The XRP Ledger (XRPL) has realized complete Web3 interoperability with the release of its EVM sidechain, announced at Token2049 by Krippenreiter. This integration bridges the XRPL to more than 80 other blockchain networks, representing another major chapter in its evolution. Equipping the XRPL with interoperable features, the development was a joint project with Axelar and Squid, further expanding the capabilities and reach of the XRPL.
The XRPL EVM sidechain captures the power of the Ethereum Virtual Machine (EVM). This helps ensure the smooth deployment of Ethereum-compatible smart contracts on multiple blockchain networks. Peersyst, a blockchain engineering firm, created the infrastructure that powers this integration. The sidechain thus complements the XRPL. It maintains XRP as the native token across both networks and maintains a one-to-one peg of bridged XRP.
Axelar plays a critical role in ensuring seamless interoperability between the XRPL EVM sidechain and a multitude of other blockchain networks. This integration seamlessly lets tokens on the XRPL interact with tokens from more than 80 other blockchain networks. It’s onboarding like this that gives the XRPL access to bridging protocols. It also unlocks access to liquidity sinks and cross-chain dApps through multichain interoperability.
Krippenreiter went further and even released CORAL – Cross-Chain Order Routing and Auction Layer, built-n to Squid. CORAL enables users to swap tokens across chains, access aggregated liquidity from multiple sources, and participate in decentralized finance (DeFi) ecosystems beyond the XRPL. For people swapping tokens back and forth across chains, the Squidrouter serves as a main touchpoint.
Axelar, the XRPL EVM sidechain, Squid, and CORAL make it all function smoothly together. In this collaboration, XRP enjoys out-of-the-box interoperability with a rich set of blockchain networks. This transition takes the XRPL from an independent network to one that is profoundly integrated with and enhanced by the larger Web3 ecosystem.
Through this transition, the XRPL gains the ability to interoperate with over 80 blockchain networks. It represents quite the step up for the XRPL ecosystem. This integration further increases the usefulness of XRP and unlocks exciting opportunities within decentralized finance and cross-chain applications.
