In a breaking news development, XRPL Labs has announced its XRP smart contract side-chain, Xahau Ledger. The Xumm wallet founder says this side-chain will help meet his vision for individual adoption. The altcoin price reacted positively to the news.
XRPL Labs partners with Xahau Ledger
XRPL Labs said today that it has become part of Xahau Ledger, a smart contract side-chain for the XRP Ledger ecosystem. The Ripple community is excited about Xahau Ledger, which adds multiple features to the XRPL ecosystem and advances the adoption of XRP and XRP Ledger. Because this development brings the XRP Ledger protocol closer to retail adoption.
XRPL Labs, the developer of XRP Ledger self-custody wallet Xumm, announced on August 28 that it is taking part in a whitepaper launch for Xahau Ledger. Meanwhile, Xahau is a smart contract side-chain for the XRPL ecosystem. It should be noted that this development is an important move for the altcoin project.
We are proud to be part of the Xahau network (@XahauNetwork) as a launch participant. As stated earlier, we will support multiple chains that use the XRPL protocol and our commitment to the main XRPL remains steadfast. https://t.co/olzsK3veCx
— XRPL Labs 🪝 (@XRPLLabs) August 28, 2023
What is XRPL Labs aiming for in collaboration?
XRPL Labs founder Wietse Wind also shared with his followers on his X account that he published the Xahau whitepaper with GateHub, Alloy Networks, EvernodeXRPL and others. He explained that the XRP Ledger-powered smart contracts functionality will allow to build things that can be used in daily life. In this context, Wietse Wind made the following statement:
We will continue to build for the entire XRP Ledger ecosystem. Also, anything we build will be available to the entire ecosystem. We believe that a multi-chain XRP Ledger Protocol ecosystem can bring both the proven flexibility of XRPL Main-net and the endless new possibilities of Hooks.
It also plans to update the Xumm wallet to support multiple XRPL Protocol networks such as XRPL Mainnet and Xahau. This development will enable to advance the vision of adoption of XRP retail sale. Wietse Wind has revealed that Xahau will likely be on the air by the end of the year.
How did the altcoin price respond to the development?
cryptocoin.com As you follow, the cryptocurrency market is swimming in red waters. Leading crypto Bitcoin is struggling to stay above $26,000. In this environment, investors immediately reacted to the Xahau network’s XRPL announcement. XRP price rose more than 0.50% after the news. Meanwhile, altcoin trading volume also increased and the price gained momentum.
However, XRP price is currently trading at $0.51, down 1.25% in the last 24 hours. The lowest and highest prices in 24 hours are $0.515 and $0.529, respectively. However, the overall price action remains sideways. Also, the trading volume has dropped significantly over the past week.
