XRP token to be integrated into Wanchain’s interoperable blockchain network

Wanchain CEO Jack Lu shared a video on Twitter confirming that the #XRP# token will be part of its ecosystem. Through the platform, users will be able to perform liquidity mining and farming using Turing-complete smart contracts.

XRP

Among the decentralized applications that will be available are the decentralized exchange WanSwap, an autonomous interest rate protocol that will allow lending called WandLend, options platform Fin Nexus, and others.

Additionally, users will be able to utilize other blockchains integrated with Wanchain such as EOS, Ethereum, Bitcoin, and more. According to the announcement shared by its CEO, Wanchain’s deployment is “a few days” away. Lu added that he called the XRP community one of the most “passionate” in the crypto space.

I just want to say welcome to all XRP holders. Come join us and let’s build a new DeFi world together.

XRP and Ethereum compatibility

Wanchain is a project that aims to “fix” decentralized finance by connecting all private and public blockchains. In doing so, they hope to “accelerate” the implementation of mainstream DeFi benefits.

Their native token will be WAN and will allow users to earn rewards by doing cross-chain staking, receive block rewards, delegate tokens for yield, and will offer many more features.

At the end of March, Wanchain’s team announced XRP compatibility with the Ethereum testnet. As a result, they enabled a cross-chain bridge between the Rinkeby Ethereum Proof of Stake network and the XRP Ledger Proof of Stake network. The team noted:

In other words, with Wanchain’s Storeman nodes, XRP can now move freely between these three networks in a truly decentralized manner. More importantly, XRP token holders are now ready to put their XRP to work and interact with many DeFi applications around the world.

According to the Wanchan team, the integration between these blockchains is achieved through the Wanchan Storeman Group (WSG), which consists of 21 "truly decentralized" nodes. So, when a user wants to transfer assets in XRP to ETH, WSG will send the funds to the XRP ledger address to "lock them."

The wanXRP token is then minted in Ethereum via the ERC20/WRC20 bridge. If the user wants to reverse the transaction, WSG will burn the wanXRP token. The team further stated:

When such a transaction is needed, the same Storeman Group burns wanXRP on the original chain and mints new wanXRP on the target chain.