- Ripple funded blockchain project Flare plan to link Ripple and Ethereum ecosystem could reap massive benefits for XRP.
- Brad Garlinghouse, Ripple’s CEO is positive that this bridge will increase XRP’s utility.
Flare Networks, a blockchain project currently funded by Ripple, the company behind the issuance of XRP is proposing the development of a trustless two-way bridge that will link Ripple and Ethereum ecosystems. Flare is the company that is tasked with integrating smart contracts functionality to the XRP Ledger. It was funded by Ripple following a couple of years of being in development within the blockchain industry.
The team at Flare have faced challenges trying to add smart contracts into the XRP Ledger. However, there is light at the end of the tunnel if the proposed bridge between Ripple and Ethereum is approved.
The XRPL could easily become a scaling platform for decentralized applications which will see higher transaction throughput achieved. In addition, the XRP Ledger would increase its use cases and utility. The CEO of Ripple, Brad Garlinghouse recently echoed Flare’s efforts saying:
From my point of view, Flare is combining the best of XRP (very fast settlement), Ethereum (smart contracts), and Avalanche (for consensus) which helps extend XRP’s utility and allows developers to create smart contracts for new use cases like lending and DeFi.
Indeed what Flare is proposing could be significant for Ripple. XRP continues lose out on the decentralized finance craze yet it presents itself as the crypto that easily bridges traditional banking and crypto. Whether, Flare will get a go ahead to develop this bridge is something we will have to wait and see but its significance to XRP remains massive.