Ripple's XRP Ethereum Bridge : Flare Networks' initiative

Ripple’s XRP Ethereum Bridge: Flare Networks’ Initiative

Flare Networks has proposed a bridge that will allow XRP to be used on the Ethereum ecosystem. If the plans are actualized, this will be a game changer for both XRP and ETH. The two way bridge appears to have the backing of Brad Garlinghouse, the Ripple CEO.

The bridge will allow XRP to ride on the Flare Network and will exclusively be used on the Ethereum network under the banner FXRP. The will optimize the scalability of Ethereum based applications and tokens. This means the XRP ecosystem will have access to the Ethereum smart contracts.

Flare Network Proposal Awaiting Approval

Once approved by the Ripple Foundation, the Flare Network proposal, it will increase uptake as many applications will head to Ethereum to take advantage of the smart contracts. However, there is an anticipated slow down on the Flare network.

With the DeFi flurry of activity on the Ethereum network, this will increase the congestion levels which will drive ETH fee to a notch higher thus locking out increased adoption and this will be bad for ETH. Already some DeFi users are complaining of high fees that has in recent times hit a high of $99.

However, the Ripple CEO remains optimistic and adds:

From my point of view Flare is combining the best of XRP (VERY fast settlement), Ethereum (smart contracts) and Avalanche (for consensus) which helps extend XRP’s utility and allows developers to create smart contracts for new use cases like lending and DeFi.

Flare Network and Ripple Partnership

The partnership has been there since November last year with funding from Xpring, a Ripple development arm. This came into limelight during the ETH hackathon held in Denver. This is not the first of a kind bridge; Dogecoin and Ethereum came up with Dogethereum to optimize on scalability.

According to Flare Network CEO Hugo Philion, This is not the only collaboration the two ecosystems are working on. There other projects that will act as bridges between Ethereum and other projects. Enjin and NEAR have already connected to the Ethereum platform.