Ripple has officially launched the XRPL EVM sidechain mainnet, developed in collaboration with Peersyst and Axelar, enhancing Ethereum compatibility.
Launch of XRPL EVM Sidechain
The launch of the XRPL EVM sidechain mainnet marks a crucial advancement for Ripple, enabling the deployment of Ethereum-compatible decentralized applications on the platform. This collaboration with Peersyst and Axelar aims to enhance the XRPL ecosystem.
XRP Utility and Market Impact
XRP serves as the primary gas token on the newly launched EVM sidechain, creating new opportunities for developers to build cross-chain applications. The mainnet's debut directly influences XRP's market utility, anticipating an increase in developer and institutional interest. The opening of more than 80 blockchains through Axelar's bridge highlights a broadening of blockchain interoperability.
Market Insights and Predictions
Analysts predict a potential price increase for XRP driven by enhanced network utility and developer adoption. Compared to similar projects like Polygon and Binance Smart Chain, XRPL's EVM compatibility is expected to stimulate the growth of tokenized asset and DeFi applications on its network.
The launch of the XRPL EVM sidechain represents a significant step for Ripple, opening new development opportunities and increasing XRP's market utility.
