Sologenic, a protocol that converts securities and various assets into tokens on the XRP Ledger, recently shared that users have bridged over 37 million COREUM from the XRPL to the Coreum network.
The Sologenic team disclosed this information in a recent post on X and subtly indicated upcoming developments for the bridge. COREUM, the proprietary token of the Coreum network, is integral to the layer-1 enterprise-grade blockchain, which strives to function as fundamental infrastructure for dApps and DeFi.
Over 37M $COREUM has been bridged from the #XRPL to the @CoreumOfficial Blockchain.
With 2024 on the horizon, #Sologenic is set to expand the bridge’s capabilities, introducing multi-asset support & advanced interoperability features.
🖇️: https://t.co/4IrW8jPCf3#GoSOLO pic.twitter.com/Ivr3B2276P
— Sologenic (@realSologenic) December 28, 2023
Notably, Coreum incorporates ISO20022 compatibility, IBC interoperability, and innovative Smart Tokens. For context, Smart Tokens are digitized assets with smart contract functionalities. The network claims to deliver impressive features, including 7,000 TPS, scalability, and cost-effectiveness.
The Coreum team launched the bridge between the XRPL and the Coreum network in Q4 2022. However, the Coreum mainnet launch came up in March this year. Following the launch, Bob Ras, co-founder of Sologenic, stressed that Coreum’s smart contract capabilities would benefit XRP.
Users can seamlessly transfer their assets across various blockchains, including XRP, SOLO, and COREUM, using the Coreum bridge. In addition, the bridge uses collateralized wrapping, which entails locking up an asset on one chain and minting its equivalent on another chain.
Coreum Witnesses High Demand
The team’s recent update indicates substantial activity on the bridge since its launch, with the current valuation of the over 37 million COREUM tokens reaching an impressive $7.3 million.
This indicates a high demand for the Coreum blockchain and its features, as well as the interoperability between the XRPL and the network. To sustain the growth within the Sologenic ecosystem, the team has expanded the supported tradeable tokens to 126.
Sologenic also stated in the recent update that it is set to expand the bridge’s capabilities in 2024, introducing multi-asset support and advanced interoperability features.
The revelation aligns with its existing roadmap, which projects an extension of the IBC feature to support XRPL, Ethereum, Solana, BSC, Bitcoin.
This upcoming development could potentially enable users to bridge any asset from any blockchain to the Coreum network, and vice versa. Moreover, the Coreum mainnet recently welcomed its latest upgrade, V3, as efforts to meet user demand intensify.
