On June 12th, Ripple’s XRP Ledger (XRPL) blockchain network unveiled its latest innovation – a new sidechain compatible with the Ethereum Virtual Machine (EVM). This new addition, known as the XRPL EVM Sidechain, is set to revolutionize the world of decentralized finance (DeFi) and real-world asset (RWA) tokenization, opening up a realm of possibilities for XRPL developers.
Ripple has partnered with Axelar to serve as the exclusive bridge for accessing the XRPL EVM sidechain’s native gas token (eXRP). In addition, Axelar will facilitate the connection of other fungible tokens to and from the XRPL mainnet, as well as across more than 55 blockchains on the Axelar network.
Furthermore, Ripple’s engineering team has collaborated with Peersyst to enhance XRPL interoperability. Ferran Prat, CEO of Peersyst, praised Axelar as a reliable bridge for bringing packaged XRP (eXRP) to the XRPL EVM sidechain, with plans to transition the core bridge to devnet.
The integration of the XRPL EVM Sidechain with the XRPL mainnet relies on a bridge, with Wrapped XRP (eXRP) serving as the native asset and gas token. This bridge facilitates seamless asset transfers between XRPL and EVM Sidechain, promoting interoperability and efficient transaction processing to leverage the strengths of both networks.
In a separate development, Ripple announced the launch of an XRPL Japan and Korea Fund on June 11, 2024, along with the acquisition of Standard Custody, marking significant milestones in the company’s growth and expansion.
Please note that the opinions expressed in this article are for informational purposes only and should not be construed as financial or investment advice. Investing in cryptocurrencies carries inherent risks of financial loss.
