Root Network is poised to address the interoperability issue between the XRP Ledger and the Ethereum Virtual Machine (EVM), simultaneously providing incentives in the form of XRP rewards to validators and stakers.
- Root Network introduces XRP rewards for validators and stakers.
- Root Network enables users to pay gas fees in XRP, promoting a seamless token swap experience and facilitating the conversion of other cryptocurrencies into XRP.
- The XRPL ecosystem demonstrates significant growth in Q1 2023.
Root Network: Enabling Seamless Token Swaps And Liquidity
Root Network, a cutting-edge cross-chain platform, is preparing to introduce a system where validators and stakers will be rewarded with XRP, the native token of the XRP Ledger.
During a discussion on the feasibility of XRP Ledger side chains, an enthusiastic community member and supporter named Dip Collector asserted this forthcoming development.
The primary objective of Root Network is to tackle the challenges surrounding interoperability between the XRP Ledger and the Ethereum Virtual Machine (EVM) ecosystem.
By leveraging Polkadot’s Substrate technology, the network aims to promote tokenomics and compatibility.
Users can explore and utilize the ROOT and XRP assets as part of this ecosystem.
Root Network’s XRP-Powered Gas Fees And XRPL DEX Integration
Root Network introduces an innovative approach to gas fees by allowing users to pay them in XRP while facilitating the seamless conversion of various cryptocurrencies into XRP.
To foster a thriving liquidity ecosystem on the XRP Ledger, Root Network has established a connection to the XRPL decentralized exchange (DEX), providing users with enhanced opportunities for token swaps and trading.
With the operational beta launch of the Root Network mainnet, users now have the privilege to delve into the system.
This integration is a pivotal step towards bridging the gap between the Ethereum and XRP ecosystems.
Root Network’s pioneering solution not only streamlines the payment of gas fees by accepting XRP but also empowers holders of other cryptocurrencies by facilitating effortless conversion into XRP.
XRP Ledger Records Promising Growth
A comprehensive analysis conducted by Messari reveals a highly productive first quarter for the XRP Ledger (XRPL), showcasing significant growth and advancements.
This surge in activity is evident through a notable increase of 13.9% in daily active addresses and a robust 10.7% rise in transactions, underpinning a vibrant ecosystem.
The latest Q1 report highlights the progress made within the XRPL ecosystem.
Notably, introducing the XLS-20 standard has revolutionized the landscape, enabling the seamless integration of non-fungible token (NFT) transactions.
This groundbreaking standard now encompasses five new transaction types, effectively expanding the possibilities for XRPL users.
Furthermore, five additional transaction types have been proposed, emphasizing the commitment to continuous development and innovation within the XRPL community.
Featured image from Root Network’s twitter page, chart from TradingView.com
