Will RippleX’s cross-chain bridge act as a catalyst for native token XRP price?
- RippleX developers proposed a cross-chain bridge with protection against hacks, in the latest development.
- The proposed standard would lock tokens in an account when the XRPLedger issues an equivalent amount of tokens on another blockchain.
- XRP price yielded nearly 10% losses for holders over the past month, as the altcoin continues its short-term downtrend.
RippleX developers proposed a cross-chain bridge that is secure against hacks, in a recent tweet. The proposed standard would ensure the security of assets on the cross-chain bridge. XRP price continued its short-term downtrend in the absence of a bullish catalyst.
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RippleX developers tackle the challenge of security on cross-chain bridges
RippleX developers recently proposed the idea of a secure cross-chain bridge with the XRPLedger standard. Developers are focused on addressing the concern of “cross-chain bridge hacks” in light of increasing attacks in the DeFi and crypto ecosystem.
The team of technical experts submitted XLS-38d on Github, for the proposed cross-chain bridge. In a bid to expand the potential use cases and increase interoperability between different blockchain networks, Ripple’s team of experts have come up with a solution.
According to the proposal submitted to Github, the XRPL standard lays out the guidelines and specifications for developers to build this cross-chain bridge solution for users. Market participants would be able to lock tokens in an account on the XRP Ledger while an equivalent amount of tokens are issued on another blockchain.
XRP, the native token of the ledger, yielded nearly 10% losses in the past month. The altcoin is in a short-term downtrend that started on January 24, 2023.
The latest development update could tackle the challenge of an effective transfer of smart contracts and NFTs from one blockchain to another, with the security of the XRP Ledger.
Author
Ekta Mourya
FXStreet
Ekta Mourya has extensive experience in fundamental and on-chain analysis, particularly focused on impact of macroeconomics and central bank policies on cryptocurrencies.
