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- Flare Networks to offer XRP holders low-risk staking with multi-ecosystem rewards.
- Flare boosts XRPL with staking, trustless bridging, and improved oracle services.
Flare Networks is set to launch a new staking initiative designed to provide XRP holders with low-risk opportunities to earn rewards across multiple blockchain ecosystems.
Flare CEO and co-founder Hugo Philion revealed that the company was in collaboration with an institutional partner to develop an XRP staking solution that will allow the holders to stake multiple services and networks. Rewards in the form of tokens will be earned by the participants in several different ecosystems.
Philion described staking as a secure and reliable method for generating passive income. He noted that validators on Flare’s network have demonstrated a strong track record of stability, positioning the staking plan as a low-risk option for participants.
The staking program will not only give economic rewards but will also expose XRP holders to the economies beyond the XRP Ledger (XRPL), opening to them more opportunities in decentralized finance (DeFi).
Philion said the initiative reflects Flare’s mission to boost blockchain interoperability. With Flare’s staking strategy, XRP holders will gain the ability to contribute to network security as they receive multi-token rewards from other joining ecosystems. The strategy aims to strengthen the connection between XRP and other blockchain networks with more liquidity and usability for holders of XRP.
Flare’s Role in Improving XRPL’s Programmability
Addressing questions about XRPL’s upcoming smart contract capabilities, Philion stated that Flare’s infrastructure is designed to complement rather than compete with XRPL. While XRPL’s programmability will introduce new smart contract functions, Philion noted that it will have some limitations.
Flare, on the other hand, provides full Ethereum Virtual Machine (EVM) compatibility, decentralized data access with its native oracles, and off-chain computing capability. These features will enable more sophisticated and flexible use cases for XRP holders.
Philion also highlighted Flare’s plans to promote trustless asset bridging between XRPL and other networks. Currently, transferring assets on XRPL requires trust in the issuer. Flare’s protocol-managed wallets are designed to allow secure and seamless cross-chain transfers without the need for third-party trust.
Flare’s decentralized oracle network will also support real-world data feeds to XRPL applications, plugging a vital missing piece in the current architecture of XRPL.
Philion stated that Flare’s objective is to improve XRPL’s ecosystem rather than replace it. By introducing low-risk staking, cross-chain bridging, and improved oracle services, Flare aims to strengthen the use and reach of XRP.
