In a groundbreaking move towards blockchain interoperability, the Ripple team revealed on June 12, 2024, the integration of Ethereum Virtual Machine (EVM) compatibility with the XRP Ledger (XRPL). This development, now known as the XRPL EVM Sidechain, is set to expand the ledger’s functionality by delving into decentralized finance (DeFi) and real-world asset (RWA) tokenization.
With the belief that the future of blockchain lies in a multi-chain ecosystem, Ripple’s update addresses a crucial demand from its developer community. The XRPL EVM Sidechain aims to facilitate smooth asset transfers and operational efficiency between XRPL and EVM platforms, utilizing wrapped XRP (eXRP) as the native asset and gas token.
The engineering team at Ripple, working alongside Peersyst, is dedicated to ensuring the security and user experience of the XRPL EVM Sidechain. By prioritizing a seamless and secure bridging process with wrapped XRP as the native asset, they aim to provide a smooth transition for users.
Connecting to the XRPL mainnet through the Axelar Bridge, the XRPL EVM Sidechain relies on this bridge for asset transfers and network interoperability. Validators maintain security and efficiency, with eXRP simplifying the process as the primary medium for transaction fees on the sidechain.
As the launch approaches, Ripple is focused on securing the bridge to the mainnet and refining the user experience for both users and developers. Partnering with Axelar demonstrates a strategic move to leverage their bridge technology, known for its reliability and integration with major platforms like Uniswap and Microsoft.
Through collaborative efforts with Peersyst Technology, Ripple aims to enhance the sidechain’s interoperability capabilities. Peersyst CEO, Ferran Prat, emphasizes the transition to Axelar for developing network bridges, emphasizing the importance of a secure and seamless user journey.
Ripple is also dedicated to developing and implementing XLS-38, a foundational protocol for creating customizable sidechains on the XRPL. This protocol enables the creation of private chains or feature-enhanced XRPL versions, empowering developers to innovate and tailor solutions to specific needs.
Over the next 12 to 15 months, Ripple will monitor the adoption of XLS-38. Based on community feedback and practical validation of its applications, they plan to update and potentially revise the protocol as needed.