onXRP has partnered with Allbridge to enable cross-chain transfers between the XRP Ledger and 13 different EVM and non-EVM networks. Blockchain bridges are programs that allow tokens to be transferred from one blockchain to another. It is a service that simultaneously monitors both networks. When a user requests that tokens be moved, the bridge “picks them up” in the original network and “issues” them in the needed one. This partnership will enable the XRPL community to access other blockchains by using Allbridge’s unique bridge architecture.

What is Allbridge?

Allbridge is a simple, modern, and reliable way to transfer assets between different networks. It is a bridge between both EVM (Like Ethereum, Polygon, BSC) and non-EVM compatible (like Solana, Terra) blockchains, that aims to cover L2 (like Arbitrum, Optimism) solutions and NFT transfers in the future.

Allbridge’s mission is to make the blockchain world borderless by providing a tool to freely move assets between various blockchains.

What is onXRP?

onXRP is an ecosystem expanding web 3.0 through content-at-scale and technical execution. As the brainchild of XPUNKs, it was created with the goal of bringing web 3.0 to the XRPL. The platform is divided into numerous components, beginning with the content module, project module, and trade module foundations and ending with the soon-to-be released NFT Marketplace/Launchpad, and P2E Gaming Module. Each module will benefit the XRPL community as well as new and existing XRPL projects. This will be accomplished first through the internet of information, and then, as time allows, through the internet of value. onXRP can be thought of as a vast, interconnected ecosystem. View their whitepaper here.

Not all Liquidity is Created Equal – The Possibilities of Wrapped XRP

Wrapped XRP will enable liquidity to land on the XRPL blockchain as viewed through the aspects listed below. Token transfers between the XRPL and other chains can take numerous forms:

• Native tokens can be sent and received. (Native-to-Native)
• Wrapped (or minted) tokens are sent in exchange for Native tokens. (Wrapped-for-Native)
• Wrapped (or minted) tokens are sent and Native tokens are received. (Native-for-Wrapped)
• Tokens that have been wrapped (or minted) and tokens that have been received have been wrapped (or minted). (Wrapped-to-Wrapped)

There are five entities involved in the cross-chain token transfer for XRPL.

• User (Sender / Receiver) – EOA (Externally Owned Account) / Wallet from which the token X is transferred from one chain to another.
• Smart contract on a non-XRPL chain – a bridge smart contract on a blockchain other than XRPL.
• Outgoing transactions on the NEAR blockchain – a bridge smart contract on NEAR.
• Allbridge Validator – is an off-chain entity that verifies Lock, Unlock, Mint, and Burn transactions on bridge smart contracts.
• XRPL Sender – an off-chain entity that is in charge of confirming Lock, Unlock, Mint, and Burn transactions on the XRPL bridge smart contracts.

Because of the special XRPL-Allbridge bridge, onXRP is able to build a robust stablecoin and token environment for its community. The fast transactions on the XRPL allow for a reliable token habitat, and the addition of the Allbridge blockchain support stack will only serve to augment the already great qualities the XRP Ledger already possesses. Now you can interact with your favourite tokens and stablecoins on the XRP blockchain.