The unusual crossover of two fiercely competing Layer-1 powerhouses, Solana (SOL) & Ripple (XRP) is finally happening. Despite serial brawls, a new cross-chain interoperability venture will handle the Wrapped XRP (wXRP) token on Solana’s Layer-1 chain.
XRP On SOL: Uncanny Match Stuns Crypto Aficionados
A Hong-Kong headquartered crypto firm called Hex Trust is collaborating with LayerZero to present this opportunity. Solana’s (SOL) representatives on X have praised XRP for strong liquidity & market resilience throughout the years, adding that “XRP has stood the test of time and cemented itself as one of crypto’s preeminent and most liquid currencies”.
This allows XRP coin holders to embark on a Solana (SOL) journey across the whole ecosystem, embracing Ripple coin’s (XRP) usefulness in decentralized lending protocols, liquidity pools, liquid derivatives staking contracts & decentralized exchanges (DEXs).
Wrapped Ripple coin (wXRP) assets are traded 1:1, so the full redemption rights are kept on XRP Ledger.
Meanwhile, Ripple’s Chief Technology Officer (CTO) praised the move, highlighting how ”letting XRP operate in more environments builds utility, and the XRPL remains the anchor that makes it all work”.
Boasting a $120.909 billion market capitalization, Ripple (XRP) soared to fresh all-time highs this year after a favorable solution in the high-profile Ripple Labs vs. SEC case, concluding with a $50 million resolution.
This opened doors to institutional-grade negotiations & chain testing. Submitting the papers for a banking license in the United States (USA), Ripple launched the compliance-first RLUSD stablecoin, while the big boys at SWIFT are testing XRP Ledger for their $155 trillion annualized market.
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People Also Ask:
wXRP is a wrapped version of XRP, a 1:1-backed token representing native XRP on other blockchains, issued and custodied by regulated platform Hex Trust.
Hex Trust, in partnership with LayerZero, has launched wXRP on Solana using LayerZero’s Omnichain Fungible Token (OFT) standard for seamless cross-chain transfers.
It initially launches on Solana, followed by Optimism, Ethereum, HyperEVM, and additional chains in the nearest future.
wXRP starts with over $100 million in Total Value Locked (TVL), providing immediate depth for trading and DeFi activities.
Yes, wXRP is fully redeemable 1:1 for native XRP on the XRP Ledger at any time, with underlying assets held in Hex Trust’s institutional-grade custody.
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