XRP News Today: Ripple Launches Ethereum Compatible Sidechain On XRP Ledger

Ripple has launched an Ethereum Virtual Machine (EVM)-compatible sidechain on the XRP Ledger, marking a significant step towards enhanced blockchain interoperability. This new sidechain, developed in collaboration with Peersyst, enables XRP to interact with Ethereum decentralized applications (dApps) and smart contracts, using XRP as the gas fee.

The integration is designed to bring XRP into the core of Ethereum’s decentralized finance (DeFi) ecosystem. By leveraging the XRP Ledger’s faster transaction speeds and lower costs compared to Ethereum, this sidechain is particularly well-suited for high-volume dApps. This move aims to provide developers with a more efficient and cost-effective environment for building and deploying applications that can benefit from the strengths of both the Ethereum and XRP ecosystems.

Ferran Prat of Peersyst highlighted the significance of this launch, stating that it marks the beginning of a new era for XRP, where it can seamlessly flow across the multichain world. This development is seen as the first step in a broader journey towards greater interoperability, programmability, and utility at scale.

David Schwartz, the CTO of Ripple and co-creator of the XRP Ledger, emphasized that the sidechain allows developers to build applications that are compatible with both Ethereum and the XRP Ledger. This flexibility enables dApps to leverage the efficiency of XRP while accessing the robust ecosystem of Ethereum. Schwartz noted that the XRPL EVM Sidechain provides a flexible environment for deploying EVM-based applications while maintaining the reliability and efficiency of the XRP Ledger.

The XRPL EVM sidechain is connected to the main XRP Ledger via the Axelar bridge, a cross-chain infrastructure that facilitates seamless interoperability. Ripple aims to attract institutional and enterprise use cases with this new capability, positioning the XRP Ledger as a key player in the evolving landscape of blockchain technology. Georgios Vlachos of the Axelar Foundation underscored the importance of this development, noting that it aligns with the growing demand from institutions and enterprises for secure and efficient blockchain solutions.