Ethereum

Ripple Brings Ethereum Virtual Machine (EVM) Capability to XRPL

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XRP News Today: Ripple, a leader in blockchain, unveiled the XRPL EVM Sidechain on Wednesday to bring Ethereum Virtual Machine (EVM) with the XRP Ledger. This advancement promises seamless interoperability and opens the door to new possibilities in the use of decentralized finance (DeFi) and real-world assets (RWA).

Ripple Developer Launches EVM on XRP Ledger

RippleX in a June 12 post, revealed work on Ethereum Virtual Machine (EVM) compatibility with XRP Ledger (XRPL) in an upcoming product – XRPL EVM sidechain

. The announcement reflects the vision of multi-chain support on the blockchain in the future.

XRPL developers will work on new opportunities for tokenizing decentralized finance (DeFi) and real-world assets (RWA). With wrapped XRP (eXRP) as the native asset and gas token, XRPL EVM Sidechain will be connected to the XRPL mainnet using a bridge. It will enable seamless transfer of assets between XRPL and EVM Sidechain, enhancing interoperability and transaction efficiency.

The RippleX team said that mainnet bridge security and improving user and developer experience are key priorities heading into the launch of the XRP Ledger sidechain.

Read also: Ripple Boosts XRP Innovation and Utility in APAC Region

Ripple community will use the Axelar bridge

The Axelar Bridge will enable the XRPL EVM sidechain to move the sidechain’s native gas token (eXRP) from the XRPL. It can also be used to link other fungible tokens to and from the XRPL mainnet.

Ripple’s engineering team is also working with Peersyst to strengthen the interoperability of XRP Ledger. “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 currently working on migrating the main bridge to Axelar for devnet,” says Ferran PratCEO of Peersyst.

Ripple’s UNL validators such as Vet will vote ‘No’ until the team can validate the functionality with specific use cases and developer requests. XRP Ledger EVM Sidechain using Axelar to bridge the XRPL mainnet instead of XLS-38 presents a setback for UNL validators.

As the XRP Ledger Apex event progresses, we will see major announcements and the introduction of projects related to XRP Ledger.

Read also: Wall Street U.S. CPI Estimates, Derivatives Data Signal Crypto Market Recovery

Varinder Singh

Varinder has 10 years of experience in the Fintech sector, with over 5 years dedicated to blockchain, crypto and Web3 developments. A technology enthusiast and analytical thinker, he has shared his knowledge on disruptive technologies in over 5,000 news stories, articles and documents. With CoinGape Media, Varinder believes in the enormous potential of these innovative technologies of the future. It currently covers all the latest updates and developments in the crypto industry.

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