Ripple has introduced the XRPL EVM Sidechain, a feature designed to connect the XRP Ledger (XRPL) with Ethereum and other compatible blockchain platforms.
According to a statement published by Ripple today, June 12, 2024, the XRPL EVM Sidechain marks a major advancement in the blockchain sector as it allows developers to harness the strengths of both its XRPL platform and Ethereum, one of the largest blockchain platforms in the world. The company claimed that the feature paves the way for new innovations in decentralized finance (DeFi) and asset tokenization.
Ripple partnered with Axelar, a leader in cross-chain interoperability solutions, to ensure smooth connectivity between the XRPL EVM Sidechain and Ethereum.
According to its announcement, the sidechain would use Axelar’s bridge technology exclusively to enable seamless asset transfers between both blockchain networks. Wrapped XRP (eXRP) will serve as the primary token for transactions on the chain.
Ripple expects that the XRPL EVM Sidechain will simplify the asset transfer process between blockchain networks and it more user-friendly for developers and users.
Ripple also emphasised its commitment to gathering feedback from the developer community to ensure these new features meet their needs and expectations. By engaging with developers and understanding their requirements, Ripple aims to drive innovation and foster growth within the blockchain ecosystem. The XRPL EVM Sidechain, according to the company, is a highly requested feature from developers on its blockchain platform.
Meanwhile, Ripple also noted that it is developing XLS-38, a feature that will allow developers to create custom side chains for the XRPL. It claimed that these custom side chains will offer unique features and functionalities for specific use cases, further enhancing the versatility of the XRPL ecosystem.
Notably, Ripple recently partnered with HashKey DX via its joint entity with South Korean giant SBI Holdings to bring its blockchain solutions to Japanese businesses.
This collaboration complements Ripple’s recent launch of the XRPL Japan and Korea Fund, which aims to foster innovation on the XRP Ledger (XRPL) in the Asia-Pacific region.
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