RippleX Launches Major Update for XRPL EVM Sidechain: Enhancing DeFi and RWA Tokenization
Ripple Partners With Axelar For EVM Bridge
RippleX, the development arm of Ripple Labs, has recently unveiled a significant update to the XRPL EVM sidechain, enabling Ethereum Virtual Machine (EVM) compatibility with the XRP Ledger (XRPL). This innovation aims to boost interoperability and create new opportunities for decentralized finance (DeFi) and real-world asset (RWA) tokenization within the XRPL ecosystem.
Integrating EVM Capabilities into XRPL
The journey to integrate EVM capabilities into the XRPL began on the XRPL devnet in October 2022. In a comprehensive blog post by Team Ripple, the new sidechain is highlighted as a crucial advancement in the blockchain space.
The XRPL EVM Sidechain, now officially named, operates with a bridge supported by Axelar, utilizing wrapped XRP (eXRP) as the native asset and gas token. This bridge plays a vital role in facilitating seamless asset transfers between XRPL and the EVM sidechain, ensuring smooth interoperability and efficient transaction processing.
Technical collaboration with Peersyst Technology has also been pivotal in expanding the interoperability of XRPL. Axelar’s decentralized bridge, operated by a network of validators, enhances security and promotes broader cross-chain interactions. With Axelar’s 75 validators enforcing strict security measures, including key rotation policies, the infrastructure remains reliable and trustworthy.
Simplifying User Experience
Axelar’s integration aims to simplify the user experience, streamlining the process of transferring tokens between XRPL and the EVM sidechain. By consolidating to a single bridge, users can benefit from a more intuitive and user-friendly transaction process.
RippleX emphasizes the ongoing significance of the XLS-38 proposal, enabling XRPL developers to create custom sidechains. While awaiting community feedback and approval, Ripple’s UNL validator has refrained from voting until further validation is achieved.
Looking ahead, Ripple plans to evaluate community feedback and adoption metrics over the next 12-15 months to enhance and expand the functionality of the EVM sidechain. By engaging with the developer community, Ripple aims to ensure the XRPL evolves to meet user needs effectively.
Conclusion
In conclusion, the integration of EVM capabilities into the XRPL EVM sidechain marks a significant milestone in enhancing interoperability and expanding the use cases of the XRP Ledger. With Axelar’s decentralized bridge and ongoing collaboration with Peersyst Technology, RippleX is poised to create a more seamless and secure environment for cross-chain interactions, benefiting both developers and users within the XRPL ecosystem.
As XRP continues its market journey, trading at $0.483 at the time of writing, the future holds promise for further advancements and innovations within the XRPL ecosystem.