XRP is joining Flare Network, and this update has pushed up the price of FLR. Today, Flare (FLR) is experiencing a bullish surge following the announcement by its co-founder, Hugo Philion, about the integration of XRP onto its network.
As of now, the price of FLR has risen by 7.1% in the last 24 hours, reaching $0.03175. Over the weekend, the price even saw growth of up to 10% as investors considered the impact of XRP on the protocol.
Integration of XRP on Flare Network: Philion’s Determination
FLR 1D Chart. Source: CoinMarketCap
Despite their close ties to Ripple Labs, Flare (FLR) and XRP have lacked unique interoperability methods, a lingering integration issue. However, Hugo Philion and his team are now committed to addressing this challenge.
FXRP will enable XRP to come to Flare and also other ecosystems through LayerCake. This let’s dapp developers build dapps that can interact with the multiple crosschain assets that will exist and already exist on Flare. Now if hooks were on the XRPL Flare could also serve its…
— Hugo Philion ☀️ (@HugoPhilion) February 11, 2024
Philion announced on his official X page that “FXRP will enable XRP to come to Flare and also other ecosystems through LayerCake.” FXRP will function as wrapped XRP on the Flare network, enhancing the protocol’s flexibility for developers. The LayerCake protocol empowers Flare developers to create decentralized applications (dApps) that can seamlessly connect users with broader ecosystems, showcasing the innovation of the oracle provider.
Although Philion did not disclose the exact timeline for integration, the community is already buzzing with excitement. The prospect of FXRP and LayerCake has sparked significant anticipation among users, highlighting the eagerness for enhanced interoperability and versatility within the Flare ecosystem.
Strategic Partnership: Flare Network and XRP
Flare Network operates as an independent ecosystem within the broader digital currency landscape. However, the recent collaboration with XRP arrives at a strategically significant moment amid the cryptocurrency’s rapid evolution.
Following Judge Analisa Torres’ ruling last July, XRP stands as the sole altcoin officially recognized as a non-security by law. This distinction is particularly noteworthy as the SEC continues to engage in legal battles that classify many top tokens as investment contracts. Therefore, Flare Network stands to benefit significantly from completing the integration with XRP, providing a valuable hedge amidst regulatory uncertainty.
According to Philion, the integration will enable Flare to deliver decentralized data to Hooks-enabled protocols on the XRP Ledger. This functionality promises to enhance interoperability and expand the utility of both Flare Network and XRP within the digital currency ecosystem.
Important: Please note that this article is only meant to provide information and should not be taken as legal, tax, investment, financial, or any other type of advice.
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