Ripple Labs has unveiled the XRPL EVM Sidechain to enhance interoperability and boost DeFi and RWA tokenization. Axelar is providing a robust cross-chain bridge for the XRPL EVM Sidechain to ensure secure and efficient transactions.
A groundbreaking announcement from Ripple Labs promises to revolutionize the capabilities and compatibility of the XRP Ledger (XRPL). The much-anticipated launch of the XRPL EVM Sidechain will bring Ethereum Virtual Machine (EVM) compatibility to the XRPL, opening up new opportunities for developers in real-world asset (RWA) and decentralized finance (DeFi) tokenization. This move is set to drive innovation, increase usability, and expand the reach of the XRPL network.
Exciting news as Ripple Labs introduces the XRPL EVM Sidechain, bringing EVM compatibility to the XRP Ledger to enhance interoperability and unlock new possibilities in DeFi and RWA. Stay tuned for more updates!
Key Features of the XRPL EVM Sidechain include a bridge connecting it to the XRPL mainnet, with eXRP as the native asset and gas token. This bridge will facilitate seamless asset transfers between the XRPL and the EVM sidechain, ensuring efficient transaction processing and interoperability. With the imminent launch of the XRPL EVM Sidechain, the Ripple technical team emphasizes user experience and security as top priorities.
Axelar will serve as the sole bridge for the XRPL EVM Sidechain launch, leveraging its powerful cross-chain bridge technology and extensive network of 75 validators to provide efficiency and security. The decentralized bridge can access the native gas token (eXRP) from the XRPL, along with other fungible tokens from over 55 blockchains in the Axelar network. The Peersyst engineering team is transitioning the main bridge for the devnet to Axelar, highlighting Axelar’s reputation for delivering essential infrastructure.
To streamline the token transfer process, the consolidation to a single bridge with Axelar will simplify and enhance user experience. XLS-38 lays the foundation for XRPL developers to create customized sidechains, offering new capabilities not available on the mainnet. Ripple’s engineering team is committed to monitoring the uptake and interest in XLS-38, making changes based on developer requests and community feedback to ensure XRPL remains a reliable platform for asset tokenization and exchange.
In the market, XRP is currently priced at $0.4808, with a 1.21% decrease in the last 24 hours and an 8.96% drop over the previous week. Ripple has also introduced the XRPL Japan and Korea Fund to support blockchain innovation in these regions, showcasing its dedication to fostering global blockchain ecosystem development. Ripple looks forward to collaborating with developers to drive innovation and meet the diverse needs of its users, ensuring the XRPL remains a leading blockchain platform.