tl;dr
RippleX, the development arm of Ripple Labs, has announced a significant update to the XRPL EVM sidechain, enabling Ethereum Virtual Machine (EVM) compatibility with the XRP Ledger (XRPL). This development aims to enhance interoperability and create opportunities for decentralized finance (DeFi) and...
Ripple's development arm, RippleX, has announced a significant update to the XRPL EVM sidechain, enabling Ethereum Virtual Machine compatibility with the XRP Ledger (XRPL). This development aims to enhance interoperability and create opportunities for decentralized finance (DeFi) and real-world asset (RWA) tokenization on XRPL.
Ripple has partnered with Axelar to create a bridge for EVM capabilities on XRPL, emphasizing interoperability and seamless asset transfers. The XRPL EVM Sidechain, facilitated by Axelar, utilizes wrapped XRP as the native asset and gas token, enhancing security and user experience.
Ripple aims to consolidate to a single bridge, provided by Axelar, to simplify the user journey and create a more intuitive and user-friendly process. Ripple outlines ongoing significance of the XLS-38 proposal and commits to refining and expanding the EVM sidechain's functionalities based on community input and adoption metrics.
RippleX, the development arm of Ripple Labs, has unveiled a major update to the XRPL EVM sidechain, facilitating Ethereum Virtual Machine (EVM) compatibility with the XRP Ledger (XRPL). This major development is set to enhance interoperability and open up new avenues for decentralized finance (DeFi) and real-world asset (RWA) tokenization on XRPL.
The initiative to integrate EVM capabilities into the XRPL was first introduced on the XRPL devnet in October 2022. In a detailed blog post released by Team Ripple, the new sidechain is highlighted as a pivotal innovation.
The XRPL EVM Sidechain, now officially named, operates with a bridge facilitated by Axelar that utilizes wrapped XRP (eXRP) as both the native asset and gas token. This bridge is crucial for ensuring seamless asset transfers between XRPL and the EVM sidechain, maintaining robust interoperability and efficient transaction processing.
The new sidechain also aims to simplify the user experience, which has been previously complicated by the use of different bridges for different types of transactions. By using Axelar’s technology for all XRPL to EVM transfers, the process becomes more streamlined and user-friendly.
Moreover, the company outlines the ongoing significance of the XLS-38 proposal in its blog post, explaining its role in enabling XRPL developers to create custom sidechains. Over the next 12-15 months, Ripple engineers will continue to evaluate community input and adoption metrics to refine and possibly expand the EVM sidechain’s functionalities.
At press time, XRP traded at $0.483.
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