The new EVM sidechain of the XRP Ledger, developed in collaboration with Peersyst and Axelar, allows developers to migrate Ethereum decentralized applications into the XRP ecosystem.
Launch of XRPL EVM Sidechain
The development of the new EVM sidechain for the XRP Ledger was initiated by Ripple in collaboration with Peersyst and Axelar. This event marks a significant step forward in expanding the capabilities of the XRP Ledger without compromising its core strengths.
Opportunities for Developers
The sidechain utilizes Evmos software, allowing developers to create or migrate Ethereum-based decentralized applications (dApps) into the XRP ecosystem. This opens up new use cases for lending, tokenization, and payments. The new sidechain promises low fees and high-speed transactions.
Prospects and Integrations
The sidechain is connected to the XRPL’s mainnet via Axelar’s bridge, enabling cross-chain transfers, including wrapped XRP. Peersyst also announced the onboarding of DeFi projects such as Band Protocol and Grove, intending to attract more dApps to the ecosystem. In the future, the Wormhole protocol will join the system, reinforcing the EVM’s ambitions within the multichain DeFi landscape.
The launch of the EVM sidechain for the XRP Ledger opens new horizons for developers and users, providing access to DeFi applications and creating opportunities for further integration in the multichain space.
