On August 26, Flare Networks, a partner for Ripple (XRP), revealed details of a proposed new bridge linking XRP to the Ethereum (ETH) blockchain. Ripple chief Brad Garlinghouse and the XRP Army have expressed support for the first two-way bridge that will connect ecosystems.
The unreliable bridge allows XRP to be used on Flare Network, known as FXRP, on the Ethereum network, “which provides a platform for expanding Ethereum tokens and applications.”
Flare is a network that brings together the Ethereum virtual machine to offer advanced smart contracts on the XRP network.
The proposal, which requires approval from the Ripple Foundation, will be the first proposal from the management team and has been met with mostly positive feedback from the community, with Twitter user Tristan commenting: “Once done. I want to migrate all my apps and smart contracts. … ”
However, some users, such as JGrim, wonder if an Ethereum connection is needed, saying that it “will only reduce the Flare network.” Ethereum fees recently hit $ 99 for some DeFi users due to network congestion.
Ripple CEO Brad Garlinghouse said Flare wants to give users the best of both worlds:
In my opinion, Flare combines the best of XRP (very fast settlement), Ethereum (smart contracts) and avalanche (to reach consensus) to expand the usefulness of XRP and enable developers to create smart contracts for new applications such as f .ex. lending and fixing. … ”
Flare Network’s partnership with Ripple started in November last year and was funded by Xpring, its development arm, Ripple. In February this year, Xpring announced its intention to develop a bridge between the two networks and sponsored three trials during the ETH Denver Hackathon, all of which revolved around the bridge between XRP and Ethereum.
Flare CEO and founder Hugo Filion is confident in this new proposal because there are “many projects” that act as a two-way bridge between other networks and Ethereum. NEAR launched a rainbow bridge last week that connected their platform to Ethereum, and Enjin has already built a bridge connecting Hyperledger with Ethereum.