XRP Ledger Gets Ethereum Boost: Ripple Launches New Sidechain

Ripple Labs, the company behind the XRP cryptocurrency, has announced a significant step towards greater blockchain interoperability with the unveiling of the XRPL EVM Sidechain, a new solution designed to bridge the XRP Ledger (XRPL) with the Ethereum Virtual Machine (EVM).

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

This development is expected to unlock new opportunities for developers in real-world asset (RWA) tokenization and decentralized finance (DeFi).

Facilitating this integration is the XRPL EVM Sidechain Bridge, which will utilize wrapped XRP (eXRP) as both the native asset and gas token. This bridge ensures seamless asset transfers between the XRPL and the EVM sidechain, maintaining interoperability and efficient transaction processing.

The Ripple technical team is prioritizing the user and developer experience and security of this bridge to ensure smooth asset bridging.

A key aspect of this launch is the exclusive use of the Axelar bridge, a reliable and efficient decentralized bridge operated by a network of validators. It will serve as the source of the native gas token (eXRP) for the sidechain.

Peersyst CEO Ferran Prat emphasized Axelar’s strength, stating the bridge is “battle-tested, production-ready, and fully compatible” to introduce eXRP as a native currency to the XRPL EVM sidechain.

In the midst of this new development, the price of XRP has increased by 2.34% in the past 24 hours, potentially reflecting growing investor confidence in Ripple’s strategic plans and technological advancements.

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