In a groundbreaking announcement on June 12, 2024, Team Ripple revealed a major advancement in blockchain interoperability by integrating Ethereum Virtual Machine (EVM) compatibility with the XRP Ledger (XRPL). This milestone, known as the XRPL EVM Sidechain, is set to expand the ledger’s functionality by venturing into decentralized finance (DeFi) and real-world asset (RWA) tokenization.
Ripple’s latest update acknowledges the importance of a multi-chain future in blockchain technology, meeting 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, in partnership with Peersyst, is dedicated to ensuring the security and user experience of the XRPL EVM Sidechain. With a focus on wrapped XRP as the primary asset, the team is committed to a seamless and secure bridging process.
To connect the XRPL EVM Sidechain to the mainnet, the Axelar Bridge will play a vital role in enabling asset transfers and ensuring interoperability across networks. This bridge relies on a network of validators to maintain security and efficiency, with eXRP facilitating transaction fees on the sidechain.
In preparation for the launch, Ripple is prioritizing the security of the mainnet bridge and refining the user experience for both users and developers. The collaboration with Axelar demonstrates a strategic decision to leverage their proven bridge technology, which has been integrated by 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, stressed the importance of transitioning to Axelar for developing network bridges to ensure a secure and seamless user journey.
Ripple is also working on developing and implementing XLS-38, a foundational protocol for creating customizable sidechains on XRPL. This protocol enables the creation of private chains or enhanced versions of XRPL, empowering developers to innovate and tailor solutions to specific requirements.
Over the next 12 to 15 months, Ripple will closely monitor the adoption of XLS-38. Based on community feedback and practical validation of its applications, the protocol may be updated and revised accordingly.
