Ripple’s EVM-compatible sidechain launched, integrating Ethereum dApps and smart contracts with XRP.
Ripple (XRP) is making a major move toward blockchain interoperability. On Monday, June 30, XRP Ledger, in collaboration with Peersyst, launched its long-anticipated Ethereum Virtual Machine-compatible sidechain. The new chain allows XRP to interact with Ethereum decentralized applications, while using XRP as gas.
The integration aims to bring XRP into the heart of Ethereum’s (ETH) DeFi ecosystem. It will also benefit from cheaper transactions and faster speeds compared to Ethereum, making it particularly suited for high-volume dApps.
“With the launch of XRPL EVM, we’re unlocking a new era for XRP — one where it can flow seamlessly across the multichain world. This isn’t the finish line; it’s Day 1 of a much bigger journey toward interoperability, programmability, and utility at scale,” Ferran Prat, Peersyst.
According to David Schwartz, CTO of Ripple and Co-creator of the XRP Ledger, the sidechain enables developers to build applications compatible with both Ethereum and the XRP Ledger. dApps can now access the strengths of both ecosystems while leveraging XRP’s efficiency.
“The XRPL EVM Sidechain introduces a flexible environment for developers to deploy EVM-based applications, while maintaining a connection to the XRPL’s efficiency. It extends the capabilities of the ecosystem without changing the fundamentals that make the XRPL reliable,” David Schwartz, XRP Ledger.
XRP hopes to tap into institutional use cases
The XRPL EVM sidechain is connected to the main XRP Ledger via the Axelar bridge. This cross-chain infrastructure enables seamless interoperability, which Ripple hopes will attract institutional and enterprise use cases.
“Crypto is entering an exciting phase as institutions and enterprises are pursuing compelling new use cases. The XRP Ledger EVM Sidechain is positioned to capture this rising demand, and Axelar is the secure, institutional-grade connector that will make it possible,” Georgios Vlachos, Axelar Foundation.
