During the Ethereum Community Conference (EthCC), the ability to transfer wrapped XRP between the XRP Ledger and a new EVM-compatible sidechain built by Peersyst was announced.
Launch of EVM-Compatible Sidechain
The Axelar Foundation announced that its network now facilitates the transfer of wrapped XRP between the mainnet of the XRP Ledger and a new EVM-compatible sidechain. This bridge went live simultaneously with the launch of the sidechain, providing developers with immediate access to over 80 blockchains and allowing the sidechain to use wrapped XRP as its gas token.
Benefits for Developers
For developers, the new sidechain offers a twofold advantage. They can continue writing smart contracts in Solidity, the preferred language on Ethereum, while tapping into the decade-old infrastructure of the XRP Ledger, known for its fast block times and low fees. Additionally, the validators on the XRP Ledger have weathered the turbulent moments of crypto's boom-and-bust cycles.
New Projects on the Platform
With more than six million XRP Ledger wallets now just one click away from DeFi applications typically found only on EVM chains, several projects have already emerged. Strobe is rolling out a money market for lending and over-collateralized borrowing, while Securd is appealing to passive income seekers with a lending model aimed at financing leveraged DeFi positions. Vertex, known for its derivatives engine, plans to bring capital-efficient trading to the network.
The launch of the new EVM-compatible sidechain expands the capabilities of the XRP Ledger and opens new horizons for developers and projects in the DeFi space.
