Ripple Labs, the leading blockchain payments company and parent to XRP, just dropped a game-changer: the XRPL EVM Sidechain. This innovation has DeFi developers buzzing. Why? Because it shatters barriers between the XRP Ledger (XRPL) and the Ethereum Virtual Machine (EVM), potentially unlocking a whole new level of development for decentralized finance.
Ready to see how XRP and DeFi can join forces? Dive deeper to discover the possibilities of the XRPL EVM Sidechain.
The XRPL EVM Sidechain opens up exciting possibilities for DeFi developers, offering them a platform to build next-gen Web3 applications. One standout feature is its use of Wrapped XRP (eXRP), ensuring smooth transaction fee handling and enhancing user experience.
Behind the Scenes: The Role of Axelar Network
The collaborative effort of Peersyst on the Axelar network made the XRPL EVM Sidechain a reality. Axelar’s sterling reputation and extensive track record in facilitating interoperability across various blockchains made it the ideal partner for Ripple’s ambitious project. 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
The launch of the XRPL EVM Sidechain is a strategic move by Ripple, aiming to accelerate the adoption and growth of its product ecosystem. This initiative follows Ripple’s recent endeavors, including establishing a fund to promote blockchain innovation in Japan and South Korea and acquiring Standard Custody to strengthen its presence in crypto custody.
Looking ahead, the XRPL EVM Sidechain will play a pivotal role in the upcoming launch of Ripple’s fiat-backed stablecoin, expected later this year on both XRPL and Ethereum platforms.
While XRP’s potential seems promising, its trajectory hinges on the outcome of the ongoing SEC vs Ripple legal battle. A favorable resolution could unleash XRP’s full potential, potentially sparking a resurgence akin to the historic 2017 rally.
Also Read: Ripple Pours Millions into XRP Ledger Growth in Japan and South Korea
Is this the dawn of a new era for XRP? The launch of the XRPL EVM Sidechain has certainly sparked a conversation. We’re excited for what comes next.
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