David Schwartz, chief know-how officer at Ripple, has reacted to Solana integrating XRP, describing this as a “good factor.”
“Extra XRP ecosystems is an effective factor. Letting XRP function in additional environments builds utility, and the XRPL stays the anchor that makes all of it work,” Schwartz mentioned in a latest social media publish.
wXRP, the wrapped token, will permit XRP holders to keep up the identical underlying asset whereas having access to Solana’s decentralized finance merchandise.
This implies they’ll lend XRP for yield, present liquidity in buying and selling pairs with SOL or stablecoins, purchase tokenized belongings, and work together with Solana DeFi protocols.
Importantly, wXRP is redeemable 1:1 for native XRP, so there is no such thing as a danger of shedding the underlying asset.
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wXRP will launch with greater than $100 million in whole worth locked (TVL), in line with the announcement.
Mending fences
Vibhu Norby of the Solana Basis claims that the choice that this step got here after partaking with the XRP group and understanding its uniqueness.
“By means of the ensuing public studying course of, I had an opportunity to fulfill many OG devs, core group members, memelords, and the workforce at Ripple itself, and I got here to an understanding of the individuality of XRP as an asset, and its group,” Norby mentioned.
Bitwise CEO Hunter Horsley has envisioned a world the place totally different cryptocurrency ecosystems are collaborating as a substitute of combating one another.