- On the blockchain Solana a “wrapped” version appeared XRP called wXRP.
- Its issuer is Hex Trust, which issues tokens whenever original tokens are received in its vault. XRP.
- Operations with wXRP are also supported in Optimism and HyperEVM.
Cryptocurrency XRP, released by the company Ripple, is now available on the blockchain Solana thanks to its “wrapped” version digital token) under the name wXRP (issued by Hex Trust). Thus, the scope of application XRP went beyond its own registry XRP Ledger, expanding the use of cryptocurrency in the field of market making and decentralized finance (DeFi) within the ecosystem Solana.
According to a recent communication Solana on social media, in blockchain Solana More than 834,000 tokens have already been wrapped and activated XRP, which is equivalent to $1,2 million. Users wishing to use wXRP tokens can do so by sending their native tokens. XRP into Hex Trust’s regulated custodial storage facility. The company will then issue the corresponding “wrapped” tokens on the blockchain. Solana or other supported networks compatible with the virtual machine Ethereum (EVM).
It is worth noting that wXRP is backed 1:1 and can be used in DeFi-protocols based on Solana, as well as in EVM-compatible networks such as Optimism and HyperEVM.
It should be noted that blockchains that support the wXRP initiative are better suited for functioning DeFi-services compared to the native registry XRP Ledger. Data DeFillama indicate that Ethereum и Solana occupy the top two positions in the blockchain rankings by the volume of blocked funds (T) in the sphere DeFi, with $57,2 billion and $6,08 billion respectively. At the same time, XRP Ledger is only ranked 41st in the category DeFi T, with a figure of only $51,46 million.
In December, during the launch of this initiative, Senior Vice President Ripple X Markus Infanger noted the growing demand for the use of XRP from institutional players. Infanger then stated that his company was pleased to see Hex Trust responding to this demand and turning it into reality.
In addition to the $1,2 billion worth of wXRP issued on the network Solana, in the blockchain Ethereum another 50 million tokens were issued XRP approximately $74,5 million in wXRP. However, according to According to According to the Etherscan block explorer, there have been fewer than 60 transactions using these wrapped tokens so far. XRP.
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