Ripple Introduces XRPL EVM Sidechain to Improve Compatibility With Ethereum Ecosystem
Ripple Labs, a prominent company in the blockchain payments sector that utilizes XRP as its native digital asset, has unveiled a new offering known as XRPL EVM Sidechain. This innovative product will bring Ethereum Virtual Machine (EVM) compatibility to the XRP Ledger (XRPL).
The XRPL EVM Sidechain is set to empower decentralized finance (DeFi) developers to create cutting-edge Web3 applications. Notably, it will utilize Wrapped XRP (eXRP) to streamline transaction fees seamlessly.
The development of the XRPL EVM Sidechain was made possible by Peersyst on the Axelar network. Ripple’s decision to partner with the Axelar network for interoperability was influenced by its established reputation in the industry. Axelar network has successfully connected over 50 blockchains and boasts 75 validators.
“Ferran Prat, CEO of Peersyst, highlighted that Axelar is a battle-tested bridge that will enable the integration of wrapped XRP (eXRP) as a native currency on the XRPL EVM sidechain. The Peersyst engineering team is currently in the process of migrating the main bridge to Axelar for the devnet,” noted.
The introduction of the XRPL EVM Sidechain is a strategic move by Ripple to drive the adoption and advancement of its products. Recently, Ripple launched a fund to support blockchain innovation in Japan and South Korea, as well as acquired Standard Custody to expand its portfolio alongside Metaco in crypto custody.
The launch of the XRPL EVM Sidechain will play a pivotal role in the integration of Ripple’s fiat-backed stablecoin, slated for release later this year on XRPL and Ethereum.
The recent significant developments by Ripple are expected to contribute to the widespread adoption of XRP. The altcoin has shown signs of a bullish breakout, reminiscent of the 2017 rally. However, the future of XRP price hinges on the outcome of the ongoing SEC vs Ripple case, with XRP likely to see increased momentum once Ripple reaches a settlement with the US SEC.