Bitrabo Editorial
RippleX, a division of Ripple Labs, has revealed a significant update to the XRPL EVM sidechain, allowing for Ethereum Virtual Machine (EVM) compatibility with the XRP Ledger (XRPL). This enhancement is expected to boost interoperability and create new opportunities for decentralized finance (DeFi) and real-world asset (RWA) tokenization on XRPL.
Ripple Teams Up With Axelar for EVM Integration
The incorporation of EVM capabilities into the XRPL was initially launched on the XRPL devnet in October 2022. In a comprehensive blog post by Team Ripple, the new sidechain is presented as a pivotal innovation.
The XRPL EVM Sidechain, now officially named, operates with a bridge facilitated by Axelar that uses wrapped XRP (eXRP) as both the native asset and gas token. This bridge is essential for ensuring smooth asset transfers between XRPL and the EVM sidechain, maintaining strong interoperability and efficient transaction processing.
The blog post highlights the technical partnership with Peersyst Technology, stating, “The Ripple engineering team has also been collaborating closely with Peersyst to expand XRPL interoperability. Axelar serves as a battle-tested, production-ready, and fully compatible bridge to introduce wrapped XRP (eXRP) as a native currency to the XRPL EVM sidechain.” Ferran Prat, CEO of Peersyst, mentioned, “The Peersyst engineering team is now working on migrating the main bridge to Axelar for the devnet.”
Axelar’s integration establishes a decentralized bridge operated by a network of validators, strengthening security and enabling broader cross-chain interactions. With 75 validators in its network, Axelar enforces robust security measures, including key rotation policies, to prevent potential attacks and ensure the infrastructure’s reliability.
Additionally, the new sidechain aims to simplify the user experience by utilizing Axelar’s technology for all XRPL to EVM transfers, making the process more streamlined and user-friendly.
RippleX also emphasizes the ongoing importance of the XLS-38 proposal in its blog post, detailing its role in enabling XRPL developers to create custom sidechains. While awaiting voting and approval, Ripple’s UNL validator has opted to vote ‘No’ until further validation and community feedback are obtained.
Over the next 12-15 months, Ripple engineers will assess community input and adoption metrics to refine and potentially expand the EVM sidechain’s capabilities. By engaging with the developer community and gathering feedback, Ripple aims to ensure the XRPL evolves effectively to meet user needs.
At the time of reporting, XRP was trading at $0.483.