In an exciting breakthrough for blockchain connectivity, Ripple’s Team announced on June 12, 2024, the successful integration of Ethereum Virtual Machine (EVM) compatibility with the XRP Ledger (XRPL). This milestone, now known as the XRPL EVM Sidechain, is set to expand the ledger’s functionality by venturing into decentralized finance (DeFi) and real-world asset (RWA) tokenization.
Recognizing the importance of a multi-chain future for blockchain technology, Ripple’s update responds to a key request from its developer community. The XRPL EVM Sidechain aims to facilitate smooth asset transfers and operational efficiency between XRPL and EVM platforms, with wrapped XRP (eXRP) acting as the native asset and gas token.
The engineering team at Ripple, in partnership with Peersyst, is committed to ensuring the security and user experience of the XRPL EVM Sidechain. By making wrapped XRP the native asset, the focus is on creating a seamless and secure bridging process.
The XRPL EVM Sidechain will link to the XRPL mainnet through the Axelar Bridge, a crucial component for enabling asset transfers and promoting interoperability across networks. This bridge relies on a network of validators to uphold security and efficiency, with eXRP simplifying transactions by serving as the main medium for fees on the sidechain.
As the launch date approaches, Ripple is dedicated to securing the bridge to the mainnet and refining the overall experience for users and developers alike. The collaboration with Axelar demonstrates a strategic decision to leverage their reliable bridge technology, which has been embraced by major platforms such as Uniswap and Microsoft.
Through their partnership with Peersyst Technology, Ripple aims to enhance the sidechain’s interoperability features. Peersyst CEO, Ferran Prat, emphasized the transition to Axelar for building network bridges, emphasizing the importance of a secure and user-friendly journey.
Ripple is also focused on the development and implementation of XLS-38, a foundational protocol for creating customizable sidechains on XRPL. This protocol enables the creation of private chains or enhanced versions of XRPL, empowering developers to innovate and tailor solutions to specific requirements.
Over the next 12 to 15 months, Ripple will closely monitor the adoption of XLS-38. Based on feedback from the community and practical validation of its applications, updates and potential revisions to the protocol are planned.
Tags: Ripple, XRP