This was shared a couple of hours ago via Flare Networks’ official Twitter handle. According to the update, one of the first governance proposals to consider by the foundation is the integration of a trustless 2-way bridge between Ethereum and Flare Networks.
Flare noted:
“Likely one of the first governance proposals that the foundation is going to be asked to consider is integrating a trustless 2-way bridge between Ethereum and Flare.
“This would allow FXRP to be used trustlessly on Ethereum as well as providing a scaling platform for Ethereum tokens and applications whilst giving access to the XRP market for existing Ethereum applications. This could bring together the XRP and Ethereum ecosystems.”
Ripple Invests In Flare to Bring Smart Contract Functionality to the XRP Ledger
Flare finally received investment from the investment arm of Ripple, Xpring, after two years of development. This move is meant to bring smart contracts to the XRP Ledger.
As earlier revealed by the former Ripple CTO, Stefan Thomas and stressed by David Schwartz, it was initially intended to bring smart contracts on XRP Ledger, but it was scrapped due to some reasons.
XRP Ledger will become a scaling platform for decentralized applications if the bridge proposal receives optimum support. XRPL will also gain a means to offer a much higher transaction throughput. Also, XRP will receive utility boost.
The fact that Flare has the capability to boost the utility of the digital token XRP was stressed by the CEO of Ripple, Brad Garlinghouse, during the first Crypto Town Hall:
“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.”
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