XRP News Today: Axelar Enables Crosschain Transfers to XRP Ledger EVM Sidechain

A significant development in the blockchain world has occurred with the introduction of crosschain transfers to the XRP Ledger EVM Sidechain by Axelar. This advancement was announced on the sidelines of the Ethereum Community Conference, where the Axelar Foundation revealed that its network is now facilitating the transfer of wrapped XRP between the XRP Ledger’s mainnet and a new EVM-compatible sidechain. This sidechain was developed by Peersyst with support from Ripple and the broader XRPL community.

The launch of the sidechain immediately enabled developers to access more than 80 blockchains, utilizing wrapped XRP as the native gas token. This integration allows for seamless asset transfers and multichain DeFi access from the outset, enhancing the functionality and utility of the XRP Ledger. Transfers are managed through Axelar and presented in a user-friendly interface run by Squid, eliminating the need for users to juggle multiple wallets and bridges.

For developers, this integration offers a dual advantage. They can continue to write smart contracts in Solidity, the preferred language on Ethereum, while leveraging the XRP Ledger’s established infrastructure, fast block times, low fees, and a robust validator set that has weathered the volatile cycles of the crypto market. This development brings more than six million XRP Ledger wallets within reach of DeFi applications that were previously limited to EVM chains.

Several projects have already begun to capitalize on this new capability. Strobe is launching a money market for lending and over-collateralized borrowing. Securd is targeting passive-income seekers with a lending model that finances leveraged DeFi positions. Vertex, known for its derivatives engine, plans to introduce capital-efficient trading to the network. Additionally, Blockscout is providing a block explorer, while Goldsky handles indexing and data feeds.

The integration of Axelar's crosschain connector marks a transformative shift for the XRP Ledger, evolving it from an isolated payment platform into a fully interconnected DeFi hub. This development allows for seamless asset transfers and message passing, fostering a more interconnected blockchain ecosystem. The XRPL EVM Sidechain, developed in collaboration with Peersyst and the broader XRPL ecosystem, connects to the XRP Ledger through an Axelar bridge. This bridge facilitates the transfer of the native gas asset XRP into the sidechain, making it the first interoperability provider to connect XRPL EVM.

The launch of the sidechain signifies a transformative shift for the XRP Ledger, evolving it from an isolated payment platform into a fully interconnected DeFi hub. This integration allows for seamless asset transfers and message passing, fostering a more interconnected blockchain ecosystem. The integration of Wormhole further expands the capabilities of the XRP Ledger and its EVM Sidechain, enabling interaction with over 35 blockchain networks, including Ethereum and Solana. This multichain interoperability unlocks new possibilities for decentralized finance (DeFi) applications, allowing users to access a broader range of financial services and assets across different blockchain networks. The Axelar network will function as the exclusive bridge for transferring assets, including the XRP required to create wXRP, between the XRPL mainnet and the EVM Sidechain. This development underscores the growing importance of interoperability in the blockchain industry, as it enables the seamless transfer of assets and data across different networks, fostering a more connected and efficient ecosystem.