9 months ago
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Bob Ras, the co-founder of the Smart-contract proof-of-stake blockchain Coreum and Sologenic, has revealed that XRP users can earn passive income with the Automated Market Maker (AMM).
XRP Ledger Users Poised For Possible Gains
The exciting update was shared by the acclaimed co-founder in an X (formerly Twitter) post on Thursday. In the post, Bob Ras claimed that the cross-chain bridge from Coreum to the XRP ledger is almost ready “to go live.”
Initially, only COREUM tokens can be transferred from the ledger to the Coreum blockchain via the bridge. However, When this cross-chain bridging goes live, it will be possible to carry out easy transfers of all issued assets across the two networks.
Furthermore, Ras pointed out that with these updates, Coreum’s smart token technology will also be good for assets developed on the ledger. As a result of this, users and businesses can issue assets on Coreum with built-in smart contract capability.
In addition, he highlighted that the impending bridge feature will also give assets issued on the ledger, such as XRP, the opportunity to participate actively in AMM pools on Coreum.
The post read:
Coreum’s XRPL cross-chain bridge functionality is about to go live soon, allowing all assets issued on either chain to flow between them. This will not only unlock a lot of potential for the XRPL assets to benefit from the smart token technology on Coreum but also allow those assets to participate in the pools.
Meanwhile, the co-founder has requested assistance from Coreum Builders in order to make this possible. Specifically, he called attention to Whelp, a rapidly expanding Coreum-based DeFi hub, and Pulsara, an ecosystem launch on Coreum.
Ras suggests that both platforms attempt to create a user interface (UI) for the bridge and introduce new token pools with XRPL and Coreum-based tokens. This is to make it possible for users from the two ecosystems to take advantage of the AMM on the Coreum network.
He further underlined that several token pairs will be made available due to the creation of UI for the bridge. According to the co-founder, these aforementioned token pairs will enable users to benefit from the AMM, including the pool rewards on the Coreum networks.
Less Than 2 Weeks Left For The AMM Activation
As the activation of the automated market maker (AMM) draws near, the community is buzzing with excitement. Vet, a well-known figure in the XRP community, took to X to express his excitement and the date for the activation.
According to him, the initiation date for the feature is set for February 14, 2024, which is less than two weeks from now. Vet shared data from a recently concluded voting exercise regarding the AMM introduction.
He noted that the initiative prevailed in the exercise, securing “all the yes” it needed to go live. The data shows that the AMM attracted 85.71% consensus, with 30 out of 35 dUNL validators voting in favor of it.
Featured image from iStock, chart from Tradingview.com
