XRPL EVM is a new sidechain introduced by Ripple to ensure compatibility and interoperability of XRP Ledger with the Ethereum Virtual Machine (EVM).
Blockchain interoperability has become increasingly critical to technological innovation in the crypto space, so Ripple has announced the launch of a new sidechain that brings Ethereum Virtual Machine (EVM) compatibility to the XRP Ledger (XRPL).
Called XRPL EVM Sidechain, this new blockchain is focused on ensuring interoperability between both blockchain ecosystems, allowing developers and builders to use new toolsets to build more innovative applications.
Specifically, Ripple Labs commented that through the XRPL EVM Sidechain, blockchain developers on XRPL will be able to build applications that unlock opportunities in the decentralized finance (DeFi) and real-world asset (RWA) tokenization ecosystem, driving innovation and expanding the utility and reach of the blockchain network.
XRPL EVM, a bridge to interconnect two powerful blockchain ecosystems with Axelar
Ripple has integrated Axelar’s technology into the development of the XRPL EVM Sidechain. As explained by the company, the new sidechain will be launched on Axelar as a secure decentralized bridge that will use the wrapped XRP (eXRP) token as the native asset and gas token. The XRPL EVM Sidechain will facilitate the seamless transfer of assets between XRPL and EVM sidechains, as well as with the 55+ blockchains connected to the Axelar network.
Ripple has been working closely with the Peersyst development team to build its new sidechain and expand XRPL interoperability.
Ferran Prat, CEO of Peersist, said Axelar’s blockchain bridge technology is recognized throughout the crypto industry and the network’s development team is now working to bring XRP as a native asset to the XRPL EVM. Ripple, for its part, stressed that the choice of Axelar is based on the robust security and efficiency of this network in cross-chain transactions, which will simplify the user experience on the new chain, while improving and guaranteeing security.
Institutional DeFi and asset tokenization
With the creation of the XRPL EVM Sidechain, Ripple is responding to the needs of the crypto community and the industry at large, amidst the advancements and progress of Web3. As the company highlighted, decentralized finance and asset tokenization are becoming increasingly fundamental to building a successful digital financial system.
XRPL is a decentralized blockchain that was launched in 2012 to provide a low-cost alternative for processing and recording financial transactions. Today, XRP, the native cryptocurrency, has become one of the largest on the market, with a market capitalization of $27.000 billion.
