Ripple Unveils XRPL EVM Sidechain to Enhance Interoperability With Ethereum Ecosystem
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Ripple Labs, a leading blockchain payments company using XRP as the native digital asset, has launched a new product dubbed XRPL EVM Sidechain. The XRPL EVM Sidechain will introduce Ethereum Virtual Machine (EVM) compatibility with the XRP Ledger (XRPL).
According to the announcement, the XRPL EVM Sidechain will enable decentralized financial (DeFi) developers to build next-generation Web3 applications. Notably, the XRPL EVM Sidechain will use Wrapped XRP (eXRP) to seamlessly facilitate transaction fees.
Peersyst on the Axelar network made the development of the XRPL EVM Sidechain possible. The Ripple team chose the Axelar network to facilitate its interoperability bid due to its reputation in the industry over the years. Moreover, the Axelar network has already facilitated the connection of over 50 blockchains and takes pride in 75 validators.
“Axelar is a battle-tested, production-ready, and fully compatible bridge to bring wrapped XRP (eXRP) as a native currency to the XRPL EVM sidechain. The Peersyst engineering team is now working to migrate the main bridge to Axelar for the devnet,” Ferran Prat, Peersyst CEO, noted.
Market Implications Ripple Products
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
The launch of the XRPL EVM Sidechain is a strategic move that will accelerate the adoption and development of Ripple products. Earlier this week, Ripple launched a fund to support blockchain innovation in Japan and South Korea. Additionally, Ripple announced the acquisition of Standard Custody, which joins its portfolio with Metaco in crypto custody.
The launch of the XRPL EVM Sidechain will play a crucial role in adopting Ripple’s fiat-backed stablecoin, which will be rolled out later this year on XRPL and Ethereum.
XRP Price Ready to Moon?
The notable Ripple developments in the recent past will play a crucial role in the mass adoption of XRP. The large-cap altcoin has already signaled an imminent bullish breakout, possibly akin to the 2017 rally.
However, the XRP price outlook is heavily influenced by the ongoing SEC vs Ripple case. As a result, XRP will be entirely free when Ripple settles with the US SEC.