TL;DR
- Ripple Labs and Axelar partner to launch the XRPL EVM Sidechain, integrating compatibility with the Ethereum Virtual Machine (EVM).
- The new sidechain will facilitate interoperability and open up new opportunities in decentralized finance (DeFi).
- Collaboration with Axelar and Peersyst Technology strengthens the security and efficiency of the sidechain.
RippleX, the development arm of Ripple Labs, has unveiled a significant update for the XRPL EVM Sidechain, enabling compatibility with the Ethereum Virtual Machine (EVM) on the XRP Ledger (XRPL).
This major development aims to enhance interoperability and open new opportunities in decentralized finance (DeFi) and real-world asset tokenization on XRPL.
1/ Introducing the XRPL EVM Sidechain: We're excited to bring Ethereum Virtual Machine (EVM) compatibility to the XRP Ledger, enhancing interoperability and unlocking new opportunities in DeFi and RWA. https://t.co/lenc4Bl9TZ
— RippleX 📍#XRPLApex (@RippleXDev) June 12, 2024
The initiative to integrate EVM capabilities into XRPL was first introduced on the XRPL devnet in October 2022.
In a detailed blog post released by the Team, the new sidechain is highlighted as a pivotal innovation.
Technical collaboration with Peersyst Technology strengthens the technical aspects of the integration, with the Peersyst engineering team working to migrate the main bridge to Axelar for the devnet.
Axelar’s integration provides a decentralized bridge operated by a network of validators, enhancing security and facilitating broader cross-chain interactions.
Additionally, the company underscores the ongoing significance of the XLS-38 proposal, enabling XRPL developers to create custom sidechains.
While the amendment remains subject to voting and approval, Ripple’s UNL validator has opted to vote ‘No’ until further validation and community feedback are secured.
Over the next 12-15 months, team engineers will continue to evaluate community input and adoption metrics to refine and possibly expand the EVM sidechain’s functionalities.
Driving Blockchain Interoperability with Ripple
The partnership between Ripple Labs and Axelar to launch the XRPL EVM Sidechain reflects the ongoing momentum towards greater interoperability in the blockchain space.
By integrating compatibility with the Ethereum Virtual Machine on the XRP Ledger, Ripple aims to break down barriers and foster a more connected and accessible ecosystem for developers and users.
This collaboration not only strengthens XRPL’s position in the blockchain landscape but also opens up new opportunities for innovation and widespread adoption of blockchain technology across different sectors.
With the XRPL EVM Sidechain and Ripple’s ongoing commitment to the developer community, the future of XRPL appears more promising than ever.
