XRP Crypto to Be Accepted for Gas on Experimental EVM-Compatible Blockchain
Pseudonymous XRPL enthusiast Dip Collector, crypto educationist in the MBF community, explained how Root Network is going to address the issues of interoperability between XRP Ledger and blockchains of the Ethereum Virtual Machine (EVM) ecosystem.
Substrate, EVM-compatibility, XRP rewards for stakers: What is Root Network?
Validators and stakers of Root Network, an upcoming cross-chain platform, will soon be able to get rewarded in XRP tokens. Such statement was made by community enthusiast Dip Collector on Twitter amid discussion about the potential of XRP Ledger sidechains.
The #RootNetwork is a very advanced blockchain based on #substrate that is #EVM compatible, uses XRP as the gas token, with #Root as the native token which will mainly be used as staking token to secure the network and for governance. Staking rewards will be paid out in #XRP. One…
— Dip_Collector (@dip_collector) June 17, 2023
According to him, the "very advanced" blockchain will employ Polkadot's Substrate framework and will be fully compatible with Ethereum Virtual Machine (EVM). Its tokenomics will be underpinned by ROOT, a core native asset.
At the same time, the rewards to ROOT stakers will be paid out in XRP. The beloved cryptocurrency of the XRP army will also be the gas token on the network.
Holders of other altcoins will be able to seamlessly convert their cryptos into XRP to pay gas fees. Root Network will be connected to the XRPL DEX in order to advance the liquidity ecosystem of XRP Ledger.
The expert is also sure that the XRP community will be excited about the opportunities the new project unlocks:
It's time the XRP Community wakes up to the magnitude of what's being built here and what this means for XRP
Right now, Root Network is available in mainnet beta; users can experiment with the Ethereum-to-XRPL non-custodial token bridge.
Discussion about cross-chain potential of XRP Ledger accelerates
That said, Root Network will be yet another solution to the problem of cross-chain compatibility between XRP Ledger and other blockchains.
Gamza KhanzadaevThe network is set to be multi-token from the very beginning.
As covered by U.Today previously, sidechains are the most common instruments to achieve Ethereum-XRPL cross-network compatibility without using centralized intermediaries.
Tomiwabold OlajideThe first-ever XRPL bridge to EVM was launched by Peersyst in Q4, 2022.
Arman Shirinyan
Alex Dovbnya
Dan Burgin