On Sep 21, 2022, Poly Network, a cross-chain interoperability protocol, announced that it will integrate with XRP Ledger, an open source, public and decentralized Layer 1 blockchain. This integration will allow users to send XRP assets cross-chain to heterogeneous blockchain networks such as Ethereum, Polygon, Fantom, Avalanche, and Arbitrum, through Poly Network. The addition of cross-chain operations allows XRP users to participate in various financial services such as pledging assets, mining, lending, and liquidity provision using their XRP assets. With the addition of XRP Ledger to the Poly Network ecosystem, the network cluster effect grows larger, which creates improved asset interoperability for users amongst various public chains and project parties.
With the support of Poly Network, multiple application scenarios open up for XRP to be used as an asset in DeFi. These application scenarios include; DEX trading, lending, and liquidity mining, amongst various heterogeneous blockchains and within the Layer 2 ecosystem. With Poly Network's "multi-chain inter-crossing" mechanism, XRP can realize instant low-cost cross-chain asset transfers. This mechanism works through a set of decentralized cross-chain nodes, which work as a multi-signature account in XRPL Mainnet. Users can transfer XRP to the multi-signature account held by the cross-chain node group. Simultaneously, the cross-chain nodes map the corresponding XRP cross-chain tokens on another heterogeneous blockchain, for example Ethereum. And for "withdraw", all Poly Network validator nodes will sign the withdraw transaction and submit to Poly Network's smart contract to assemble an XRP multi-signed transaction, then submit to XRPL by any relayer who is listening to the assembly event.
The XRP Ledger is an open-source, green, permissionless and decentralized blockchain powered by the XRPL community and is the blockchain best suited to enable settlement and liquidity of tokenized assets at scale. The XRPL has been successfully confirming transactions since 2012. Hundreds of millions of transactions have been processed in that time.
Poly Network is a leading cross-chain interoperability protocol for heterogeneous chains. Its uniquely designed blockchain and cross-chain bridge technology open up communication and transactions between various heterogeneous chains, even amongst various mainstream public chains from the protocol layer. Following the mainnet launch in August 2020, over 375,000 addresses have used Poly Network’s cross-chain service to complete cross-chain asset transfers of value equivalent to $16.3 billion.
Just as the Internet enables instant and seamless flows of information, Poly Network is working with XRP Ledger to achieve instant and seamless flows of value. Through blockchain and cryptocurrency technology, it becomes possible to improve efficiency, fairness and inclusion within the financial industry. This collaboration is committed to spawning a new digital economy for governments, enterprises and consumers in the Web 3.0 era.
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