Ripple has announced the launch of its long-anticipated EVM-compatible sidechain on the XRP Ledger, enabling integration of Ethereum decentralized applications on the XRP platform.
Integration of XRP with Ethereum
On June 30, 2023, XRP Ledger launched its EVM-compatible sidechain in collaboration with Peersyst. The new chain allows XRP to interact with Ethereum decentralized applications, using XRP as gas. This move aims to integrate XRP into the Ethereum DeFi ecosystem.
Opportunities for Developers
According to David Schwartz, Ripple's CTO and co-creator of the XRP Ledger, the sidechain provides developers the ability to create applications compatible with both Ethereum and the XRP Ledger. dApps can now leverage the strengths of both ecosystems while utilizing XRP's efficiency.
Prospects for Institutional Users
The XRPL EVM sidechain is connected to the main XRP Ledger through the Axelar bridge. This cross-chain infrastructure enables seamless interoperability, which Ripple hopes to tap into to attract institutional and enterprise users.
The launch of Ripple's EVM-compatible sidechain opens new opportunities for XRP's interaction with DeFi and aims to attract interest from institutional users.
