XRP News Today: Ripple, a blockchain leader, unveiled the XRPL EVM Sidechain on Wednesday to bring Ethereum Virtual Machine (EVM) compatibility to the XRP Ledger. This advancement promises seamless interoperability and opens doors to new possibilities in decentralized finance (DeFi) and Real World Assets (RWA) utilization.
Ripple Developer Unleashes EVM on XRP Ledger
RippleX in a post on June 12 revealed work on Ethereum Virtual Machine (EVM) compatibility to XRP Ledger (XRPL) in an upcoming product — XRPL EVM Sidechain. The announcement reflects the vision of multi-chain support on blockchain in the future.
XRPL developers will work on new opportunities for decentralized finance (DeFi) and real-world asset (RWA) tokenization. With wrapped XRP (eXRP) as the native asset and gas token, XRPL EVM Sidechain will be connected to XRPL mainnet using a bridge. It will enable seamless transfer of assets between XRPL and the EVM Sidechain, boosting interoperability and efficient transactions.
RippleX team said security of the mainnet bridge and improving user and developer experience are key priorities as the launch of XRP Ledger sidechain approaches.
Also Read: Ripple Strengthens XRP Innovation And Utility In APAC Region
Ripple Community to Use Axelar Bridge
Axelar bridge will enable the XRPL EVM sidechain to move native gas token of the sidechain (eXRP) from the XRPL. It can also be used to bridge other fungible tokens to and from XRPL mainnet.
Ripple engineering team is also working with Peersyst to bolster XRP Ledger’s interoperability. “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,” says Ferran Prat, CEO of Peersyst.
Ripple’s UNL validators such as Vet will vote ‘No’ until the team can validate the feature with specific use cases and developer requests. XRP Ledger EVM Sidechain using Axelar to bridge to the XRPL mainnet instead of XLS-38 has a setback for UNL validators.
i’ll not vote Yes for now, it’s not an addition to existing functions like Clawback to Trustlines, but a new feature. So unless the XRP Community come forward to demand it i would rather not add it to the XRPL. But thats only my vote 🙂
— Vet 🏴☠️ (@Vet_X0) June 12, 2024
As XRP Ledger Apex event progress, we are going to witness major announcements and introduction of projects related to XRP Ledger.
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Varinder has 10 years of experience in the Fintech sector, with over 5 years dedicated to blockchain, crypto, and Web3 developments. Being a technology enthusiast and analytical thinker, he has shared his knowledge of disruptive technologies in over 5000+ news, articles, and papers. With CoinGape Media, Varinder believes in the huge potential of these innovative future technologies. He is currently covering all the latest updates and developments in the crypto industry.
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