RippleX, the development wing of Ripple Labs, has x.com/RippleXDev/status/1800808048027701355″ target=”_blank” rel=”noopener nofollow”>sleepless a major update to the XRPL EVM sidechain, facilitating compatibility of the ethereum Virtual Machine (EVM) with the XRP Ledger (XRPL). This important development will improve interoperability and open new avenues for decentralized finance (DeFi) and real-world asset (RWA) tokenization on XRPL.
Ripple partners with Axelar for EVM bridge
The initiative to integrate EVM capabilities into XRPL was first introduced on the XRPL devnet in October 2022. In a detailed blog post published by Team Ripple, the new sidechain is highlighted as a fundamental innovation.
“We collectively believe that the future of blockchain is multi-chain and we are excited to share an update on one of the developer community's top requests: bringing ethereum Virtual Machine (EVM) support to XRP Ledger (XRPL),” says the publication. read. This compatibility aims to close the functional gap between XRPL and ethereum, enriching the XRPL ecosystem with the wide range of existing ethereum tools and DApps, thereby improving its utility and reach.
The now officially named XRPL EVM sidechain operates on a bridge facilitated by Axelar that uses wrapped XRP (eXRP) as the native asset and gas token. This bridge is crucial to ensure seamless asset transfers between XRPL and the EVM sidechain, maintaining strong interoperability and efficient transaction processing.
The blog post also emphasizes the technical collaboration with Peersyst technology and states: “Ripple's engineering team has also been working closely with Peersyst to expand XRPL interoperability. “Axelar is a battle-tested, production-ready and fully supported bridge to bring wrapped XRP (eXRP) as a native currency to the XRPL EVM sidechain.” Ferran Prat, CEO of Peersyst, said: “The Peersyst engineering team is now working to migrate the main bridge to Axelar for devnet.”
The Axelar integration provides a decentralized bridge operated by a network of validators, improving security and facilitating broader cross-chain interactions. With 75 validators in its network, Axelar applies rigorous security protocols, including key rotation policies to prevent potential attacks, ensuring the reliability and trustworthiness of the infrastructure.
The new sidechain also aims to simplify the user experience, which had previously been complicated by the use of different bridges for different types of transactions. By using Axelar technology for all XRPL to EVM transfers, the process becomes more streamlined and user-friendly.
“The current process of transferring new tokens through XLS-38 is arduous. Using two different bridges (XLS-38 for XRP and Axelar for other tokens and for running cross-chain smart contracts) complicates the user journey. By consolidating into a single bridge, the process is simplified, making it more intuitive and easier to use,” writes RippleX.
Additionally, the company outlines the current importance of the XLS-38 proposal in its blog post, explaining its role in allowing XRPL developers to create custom sidechains. While the amendment remains subject to voting and approval, Ripple's UNL validator has taken the stance of voting “No” until further validation and feedback is obtained from the community.
Over the next 12 to 15 months, Ripple engineers will continue to evaluate community input and adoption metrics to refine and possibly expand the EVM sidechain's functionalities. By engaging with the developer community and gathering feedback, Ripple aims to ensure that XRPL continues to evolve to meet user needs effectively.
At press time, XRP was trading at $0.483.
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