As an experienced analyst, I believe that Ripple’s latest announcement regarding the XRPL EVM Sidechain is a significant step forward for the XRP Ledger ecosystem. With Ethereum Virtual Machine (EVM) compatibility, we can expect new opportunities in decentralized finance (DeFi) and real-world asset (RWA) tokenization, ultimately encouraging innovation and expanding the network’s value and reach.
As a researcher, I’m excited to share that Ripple has recently announced an update concerning one of the most anticipated features in the developer community: making the Ethereum Virtual Machine (EVM) compatible with the XRP Ledger. This means that developers will be able to build decentralized applications (dApps) on the XRP Ledger using Solidity and other EVM-compatible programming languages, expanding its functionality and attracting more developers to the platform.
Ripple unveiled the name of its anticipated sidechain: “XRPL EVM Sidechain.” This sidechain is poised to offer new possibilities for XRP Ledger developers in the fields of decentralized finance (DeFi) and real-world asset (RWA) tokenization. By doing so, it will foster innovation and broaden the network’s value and influence.
To link the XRPL EVM Sidechain with the XRPL mainnet, a bridge is necessary. In this setup, wrapped XRP (eXRP) serves as the native asset and the fuel token. The bridge facilitates seamless transfer of assets between XRPL and the EVM Sidechain, promoting compatibility and expediting transaction processing. This connection enables developers to leverage the distinct advantages of both networks.
With the launch of the XRPL EVM Sidechain drawing near, our primary concerns are ensuring the security of the mainnet bridge and enhancing both the user and developer experiences to make transferring assets an effortless process.
The XRPL EVM sidechain is set to debut, with Axelar acting as the sole intermediary for acquiring the sidechain’s native fuel token (eXRP) from XRPL. Axelar additionally facilitates the transfer of other fungible tokens between the XRPL primary network and various other networks, including over 55 blockchains within the Axelar network.
Way forward for XLS-38 amendment
As a crypto investor, I’ve come across the challenge of transferring new tokens using Ripple’s XLS-38 method, which they described as “labored.” To execute cross-chain smart contracts, two distinct bridges were required: one for XRP through XLS-38 and another for other tokens via Axelar. This dual bridge setup undeniably complicated the user experience. However, it’s anticipated that consolidating into a single bridge, such as using Axelar exclusively, will simplify the process significantly.
XLS-38 sets the foundation for XRP Ledger (XRPL) developers aiming to build custom sidechains. Although the XLS-38 proposal is still open for voting, Ripple’s Unique Node List (UNL) validator will cast a “No” vote until the team can confirm the functionality through real-life applications and developer demands.
For the subsequent 12 to 15 months, Ripple’s engineering team plans to assess the adoption and demand for XLS-38. They will provide the community with information about future advancements, taking into account feedback and progress.
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2024-06-12 18:46