- XRP could finally come to the Flare Network and other protocols following a partnership that would unveil the FXRP asset.
- According to Co-founder and CEO of Flare Network Hugo Philion, the partnership would enable developers to build DApps that can interact with multiple cross-chain assets.
Flare Network has always maintained close ties with Ripple Labs since its inception, however, the native token of the latter is not operational on the former. After reviewing their existing association, both projects have agreed on a strategic partnership that would see XRP coming to the Flare Network through the introduction of the FXRP asset.
Flare’s CEO and Crypto Commentator Confirms
This was disclosed by the Co-founder and CEO of Flare Network Hugo Philion. According to him, this initiative would unlock opportunities for XRP not only to integrate into the Flare Network but into other protocols as well. Philion further explained that the partnership would transform the crypto ecosystem as Decentralized Application (DApp) developers would be able to build projects that can interact with multiple cross-chain assets that have the potential to exist or already exist on the Flare network.
FXRP will enable XRP to come to Flare and also other ecosystems through LayerCake. This let’s dapp developers build dapps that can interact with the multiple crosschain assets that will exist and already exist on Flare. Now if hooks were on the XRPL Flare could also serve its…
— Hugo Philion ☀️ (@HugoPhilion) February 11, 2024
Crypto commentator Marcel Knobloch aka Collin Brown also explained that this collaboration would revolutionize how the blockchain ecosystem interacts.
🚀 Exciting News Alert! 🌟#XRP gears up for integration with #Ripple's key ally Flare Networks! CEO Hugo Philon shares insights on how this game-changing move could reshape the crypto landscape, unlocking new realms of interoperability and innovation. 🚀🚀🚀
From decentralized… pic.twitter.com/1Rtpelpn4d
— Marcel Knobloch aka Collin Brown (@CollinBrownXRP) February 12, 2024
More on the Flare (FLR) and Ripple (XRP) Relationship
Their close relationship goes as far back as the emergence of Flare when the native token (FLR) was airdropped to XRP holders on a ratio of 1:1. Ripple’s Brad Garlinghouse lauded the Flare’s technical operation, claiming the network combines XRP’s fast settlement, Ethereum’s smart contract, and Avalanche’s consensus. He also explained how Flare’s operations differ from XRP.
To me, it is a further example of people’s recognition that XRP is such an efficient digital asset. Utility will drive the long-term value of any digital asset. Seeing a company like Flare Networks and seeing them use the XRP network in various ways is an opportunity going forward, but it doesn’t affect RippleNet in how we are using ODL (on-demand liquidity) for our customers.
Garlinghouse further admitted that although the Flare project was Ripple-funded, the strategic decisions are up to Flare’s executive team. He also disclosed that he is confident the project will succeed.
Flare Network has carved out an interesting niche as they move forward with the Spark token airdrop, and I’m optimistic for them.
The partnership announcement has, however, failed to impact the XRP price as it declined by 1.7% in the last 24 hours, trading at $0.518532. According to CFGI data, the current Fear and Greed index of XRP is 35%. This implies that investors are worried, but could be an opportunity to enter the market. Its weekly return is up by 2.8%.
Flare (FLR) is interestingly showing resilience as the price reacts strongly to the news with a 4% surge in the past 24 hours. FLR currently has a neutral market sentiment with a score of 56/100, trading at $0.03192. This comes after recording price gains of 186% in the past three months.