On June 12th, Ripple’s blockchain network, XRP Ledger (XRPL), unveiled its latest innovation – a new sidechain. This development brings compatibility with the Ethereum Virtual Machine (EVM) to XRPL, introducing the XRPL EVM Sidechain.
The XRPL EVM sidechain is set to revolutionize the decentralized finance (DeFi) and real-world asset (RWA) tokenization sectors, creating new opportunities for XRPL developers and expanding the network’s utility and reach. Ripple has partnered with Axelar to serve as the exclusive bridge for obtaining XRPL’s sidechain native gas token (eXRP) and connecting other fungible tokens to and from the XRPL mainnet, as well as over 55 blockchains on the Axelar network.
Peersyst, in collaboration with Ripple’s engineering team, is working to enhance XRPL interoperability by migrating the core bridge for Axelar to devnet. Ferran Prat, CEO of Peersyst, emphasized the importance of Axelar as a battle-tested, production-ready bridge to bring eXRP as the native currency to the XRPL EVM sidechain.
The connection between the XRPL EVM Sidechain and the XRPL mainnet is facilitated by a bridge using wrapped XRP (eXRP) as a native asset and gas token. This bridge enables seamless asset transfers between XRPL and EVM Sidechain, ensuring interoperability and efficient transaction processing, allowing developers to leverage the strengths of both networks.
In a significant move for Ripple’s growth and expansion, the company launched the XRPL Japan and Korea Fund on June 11, 2024, and announced the acquisition of Standard Custody.
Disclaimer: The information provided in this article is for informational purposes only and does not constitute financial or investment advice. Investing in cryptocurrencies carries a risk of financial loss.