Ripple Labs has unveiled the XRPL EVM Sidechain, a new addition to enhance interoperability and drive the tokenization of DeFi and RWA assets. To ensure secure and efficient transactions, Axelar has stepped in to provide a robust cross-chain bridge for the XRPL EVM Sidechain.
The introduction of the XRPL EVM Sidechain marks a significant milestone for the XRP Ledger, opening up exciting possibilities for developers in the realms of real-world assets (RWA) and decentralized finance (DeFi) tokenization. This move is set to spark innovation, expand the usability, and broaden the reach of the XRPL network.
The XRPL EVM Sidechain boasts key features such as a bridge connecting it to the XRPL mainnet, with eXRP serving as the native asset and gas token. This connection ensures seamless asset transfers between the XRPL and the EVM sidechain, promoting effective transaction processing and interoperability.
Axelar, with its advanced cross-chain bridge technology and extensive network of 75 validators, will initially serve as the sole bridge for the XRPL EVM Sidechain launch. Recognized for its efficiency and security, Axelar will facilitate the transfer of native gas tokens (eXRP) from the XRPL, along with other fungible tokens from over 55 blockchains in its network.
By consolidating the token transfer process to a single bridge with Axelar, the complexity and user-friendliness of the procedure will be greatly enhanced. This streamlining effort aims to improve the overall user experience and make it easier for developers to create customized sidechains on the XRPL.
With plans to actively monitor the adoption and feedback on the XRPL EVM Sidechain over the next 12 to 15 months, the Ripple engineering team remains committed to refining the platform based on developer input and community suggestions. The goal is to ensure that the XRPL remains a reliable and effective platform for tokenizing and exchanging assets.
In addition to the XRPL EVM Sidechain, Ripple has also introduced the XRPL Japan and Korea Fund to support blockchain innovation in those regions. This initiative underscores Ripple’s dedication to fostering blockchain ecosystem development globally and collaborating with developers to drive innovation and meet user needs.
As Ripple continues to engage with developers and stakeholders, its collaborative approach will shape the future of the XRPL, solidifying its position as a leading blockchain platform.