XRP News Today: XRP Ledger Launches EVM Sidechain Boosting Interoperability

Ripple-backed XRP Ledger has introduced an EVM-compatible sidechain, significantly enhancing the interoperability and utility of the XRP Ledger. This new sidechain is designed to facilitate seamless integration with over 80 blockchains, enabling a broader range of decentralized finance (DeFi) applications. The sidechain, developed in collaboration with Peersyst and the broader XRPL ecosystem, connects to the XRP Ledger through an Axelar bridge, which links to over 80 blockchains. The sidechain uses XRP as its native gas token and integrates with Squid as the official cross-chain transfer interface.

David Schwartz, CTO of Ripple and Co-creator of the XRP Ledger, highlighted the significance of this development, stating that the XRPL EVM Sidechain introduces a flexible environment for developers to deploy EVM-based applications while maintaining a connection to the XRPL’s efficiency. This extension of capabilities does not alter the fundamentals that make the XRPL reliable. The sidechain offers several key features, including access to over 6 million XRPL wallet holders, faster block times compared to Ethereum, low transaction costs, and a validator network comprising more than 25 companies.

The launch of the XRPL EVM sidechain is part of a broader strategy by Ripple to expand the capabilities of the XRP Ledger. By integrating with Wormhole, a cross-chain interoperability protocol, Ripple aims to enable asset transfers, smart contract interactions, and access to more than 35 blockchain networks. This collaboration is expected to bring multichain capability into the XRPL network, allowing developers and institutions to move data and assets between different blockchain networks without compromising on compliance.

Axelar, a cross-chain connectivity provider, has played a crucial role in this development by connecting the newly launched XRPL EVM Sidechain to over 80 blockchains. This connectivity enables cross-chain RWA and DeFi applications, expanding the reach and utility of the XRP Ledger. The integration of Wormhole's protocol into the XRPL EVM sidechain is expected to improve cross-chain capabilities, making it easier for developers to build and deploy applications that span multiple blockchain networks.

The launch of the XRPL EVM sidechain is a significant step forward for Ripple and the broader blockchain ecosystem. By enhancing the interoperability of the XRP Ledger, Ripple is positioning itself as a key player in the DeFi space, offering a platform that can support a wide range of financial applications. The integration with Wormhole and the connectivity provided by Axelar are expected to drive further innovation and adoption in the DeFi sector, as developers and institutions seek to leverage the benefits of cross-chain interoperability.