Ripple and Axelar Collaborate to Improve Real World Assets (RWA) Tokenization on the XRP Ledger

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Bittime - Ripple has teamed up with a Canadian startup to tokenize real world assets (RWA) on the XRP Ledger (XRPL). Ripple is partnering with the Axelar Foundation to improve interoperability in the XRP Ledger (XRPL) blockchain, with a particular emphasis on advancing the tokenization of real world assets (RWAs).

Also read: XRP Whales Move Tens of Millions of XRP When Price Approaches $0.6

The integration of the Axelar network with XRPL aims to strengthen the first-layer DeFi ecosystem by providing the necessary liquidity for stablecoins and high-value assets. Meanwhile, developers will benefit from XRPL's built-in features, such as a native DEX, an upcoming AMM, and a renowned payment system known for its security and efficiency.

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Focus on RWA

“Tokenization,” especially “real world assets” (RWAs), has become a major trend in the crypto industry, gaining considerable adoption in recent years, attracting interest from both individual users and large institutional players.

In an effort to capitalize on this trend, the Axelar Foundation seeks to expand the adoption of blockchain technology by facilitating the tokenization of real world assets (RWAs) through its partnership with Ripple.

Also read : What is Axelar (AXL)? Interoperability Solutions for the Future of Web3

Additionally, the Axelar network will facilitate the deployment of cross chain dApps directly on XRPL. In addition to conventional bridiging assets, Axelar is introducing General Message Passing (GMP), which is expected to enhance XRPL capabilities by allowing developers to execute function calls on smart contracts across more than 55 connected blockchains.

This functionality ensures secure cross-chain exchange, including data and function calls, through Axelar's GMP.

In a statement, David Schwartz, CTO of Ripple and Co-creator of XRPL, said,

"This initiative from Axelar will help improve XRPL interoperability by expanding it to a broader network of blockchain environments while complementing XRPL's rich feature set and opening new pathways for utility and innovation."

Ripple's XLS-38 proposal marks an initial step to increase interoperability in the XRPL ecosystem, specifically by bridging connections between mainnet and sidechains similar to the upcoming EVM sidechain .

Also read : What is the Ethereum Virtual Machine (EVM)?

The collaboration with the Axelar Foundation extends this interoperability beyond XRPL, connecting it to Axelar's connected blockchain network. The company explains that this collaboration expands the interoperability horizon, enabling XRPL to access new ecosystems and drive multi-chain innovation.

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XRPL Network Statistics

The XRP Ledger (XRPL) has been in operation for over a decade. According to the latest report from Messari, network activity on XRPL showed mixed trends in the fourth quarter.

Although the number of active addresses on XRPL fell 31.3% compared to the previous quarter, the number of transactions increased 22.7% during the same period.

Significantly, the emergence of NFTs saw a massive spike of 491% quarter-on-quarter, resulting in a 170% increase in total NFT transactions.

In Q4'23 alone, there were 3.4 million NFT mints, accounting for more than half of all mints since the introduction of the XLS-20 standard in 2022.

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DISCLAIMER: This article is informational in nature and is not an offer or invitation to sell or buy any crypto assets. Trading crypto assets is a high-risk activity. Crypto asset prices are volatile, where prices can change significantly from time to time and Bittime is not responsible for changes in fluctuations in crypto asset exchange rates.