary builders and businesses worldwide, the XRP Ledger offers institutional-grade functionality and built-in features to enable secure, efficient, and scalable financial services and use cases. It's more than just a blockchain — it's a global developer community dedicated to transforming future business solutions. Learn more and build your business with confidence at XRPL.org[7].
Contact:Favio Velardefavio@coreum.com[8]
To view the source version of this press release, please visit https://www.newsfilecorp.com/release/202434[9]
References
- ^ Coreum (www.newsfilecorp.com)
- ^ Coreum (api.newsfilecorp.com)
- ^ XRP Ledger (XRPL) (api.newsfilecorp.com)
- ^ IBC (api.newsfilecorp.com)
- ^ XRPL Coreum Bridge's (api.newsfilecorp.com)
- ^ https://www.coreum.com/ (api.newsfilecorp.com)
- ^ XRPL.org (api.newsfilecorp.com)
- ^ favio@coreum.com (www.newsfilecorp.com)
- ^ https://www.newsfilecorp.com/release/202434 (api.newsfilecorp.com)
- ^ Coreum (www.newsfilecorp.com)