The team behind cross-chain bridge Allbridge made a promise back in January that it had successfully integrated support for XRPL, and it did so on April 14.
What Is Allbridge?
An all-new data protocol for distributed applications enables the transfer of tokens and arbitrary data between different chains. The protocol provides a reliable mechanism to allow for interoperability between chains with different protocols, rules, and governance models.
You can make a bridge of your own that’s completely decentralized and free from third party influence. It’s all about choice.
“Allbridge is a simple, modern, and reliable way to transfer assets between different networks. It is a bridge between both EVM (Like Ethereum, Polygon, BSC) and non-EVM compatible (like Solana, Terra) blockchains, that aims to cover L2 (like Arbitrum, Optimism) solutions and NFT transfers in the future.Allbridge’s mission is to make the blockchain world borderless and provide a tool to freely move assets between different networks. In the future, it will evolve into a DAO-style multi-chain hub, establishing connections between the EVM and non-EVM networks.“
And here is how Allbridge is different from its competitors:
- “EVM, L2 and non-EVM blockchains support“
- “Fast transfers”
- “Architecture flexibility“
- “Dynamic fees and reduction mechanics“
- “Security“
Allbridge Announces in January 2022 Upcoming Support for XRP Ledger
Allbridge has announced a collaboration with Ripple Labs to build a bridge between the XRP Ledger and a variety of blockchain ecosystems. The launch of the collaboration will enable the seamless transfer of XRP across different blockchains. This integration will make the XRP Ledger the most complete and integrated crypto asset ecosystem.
“This partnership offers us a unique opportunity to add the support of XRP Ledger, enabling millions of DeFi users to interact with the XRP ecosystem. Allbridge will provide the bridging solution to make it possible and Ripple the technical support. Together, we contribute to growing cross-chain interoperability within the DeFi space.“
Ripple had this to say about XRPL:
“The XRP Ledger was created in 2012 with the first DEX. Other capabilities inherent to the XRP Ledger such as auto-bridging allow for assets transferred to the XRPL to access the DEX’s existing liquidity to create synthetic order books for assets. Pathfinding functionality also allows assets to find an efficient path for a trade.
“For example, say you’re looking to trade from BTC into ETH on the XRPL DEX, and there is no ETH/BTC liquidity, but there are ETH/USD, BTC/USD, ETH/XRP, and BTC/XRP pairs. Pathfinding will execute the trade by finding the most efficient path within seconds, via XRP or another bridge asset, where liquidity is best. Since its inception, more than $200 billion has been traded on the XRP Ledger’s DEX.“
Allbridge’s Integration With XRP Ledger Goes Live
On April 14, Allbridge announced that it had completed the work on integrating XRPL. This was made possible by the integration of an XRPL gateway into its platform.
Other blockchain networks supported by AllBridge include Aurora, Avalanche, BNB Chain, Celo, Ethereum, Fantom Opera, Fuse, Harmony, Huobi ECO Chain, Near, Polygon, Solana, and Terra.
Allbridge’s blog post also mentioned that “everaging the XRPL’s native decentralized exchange (DEX) will also allow for the trading of leading stablecoins and DeFi tokens directly on XRP Ledger.”
The Allbridge CEO stated:
“Allbridge became the first bridge to connect XRP Ledger with the expansive DeFi ecosystem. The integration with XRPL allowed us to deeply enhance our cross-chain expertise and offer a truly unique solution to the market. Our end goal is to establish an interconnected cross-chain environment.“
When Q2 2022 begins, Allbridge plans to bring many unique assets to the XRP Ledger, including SOLO, a token of the Sologenic ecosystem.
Sologenic Development Foundation also issued a press release yesterday that said “following a series of upgrades and new components being implemented to the Sologenic ecosystem, a cross-chain bridge has been integrated between the XRP Ledger and the Binance Smart Chain for the flow of SOLO – Sologenic’s ecosystem token – through a partnership with Allbridge.”
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