The XRP Ledger (XRPL) is a decentralized, public blockchain led by a global community of businesses and developers looking to solve problems and create value. Proven reliable over more than a decade of error-free functioning, the XRPL offers streamlined development, low transaction costs, high performance, and sustainability. So, you can build with confidence–and move your most critical projects forward.
Multichain is supporting XRP Ledger (XRPL) for cross-chain connection with Ethereum Virtual Machine (EVM) and non-EVM compliant blockchains. As the infrastructure developed for arbitrary cross-chain interactions, Multichain has been working on developing a multichain ecosystem since the beginning. The team behind the project claim that blockchains should not be isolated from one another, but interwork with each other freely. A free and healthy blockchain ecosystem is the foundation of a high-quality community.
Through the integration with XRP Ledger, Multichain will support cross-chain transfer of XRP, XRP Ledger’s native digital asset, with Ripple’s technical assistance. Moreover, $ETH, $MATIC, $AVAX, $FTM, $USDT, $USDC, $FRAX and other assets will flow straight to the XRP Ledger as well.
Read also: Ultimate Guide to Everything XRP
About Multichain
Formerly known as Anyswap, and later rebranded as Multichain, this cross-chain bridge allows different blockchains to connect and send transactions with each other. Users can leverage this solution to send an asset on a blockchain, such as XRP, to a second network. Currently, Multichain supports around 40 networks and records $200 million in daily transaction volume, with a total, Total Value Locked (TVL) standing at $6 billion. This makes Multichain one of the most used cross-chain solutions in the crypto space.
About Ripple
Ripple is a crypto solutions company that transforms how the world moves, manages, and tokenizes value to inspire new business models and create more economic opportunity. Ripple’s long-term vision is to enable the Internet of Value (IoV), where the world moves value like information moves today. RippleX helps to accelerate the Internet of Value by inspiring and enabling developers to build solutions that use the XRP Ledger, its native digital asset.
Read also: Empowering XRPL Projects and Startups
XRP Joins the Multichain Ecosystem
According to the official post, Ripple, a payment solution firm, will support the implementation of XRP into this cross-chain solution. The post included:
“(…) 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.”
Data from DeFiLlama indicates Multichain is the second bridge in terms of Total Value Locked (TVL). Only Wrapped Bitcoin (wBTC), a solution that enables BTC transactions in the DeFi sector, stands on top with $12 billion in TVL.
Bridges are popular solutions for DeFi users. However, they are considered vulnerable in terms of security. Several of these solutions have been hit by the bad actors over the past year. Multichain lost $3 million in bridge assets back in January. Fortunately, a hacker managed to retrieve the funds.
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