XRP Ledger launched an EVM-compatible sidechain
Ripple’s XRP Ledger (XRPL) announced it has introduced its EVM-compatible sidechain, which improves the ecosystem’s ability to support Ethereum-based smart contracts and cross-chain decentralized finance (DeFi).
This development, shared in a press release, was made in collaboration with Peersyst and connects with the larger XRPL community. The sidechain links to the XRP Ledger through an Axelar bridge, allowing connections to more than 80 different blockchains. XRP is the main token used for transactions on this sidechain, and it uses Squid as the official tool for transferring between chains.
David Schwartz, Ripple’s CTO and co-creator of the XRP Ledger, highlighted that the XRPL EVM Sidechain offers a flexible space for developers to build EVM-based applications while maintaining the efficiency of the XRPL. This new development enhances what the ecosystem can do while keeping the core features that make the XRPL dependable unchanged.
The sidechain has important features like access to over 6 million XRPL wallet holders, faster block times compared to Ethereum, low transaction fees, and a validator network made up of more than 25 companies.
Georgios Vlachos, the director at Axelar Foundation, pointed out that more institutions and businesses are becoming interested in the crypto world. He mentioned that the XRPL EVM Sidechain is in a good position to fulfill this need. The Axelar protocol acts as a safe link for this project.
