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XRP Ledger launches EVM sidechain, bridging Ethereum and XRP

The XRP Ledger (XRPL) has launched its Ethereum Virtual Machine (EVM) sidechain on the mainnet, according to a June 30 announcement.

The sidechain would allow developers to create, port, and deploy Ethereum-compatible decentralized applications (dApps) within the XRPL ecosystem.

The XRPL EVM sidechain is built to be fast and secure and is connected to the XRP Ledger via the Axelar Bridge. Axelar is a prominent protocol known for its connectivity with over 80 blockchain networks. This integration is significant as it facilitates the flow of XRP, the native gas asset, into the EVM sidechain.

Additionally, the integration with Wormhole, a cross-chain interoperability protocol, will further expand the sidechain’s reach, connecting more than 200 applications across 35 blockchain networks.

XRPL EVM Sidechain benefits

The launch of the XRPL EVM sidechain is a stepping stone toward a larger vision for XRP’s role in a multichain world.

Ferran Prat, CEO and Founder of Peersyst, said:

“With the launch of XRPL EVM, we’re unlocking a new era for XRP — one where it can flow seamlessly across the multichain world. This isn’t the finish line; it’s Day 1 of a much bigger journey toward interoperability, programmability, and utility at scale.”

For developers, the new sidechain eliminates the need to choose between Ethereum compatibility and the unique features of the XRP Ledger. Now, they can leverage the best of both networks.

The XRPL EVM sidechain provides Ethereum’s compatibility with tools like Solidity, MetaMask, and Hardhat, along with the speed and cost efficiency of XRP’s native infrastructure.

The sidechain supports fast, low-cost transactions via a Proof of Authority consensus mechanism, delivering up to 1000 transactions per second (TPS). With this, developers can build scalable, real-time applications that tap into XRP’s liquidity, which is already supported by over 6 million wallets.

David Schwartz, Ripple’s CTO, said:

“The XRPL EVM Sidechain introduces a flexible environment for developers to deploy EVM-based applications, while maintaining a connection to the XRPL’s efficiency. It extends the capabilities of the ecosystem without changing the fundamentals that make the XRPL reliable.”

Several DeFi projects, including Band Protocol, Grove, and Squid, have already shown interest in the XRPL EVM sidechain. Ripple hinted that protocols like Strobe, Securd, and Vertex would also join the network soon.

The post XRP Ledger launches EVM sidechain, bridging Ethereum and XRP appeared first on CryptoSlate.

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