Wanchain CEO Jack Lu has shared a video on Twitter confirming that the XRP token will be part of its ecosystem. Through this platform, users will be able to do liquidity mining and yield farming with Turing-complete smart contracts.
Among the decentralized applications that will be available is decentralized exchange WanSwap, an autonomous protocol for interest rates that will allow taking loans called WandLend, the options platform Fin Nexus, among others.
In addition, users will be able to leverage other Wanchain-integrated blockchains such as EOS, Ethereum, Bitcoin, and others. Wanchain’s deployment is “a few days away”, according to the announcement shared by its CEO. He called the XRP community one of the most “passionate” in the crypto space, Lu added:
I just want to say welcome to all XRP holders. Come and join us, let’s build a new DeFi world together.
Wanchain is a project that aims to “fix” decentralized finance by connecting all blockchains, private and public. That way, they want to “accelerate” the implementation of DeFi benefits in the mainstream.
Their native token will be WAN and will allow users to earn rewards for doing cross-chain staking, earn block rewards, delegate the token for yield, and will offer many more features.
At the end of March, Wanchain’s team announced the compatibility of XRP with their Ethereum testnet. Thus, they enabled cross-chain bridges between the Rinkeby Ethereum proof-of-stake network and the XRP Ledger proof-of-stake network. The team stated:
In other words, XRP can now move freely between these three networks – in a truly decentralised way – thanks to Wanchain’s Storeman nodes. More importantly, XRP token holders are now poised to put their XRP to work and engage with the world’s many DeFi applications.
The integration between these blockchains, according to the Wanchan team, is made possible with the Wanchan Storeman Group (WSG) which is composed of 21 “truly decentralized” nodes. Thus, when a user wants to transfer assets in XRP to ETH, WSG sends the funds to an XRP Ledger address to “lock them in.”
Then, wanXRP tokens are minted in Ethereum via the ERC20/WRC20 bridge. WSG burns the wanXRP tokens if the user wants to reverse the transaction. The team further states:
When such a transaction is required, the same Storeman Group both burns the wanXRP on the origin chain and mints new wanXRP on the destination chain.
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