XRP Users Can Earn Passive Income with AMM
Bob Ras, the co-founder of Coreum and Sologenic, has announced that XRP users will soon have the opportunity to earn passive income through the Automated Market Maker (AMM). In a recent post on X, Ras revealed that the cross-chain bridge from Coreum to the XRP ledger is nearing completion and will soon be operational.
Easy Transfers Between Networks
Initially, only COREUM tokens will be transferable from the ledger to the Coreum blockchain using the bridge. However, once the cross-chain bridging feature is live, users will be able to easily transfer all issued assets between the two networks.
Smart Token Technology for Assets on the Ledger
Ras also highlighted that Coreum’s smart token technology will benefit assets developed on the XRP ledger. This means that users and businesses can issue assets on Coreum with built-in smart contract capability.
Active Participation in AMM Pools
The upcoming bridge feature will allow assets issued on the XRP ledger, such as XRP itself, to actively participate in AMM pools on Coreum. This opens up new opportunities for XRP holders to engage with decentralized finance (DeFi) on Coreum.
Collaboration for Bridge Implementation
Ras has called upon Coreum Builders to assist in implementing the bridge feature. Specifically, he mentioned Whelp and Pulsara as platforms that could create a user interface (UI) for the bridge and introduce new token pools with XRPL and Coreum-based tokens. This would enable users from both ecosystems to take advantage of AMM on the Coreum network.
AMM Activation Date Approaching
The activation of the AMM is set to take place on February 14, 2024, in less than two weeks. Vet, a prominent figure in the XRP community, expressed his excitement about the upcoming feature and shared data from a voting exercise that showed strong support for the AMM introduction.
Hot Take: XRP Users Can Generate Passive Income Through Coreum’s AMM
XRP users have reason to be excited as they will soon have the opportunity to earn passive income through Coreum’s Automated Market Maker (AMM). With the cross-chain bridge nearing completion, users will be able to easily transfer assets between the XRP ledger and Coreum blockchain. This opens up new possibilities for XRP holders to engage with DeFi and benefit from Coreum’s smart token technology. Additionally, collaboration between Coreum Builders and platforms like Whelp and Pulsara will enhance the user experience and provide access to new token pools. With the AMM activation date approaching, XRP users should prepare to take advantage of this exciting opportunity.
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