As an experienced analyst in the blockchain industry, I am excited about Ripple’s latest announcement of the XRPL EVM Sidechain. This development holds significant potential for enhancing interoperability between different blockchains and expanding opportunities in decentralized finance (DeFi) and real-world asset (RWA) utilization.
Latest Update on Ripple: On Wednesday, Ripple, a pioneer in the blockchain sector, announced the launch of the XRPL EVM Sidechain. This innovative move aims to integrate Ethereum Virtual Machine (EVM) functionality into the XRP Ledger. The result? A more connected ecosystem that supports decentralized finance (DeFi) and Real World Assets (RWA) with greater ease and efficiency.
Ripple Developer Unleashes EVM on XRP Ledger
On June 12, RippleX unveiled plans for Ethereum Virtual Machine (EVM) compatibility with the XRP Ledger (XRPL) through a forthcoming product called — an EVM sidechain on XRPL. This disclosure signifies the aspirations for interoperability among various blockchains in the future.
As a crypto investor in XRP, I’m excited about the upcoming developments on the XRP Ledger (XRPL) focusing on decentralized finance (DeFi) and real-world asset (RWA) tokenization. The team is working tirelessly to explore new opportunities in this space.
The RippleX team has announced that ensuring the security of the mainnet bridge and enhancing both user and developer experiences are top priorities as they prepare for the upcoming launch of the XRP Ledger sidechain.
Ripple Community to Use Axelar Bridge
As an analyst, I would describe it as follows: The Axelar Bridge serves as a conduit for transferring the native gas token of the XRPL EVM sidechain, referred to as eXRP, between the sidechain and the XRPL mainnet. Furthermore, this bridge facilitates the movement of other fungible tokens bidirectionally between the two networks.
The Ripple engineering team collaborates with Peersyst to enhance the connectivity of XRP Ledger. Peersyst’s team is currently in the process of transferring their main bridge to Axelar for the testnet, as explained by Ferran Prat, CEO of Peersyst. In simpler terms, Axelar is a proven and adaptable bridge that enables wrapped XRP (eXRP) to function as a native currency on the XRPL EVM sidechain. The Peersyst team is working on migrating their primary connection to Axelar for the development network.
I, as an observer, notice that Ripple’s UNL (Unique Node List) validators, including Vet, have decided to cast ‘No’ votes due to the lack of validation from the team regarding a new feature and developer requests. The implementation of the XRP Ledger EVM Sidechain via Axelar as an alternative to XLS-38 has posed a challenge for these UNL validators.
I won’t support the “Yes” option for this proposed change just yet. It doesn’t enhance or build upon current features such as Clawback to Trustlines. Instead, it represents a new feature. Unless the wider XRP community strongly advocates for its inclusion, I prefer not to integrate it into the XRP Ledger at this time. However, my decision is just one vote.
— Vet (@Vet_X0) June 12, 2024
During the advancement of XRP Ledger Apex events, significant announcements and unveiling of new projects associated with XRP Ledger will come to light.
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2024-06-12 14:59