thecryptobasic.com
The number of XRP holders on the Coreum network has skyrocketed by 2,287% less than two days after the two-way bridge between the XRP Ledger (XRPL) and Coreum launched.
Blockchain interoperability remains one of the most prevalent issues in the broader crypto ecosystem. Amid the concerns and risks associated with transferring value between two chains, the Coreum team has come up with a way to bolster interoperability with the XRPL.
XRPL-Coreum Bridge Now Open to the Public
They disclosed in a recent post on X that the XRPL-Coreum bridge is finally operational on the native Sologenic decentralized exchange (DEX), with public access now live.
The XRPL Coreum Bridge is live on @RealSologenic
XRPL users can now access powerful DeFi applications across any compatible IBC chain.
Decentralized, user-friendly, and fast.
Start Bridging: https://t.co/ZGUbdm2Hvq#BridgeToTheCore pic.twitter.com/3qITvWPVv7
— Coreum (@CoreumOfficial) March 20, 2024
The disclosure came up a week after The Crypto Basic confirmed that the team had developed the bridge. While the bridge’s functionality was already live then, public access was limited, with only 4.1 XRP moved from the XRPL to the Coreum network at the time.
In the latest development, the bridge is now open to public access. Remarkably, after barely 38 hours, the bridge has witnessed massive adoption. Notably, at the time of the announcement on March 20, there were only 8 XRP holders in the Coreum ecosystem.
XRP Holders on Coreum Spike 2,287%
This figure has increased to 191 at the reporting time, indicating that XRP holders on Coreum increased by 2,287.5% in less than two days. In addition, the total number of XRP bridged to Coreum has spiked to 57,191 tokens.
The XRPL-Coreum two-way bridge is an avenue through which the XRPL ecosystem could connect to the outside world. In its initial efforts, the Coreum team first launched a bridge capable of facilitating the movement of COREUM, the native asset of the Coreum network, to the XRP Ledger.
While this bridge mechanism was a resounding success, witnessing the movement of 37 million COREUM from the XRPL to Coreum as of December 2023, its functionality was limited to a one-way path and a single asset use case.
The Coreum team revealed plans to expand the functionality of the bridge to allow a two-way path with the XRPL and use of multiple assets. With the recent advancement, users can now transfer XRP and other assets between the XRPL, the Coreum ecosystem and the Osmosis ecosystem.
How to Bridge XRP from XRPL to Coreum
So far, the only platform the Coreum team has presented for the bridge is the Sologenic DEX. To use the DEX, you must first connect the self-custodial wallet with which you have stored your XRP tokens to the DEX. This self-custodial wallet could be the Xaman app, a Ledger device, or the D’Cent wallet.
Once you have connected the wallet to the Sologenic DEX, then follow these steps:
- Go to Sologenic.org, move to dApps, and click on “Bridge.”
- Once on the Bridge interface, you’ll get an option to either move XRP between XRPL and BNB Chain or move XRP between XRPL and IBC Chains. Click the latter.
- After clicking on the XRPL and IBC Chains options, you’ll need to connect your Cosmos wallet to the Sologenic DEX. The Cosmos wallet could be the Cosmostation, a Keplr, or a Leap wallet.
- Once you connect your Cosmos wallet, you can then choose the asset you wish to move from the XRPL to Coreum. The choices include OSMO, USDC, USDT, XRP, SARA, and CORE. Select XRP.
- Next, enter the amount of XRP you wish to move, and then fill in the Coreum address you wish to receive the XRP tokens. If this address is the same as the Osmosis wallet you previously connected, just click “Connect to Autofill.”
- After this, click on “Continue” and accept the disclaimer. You will then receive a prompt to sign in with the XRP wallet you previously connected. Go to the wallet and scan to approve the transaction.
Once you approve the transaction, your XRP tokens will move to Coreum in a few minutes. CoreumPower, a Coreum community-based X account, noted that it took three minutes to bridge XRP to Coreum and 20 seconds to move XRP from Coreum back to the XRPL.