Ripple and Evmos Join Forces to Enhance Web3 Capabilities by Building an XRPL EVM Sidechain
In an effort to expand the XRPL ecosystem and empower developers, Ripple has partnered with Evmos to construct an XRP Ledger (XRPL) EVM sidechain. This collaboration with Evmos, an Ethereum Virtual Machine (EVM)-based protocol developed by Cosmos, marks a significant milestone for Ripple’s strategic entry into the Web3 commercial market. Peersyst, a crypto software company, is also part of this partnership.
By leveraging Evmos, the #XRPArmy is now able to join the interchain, an open, scalable, and interconnected economy that represents the future. This collaboration unlocks a modular-interchain EVM solution by utilizing Interchain Stack components. To learn more about Ripple x Evmos and how evmOS leverages these components, visit the link below:
https://t.co/2h6Kdhfi9E
The XRPL sidechain will be built on the evmOS solution, which prioritizes native Web3 enterprise apps and ensures their compatibility with the EVM. EvmOS is a modular system that is both EVM and Web3 enterprise-ready. Utilizing the Cosmos SDK, evmOS offers a more flexible platform compared to traditional smart contract platforms by allowing applications to modify their logic.
As a result of this collaboration, Web3 enterprises will gain access to various features including the DApp Store, CometBFT consensus engine strings, Inter-Blockchain Communication Protocol (IBC), and over 60 Cosmos SDKs. This design aims to connect the user community, over 90 linked chains, and decentralized apps (DApps).
Through the use of IBC, the XRPL will be linked to the blockchain, granting XRP users access to a wide range of DApps such as Orbital Apes, Forge, Osmosis, and Stride. This seamless integration will enhance user experience and provide the XRPL community with access to a larger ecosystem.
The XRPL ecosystem boasts a significant user base, as evidenced by its $27 billion market capitalization. Currently, XRP is priced at approximately $0.5182, experiencing a 3.46% increase in the past 24 hours, compared to a slight 0.33% decrease over the previous week, according to CoinMarketCap.
The addition of the XRPL EVM sidechain to the evmOS interchain represents a major step forward in the growth of the XRPL ecosystem. Jasmine Cooper, Head of DeFi Product at Ripple, expressed the potential of this partnership, stating, “By utilizing evmOS technology, we can offer developers unparalleled flexibility and customization options, enabling them to build innovative cross-chain applications that tap into the vast potential of the XRPL and the broader interchain ecosystem.”
To encourage developers who share their principles to join the ecosystem, Evmos has committed $5 million in grant financing to the XRPL blockchain.
The Cosmos crew added, “Thanks to Evmos, the XRP Army is now part of the open, scalable, and interconnected economy of the future: the interchain. Discover more about Ripple x Evmos and how evmOS utilizes Interchain Stack components to enable a modular-interchain EVM solution.”
In a previous report by CNF, it was revealed that Ripple has contributed $1 million to support research, education, and technological development at Morgan State University’s National Fintech Center.
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