Ripple and Peersyst are currently collaborating on the development of the XRP Ledger EVM sidechain, which is currently in the DevNet stage. The sidechain is being built using evmOS, a modular tech stack based on the Cosmos SDK.
By joining the interchain, an ecosystem of over 90 interconnected blockchains, the XRPL gains access to all Cosmos SDK chains, which opens up hundreds of applications for XRP holders.
Interoperability is a crucial factor for the success of any blockchain network, and the XRPL has made significant progress in this area. By building its EVM sidechain using the Cosmos SDK, the XRPL establishes a direct connection with nearly 100 interconnected networks and thousands of dApps.
Ripple has partnered with Evmos for this project and will be utilizing evmOS to build the sidechain. The evmOS tech stack is customizable and modular, allowing for full compatibility with the Ethereum Virtual Machine on top of the Cosmos SDK.
Ripple and Cosmos have been collaborating for several months, with a previous partnership allowing users to transfer assets from XRPL to the Cosmos ecosystem through Coreum’s bridge.
The XRPL EVM sidechain, powered by evmOS, will join the Interchain ecosystem, which is a growing network of interconnected blockchains and dApps launched by Cosmos. This integration will grant XRPL users access to thousands of networks, dApps, and other Web3 apps across over 90 interconnected blockchains. With this implementation, users of the XRP Ledger will have the ability to seamlessly interact with any applications they need.
Jasmine Cooper, Ripple’s Head of DeFi Products, considers this integration to be a significant milestone in expanding the XRPL ecosystem. She emphasizes the flexibility and customization options that evmOS technology provides, enabling developers to build innovative cross-chain applications and tap into the vast potential of the XRPL and the broader interchain ecosystem.
In addition to interacting with other networks in the Interchain, the XRPL EVM sidechain will also benefit from evmOS Outposts, which provide additional interoperability. These gateways connect blockchains without complexity for users, allowing for seamless swaps on platforms like Osmosis, a DEX on Cosmos, without the need to switch wallets.
Federico Kunze Kullmer, the founder of Evmos, expresses excitement about bringing the XRPL ecosystem to Cosmos through this partnership, which will benefit the entire ecosystem.
As of the time of writing, Cosmos is trading at $8.66, experiencing a 3.7% gain in the past day, while XRP is trading at $0.5239, with a 1.3% gain.
Overall, this collaboration between Ripple and Cosmos signifies a significant step towards enhancing interoperability and expanding the possibilities for developers and users within the XRPL ecosystem.