Ripple and Evmos Collaborate to Enhance Web3 Capabilities by Building an XRPL EVM Sidechain
Ripple and Evmos have joined forces to create an XRPL EVM sidechain, leveraging Cosmos’ Ethereum Virtual Machine (EVM)-based protocol. This partnership marks a significant milestone for Ripple as it expands its presence in the Web3 commercial market. Peersyst, a crypto software company, is also part of this collaboration.
Evmos is inviting developers to join the XRPL ecosystem and is offering $5 million in awards as an incentive. By joining the interchain, the #XRPArmy will benefit from an open, scalable, and interconnected economy, facilitated by Evmos.
The XRPL sidechain will be built on the evmOS solution, which prioritizes native Web3 enterprise apps and ensures their compatibility with the EVM. EvmOS is a modular system that is both EVM and Web3 enterprise-ready. It utilizes the Cosmos SDK to provide a more flexible platform for smart contracts, allowing applications to modify their logic.
Web3 enterprises using the evmOS platform will have access to various features, including the DApp Store, CometBFT consensus engine strings, Inter-Blockchain Communication Protocol (IBC), and more than 60 Cosmos SDKs. This integration aims to connect the user community, over 90 linked chains, and decentralized apps (DApps).
Through the IBC, XRPL will be linked to the blockchain, enabling XRP users to access a wide range of DApps such as Orbital Apes, Forge, Osmosis, and Stride. This seamless integration will enhance user experience and provide the XRPL community with access to a broader ecosystem.
With a market capitalization of $27 billion, XRP demonstrates a significant user base within the XRPL ecosystem. Currently valued at approximately $0.5182, XRP has experienced a 3.46% increase in the last 24 hours, compared to a slight 0.33% decrease over the previous week, according to CoinMarketCap.
The addition of the XRPL EVM sidechain to the evmOS interchain is a significant step in expanding the XRPL ecosystem. Ripple’s Head of DeFi Product, Jasmine Cooper, emphasized the unparalleled flexibility and customization options that evmOS technology offers developers. This empowers them to build innovative cross-chain applications that tap into the vast potential of the XRPL and the broader interchain ecosystem.
To encourage developers who align with their principles to join the ecosystem, Evmos has pledged $5 million in grant financing for the XRPL blockchain.
The Cosmos crew expressed their excitement about the XRPL community joining the interchain, thanks to Evmos. They highlighted how evmOS utilizes Interchain Stack components to enable a modular-interchain EVM solution.
In a previous report by CNF, it was mentioned that Ripple has contributed $1 million to support research, teaching, and technology development at Morgan State University’s National Fintech Center.
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