Ripple has announced the launch of an EVM sidechain on the XRP Ledger, which will allow for the integration of Ethereum-compatible smart contracts and decentralized applications.
Launch of EVM Sidechain
On June 30, Ripple announced the rollout of its EVM sidechain on the mainnet of the XRP Ledger. This sidechain provides developers with the ability to build, port, and deploy Ethereum-compatible applications within the XRPL ecosystem.
Features of the New Sidechain
The EVM sidechain is a parallel-running blockchain that combines the low transaction costs of the XRP Ledger with Ethereum's smart contract capabilities. This opens up new possibilities for decentralized applications including markets, tokenization, and payment systems focused on compliance, low costs, and fast transaction processing.
Potential and Partners
The sidechain offers several key features including access to over 6 million XRPL wallet holders, faster block times compared to Ethereum, and low transaction costs. Among the partners that have joined the sidechain are Band Protocol, Grove, and upcoming DeFi projects from Strobe, Securd, and Vertex. Integration with the Wormhole protocol, which supports over 200 applications across multiple blockchain ecosystems, is also planned.
The launch of the EVM sidechain on the XRP Ledger is a significant step towards creating an interoperable and programmable ecosystem, unlocking new opportunities for developers and users.
