All news is rigorously fact-checked and reviewed by leading blockchain experts and seasoned industry insiders.
- Ripple Labs launches XRPL EVM Sidechain to enhance interoperability and boost DeFi and RWA tokenization.
- Axelar provides robust cross-chain bridge for XRPL EVM Sidechain, ensuring secure and efficient transactions.
An interesting announcement from Ripple Labs will greatly improve the XRP Ledger’s (XRPL) capabilities and compatibility. One much-awaited step to provide Ethereum Virtual Machine (EVM) compatibility to the XRPL is the launch of the XRPL EVM Sidechain.
Developers should find many opportunities with this new product in real-world asset (RWA) and decentralized finance (DeFi) tokenization, which will spur innovation and increase the usability and reach of the XRPL network.
1/ Introducing the XRPL EVM Sidechain: We're excited to bring Ethereum Virtual Machine (EVM) compatibility to the XRP Ledger, enhancing interoperability and unlocking new opportunities in DeFi and RWA. https://t.co/lenc4Bl9TZ
— RippleX 📍#XRPLApex (@RippleXDev) June 12, 2024
Key Features of the XRPL EVM Sidechain
The XRPL EVM Sidechain will have a bridge connecting it to the XRPL mainnet, with wrapped XRP (eXRP) serving as the native asset and gas token. Through the smooth transfer of assets between the XRPL and the EVM sidechain, this bridge will guarantee effective transaction processing and interoperability.
With the XRPL EVM Sidechain launch fast approaching, the Ripple technical team has stressed that user experience and security are primary concerns.
When the XRPL EVM Sidechain first launches, Axelar will be the sole bridge. Recognized for its powerful cross-chain bridge technology and vast network of 75 validators, Axelar offers a high degree of efficiency and security.
Along with other fungible tokens from more than 55 blockchains in the Axelar network, this decentralized bridge can source the native gas token (eXRP) from the XRPL. The Peersyst engineering team is moving the main bridge for the devnet to Axelar, demonstrating Axelar’s track record of providing crucial infrastructure.
Simplifying the Token Transfer Process
It takes two distinct bridges to transfer fresh tokens across XLS-38 at this time. However, the consolidation to a single bridge with Axelar will make this procedure simpler and more user-friendly. By simplifying and lowering complexities, this action seeks to improve the user experience generally.
XLS-38 lays the groundwork for XRPL developers to create customized sidechains—for private chains or XRPL versions with capabilities not yet available on the mainnet.
Over the following 12 to 15 months, the Ripple engineering team intends to actively track the uptake and interest in XLS-38, offering changes in response to developer requests and community feedback.
The group will recommend changes to XLS-38 based on the input to guarantee that XRPL continues to be a reliable and effective platform for tokenizing and exchanging assets.
Market Data and Recent Developments
Meanwhile, CoinMarketCap data show that the price of XRP as of writing is at $0.4808, down 1.21% in the last 24 hours and 8.96% over the previous week. This negative tendency draws attention to how erratic the bitcoin market is.
Apart from the XRPL EVM Sidechain, Ripple has introduced the XRPL Japan and Korea Fund to foster blockchain innovation in these areas, according to a prior report by CNF. With this effort, Ripple demonstrates its dedication to supporting worldwide blockchain ecosystem development.
Ripple is eager to hear from developers and work with them to guarantee the XRPL keeps developing. Through interaction and awareness of developer demands, Ripple seeks to promote innovation and satisfy the wide range of needs of its users.
This cooperative strategy will influence the XRPL in some way, ensuring its position as a leading blockchain platform.
