The XRP Ledger (XRPL) has finally deployed its much-anticipated sidechain that is interoperable with the Ethereum Virtual Machine (EVM). This groundbreaking move paves the way for cross-chain decentralized finance (DeFi) capabilities. Developed in collaboration with Peersyst and the broader XRPL ecosystem, this new sidechain connects the XRPL to the wider world of Ethereum-based applications. This integration is done through an Axelar bridge, which connects to more than 80 blockchains.
The XRPL EVM Sidechain marries the low-cost, high-speed transactions of XRPL with the smart contract functionality provided by Ethereum. This integration gives developers a powerful, well-known environment for building and deploying EVM-based applications. Simultaneously, it prevents them from being exposed to XRPL’s incredible efficiency.
"The XRPL EVM Sidechain introduces a flexible environment for developers to deploy EVM-based applications, while maintaining a connection to XRPL’s efficiency. It extends the capabilities of the ecosystem without changing the fundamentals that make XRPL reliable," - David Schwartz
Ripple CTO David Schwartz had previously hinted at the XRPL team’s plans to release an EVM-compatible sidechain this quarter. To them, this release now comes as an announcement of the successful culmination of their hard work and efforts. The sidechain utilizes XRP as its gas token, adopting it even further into the XRPL ecosystem.
The XRPL EVM Sidechain has been launched with collaborative help from Band Protocol, Grove, and Wormhole among other partners. Wormhole, which supports over 200 applications across more than 35 blockchain ecosystems, is set to integrate with the XRPL EVM Sidechain, expanding its reach and utility.
That’s because the new sidechain opens the door to more than 6 million XRPL wallet holders and users. It has even faster block times than Ethereum with very low transaction costs. Its validator network includes over 25 different companies that keep its network secure and stable. Squid to be the official cross-chain transfer interface for XRPL EVM Sidechain. Similar to Polygon’s recent EVM compatibility designation, this crypto compatibility designation eliminates the friction of moving assets across these chains.
"Crypto is entering an exciting phase as institutions and enterprises are pursuing compelling new use cases. The XRP Ledger EVM Sidechain is positioned to capture this rising demand, and Axelar is the secure, institutional-grade connector that will make it possible," - Georgios Vlachos
