Ripple (XRP) has unveiled a development that aims to expand the reach of XRP and unlock new opportunities in the realms of decentralized finance (DeFi) and real-world assets (RWA).
The introduction of the XRPL EVM Sidechain brings Ethereum Virtual Machine (EVM) compatibility to the XRP Ledger, enabling seamless interoperability between the two ecosystems.
What you'll learn 👉
Collaboration with Peersyst for Secure and Seamless User Experience
According to a tweet by RippleX, the Ripple engineering team has joined forces with Peersyst to ensure the security and user-friendliness of the XRPL EVM Sidechain. With wrapped XRP serving as the native asset on the sidechain, the focus is on providing a smooth and secure bridging process for users to move their assets between the XRP Ledger and the EVM-compatible sidechain.
To further enhance the security and efficiency of cross-chain transactions, Ripple has made the strategic decision to migrate to the Axelar network.
Ferran Prat, CEO of Peersyst, endorses this move, stating, “Axelar is a battle-tested, production-ready bridge to bring XRP as a native currency to the XRPL EVM Sidechain.” By leveraging Axelar’s decentralized approach and strong validator network, Ripple aims to provide a secure and resilient bridge that safeguards users and the network as a whole.
The choice of Axelar as the primary bridge for the XRPL EVM Sidechain is driven by Ripple’s commitment to simplifying the user journey and bolstering security. Axelar’s robust infrastructure and proven track record in facilitating secure cross-chain transactions make it an ideal partner for Ripple’s endeavor to expand the utility and reach of XRP.
Doge2014 raises 500K in days celebrating Dogecoin. Make potentially big profits and get in on exclusive airdrop!
Show more +XLS-38 Cross-Chain Bridge: Potential for Custom Sidechains
While the XLS-38 cross-chain bridge amendment remains active for voting, Ripple’s UNL validator will vote ‘No’ until the team can validate its specific use cases and gather developer requests.
Although the XLS-38 bridge may still prove useful for custom sidechains, Ripple acknowledges that it may not provide the same level of user-friendliness as the Axelar-powered XRPL EVM Sidechain.
The introduction of the XRPL EVM Sidechain opens up a world of possibilities for developers and innovators in the blockchain space.
Read more: ZKsync Unveils 17% Airdrop of ZK Token Supply: Details
By enabling EVM compatibility on the XRP Ledger, Ripple is inviting Ethereum developers to explore the benefits of XRP and leverage its fast, low-cost transactions in their decentralized applications (dApps). This move is expected to foster a new wave of innovation and collaboration between the XRP and Ethereum communities.
The XRPL EVM Sidechain not only enhances interoperability but also unlocks new opportunities in the growing DeFi and RWA sectors. With the ability to seamlessly bridge assets between the XRP Ledger and Ethereum, users and developers can now access a broader range of financial services and real-world use cases.
Follow us on X (Twitter), CoinMarketCap and Binance Square for more daily crypto updates.
Get all our future calls by joining our FREE Telegram group.
We recommend eToro
Wide range of assets: cryptocurrencies alongside other investment products such as stocks and ETFs.
Copy trading: allows users to copy the trades of leading traders, for free.
User-friendly: eToro’s web-based platform and mobile app are user-friendly and easy to navigate.
