The XRP Ledger's upgrade to support Ethereum Virtual Machine (EVM) marks a significant change in the XRP ecosystem, opening new opportunities for developers and institutional users.
Increased Functionality for Developers
With EVM compatibility, developers can now build decentralized applications (dApps) using Ethereum-based tools directly on XRPL. This includes creating decentralized exchanges, DeFi protocols, and NFTs, with XRP as the primary asset. The upgrade eliminates the need for switching to other blockchains for enhanced functionality.
Expanded Compatibility for Institutional Users
The new XRPL EVM integration with Axelar allows connections to over 50 other blockchains, strengthening XRP's ties with ecosystems like Ethereum and Cosmos. This enables capital and data to flow between different networks with XRP at the center of these processes. Institutional developers can now deploy smart contracts and applications without relying on Ethereum infrastructure.
Ripple's Strategic Steps for Further Development
The upgrade is part of Ripple's broader strategy for blockchain infrastructure development. Attention is now focused on liquidity, adoption, and network expansion. The new modular structure allows XRPL to expand across various industries, reaffirming Ripple's long-term intention to make XRPL a central hub for blockchain development.
The XRPL upgrade opens new horizons for developers and institutional users, confirming XRP's role as a multifunctional platform in the blockchain economy.
