Ushering in XRP’s DeFi era: Introducing decentralised XRP cross-chain bridges

CryptoMode XRP Wanchain

Since 2017, Wanchain has been on a mission to drive blockchain adoption through interoperability by building fully decentralised bridges connecting the world’s many siloed blockchain networks. After building an industry-leading decentralised blockchain interoperability framework — connecting Bitcoin, Ethereum, Wanchain, EOSIO and Binance Smart Chain — the Wanchain team continues to make strides.

Already, in the first few months of 2021, the Wanchain team successfully launched the world’s first truly decentralised Bitcoin — Ethereum direct bridge and released a decentralised direct bridge connecting the Binance Smart Chain and Ethereum. Now, the Wanchain team is pleased to announce that cross-chain bridges connecting XRP Ledger, Wanchain and Ethereum are live and operational on each network’s mainnet!

XRP’s DeFi era

DeFi is one of the most important growth drivers in the blockchain industry. However, due to Ethereum’s dominance and the nature of siloed blockchains, most tokens and their holders are unable to take advantage of the innovations of DeFi. Thanks to Wanchain’s new XRP Ledger — Ethereum and XRP Ledger — Wanchain bridges, XRP holders need no longer count themselves among the siloed majority.

Effective immediately, XRP token holders can put their XRP to work and engage with the world’s many DeFi applications such as WanSwap, an innovative cross-chain DEX. In other words, XRP holders can now securely use their XRP to farm, mine and provide liquidity rather than simply leaving their tokens, inactive, in wallets and exchanges. XRP tokens can now, finally, engage with DeFi applications and reach their full potential.

Under the hood: XRP integration

Note: Cross-chain-enabled XRP tokens are collectively referred to as wanXRP. As required, XRP tokens on Ethereum are referred to as [email protected] and XRP tokens on Wanchain are referred to as [email protected]

Cross-chain-enabled XRP tokens are made possible by Wanchain’s Universal Multichain Bridges. Fundamental to this cross-chain mechanism is Wanchain’s Storeman Group, consisting of 25 truly decentralized Storeman Nodes.

When a user initiates a transaction to move their XRP tokens to a DeFi-friendly, smart contract-compatible blockchain, Wanchain’s Storeman Group transfers the relevant XRP tokens to a locked account on the XRP Ledger. The Storeman Group then mints the corresponding tokens on either Ethereum (as [email protected]) or Wanchain (as [email protected]).

Swapping wanXRP between Ethereum and Wanchain is a simple affair, built on existing ERC20/WRC20 bridges. When such a transaction is required, the same Storeman Group both burns the wanXRP on the origin chain and mints new wanXRP on the destination chain.

The following cross-chain bridges now are now available for XRP holders:

Welcome to the DeFi era. Set your $XRP free.

About Wanchain

True DeFi is interoperable — Wanchain is the world’s premiere decentralised blockchain interoperability solution. Our mission is to drive blockchain adoption through interoperability by building fully decentralised bridges that connect the world’s many siloed blockchain networks. This cross-chain infrastructure empowers developers to build truly decentralised cross-chain applications to power the future of DeFi.

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