In a significant development for the XRP Ledger ecosystem, XRPL Labs has joined forces with Xahau Ledger to introduce a smart contract sidechain. This partnership aims to expand the capabilities of the XRP Ledger and bring it closer to mainstream retail adoption.
The announcement comes when the crypto industry increasingly focuses on smart contracts and decentralized applications. XRPL Labs, the team behind the self-custody wallet Xumm, has been a key player in the XRP Ledger ecosystem. Their latest endeavor, in collaboration with Xahau Ledger, is set to add multiple features to the XRP Ledger, thereby enhancing its utility and adoption.
Wietse Wind, the founder of XRPL Labs, has been vocal about the potential of this partnership. According to Wind, the smart contract functionality will open doors to many applications that can be integrated into daily life. From supply chain management to decentralized finance, the possibilities are endless.
The partnership also signifies a strategic move for XRPL Labs, which plans to update its Xumm wallet to support multiple XRPL Protocol networks. This includes both the XRPL Mainnet and the upcoming Xahau network. The integration will offer users a seamless experience, allowing them to switch between different networks effortlessly.
While the crypto market responded positively to the announcement, with XRP’s trading volume experiencing a slight uptick, the long-term impact of this development remains to be seen. However, XRPL Labs and Xahau Ledger are committed to advancing the XRP Ledger ecosystem.
The Xahau network is expected to be operational by the end of this year, adding another layer of anticipation to the crypto community. As the year progresses, observing how this partnership evolves and what new features it brings will be interesting.
The XRP token is experiencing a bearish trend, showing a 0.06% decline in its price. It’s trading at $0.5222, with a 24-hour high of $0.5238 and a low of $0.5127. The token’s market capitalization stands at $27,628,886,604 over the same period.
