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XRP Crypto to Be Accepted for Gas on Experimental EVM-Compatible Blockchain

Sat, 06/17/2023 - 15:56
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Vladislav Sopov
Substrate-based blockchain Root Network will merge benefits of EVM with opportunity to pay validators reward in XRP
XRP Crypto to Be Accepted for Gas on Experimental EVM-Compatible Blockchain
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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.

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.

Related
Ripple Concludes New Partnership to Create Open Metaverse

The 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.

Related
XRP Ledger's Ethereum Compatible Sidechain Now Accessible on Testnet

The first-ever XRPL bridge to EVM was launched by Peersyst in Q4, 2022.

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About the author

Blockchain Analyst & Writer with scientific background. 6+ years in IT-analytics, 3+ years in blockchain.

Worked in independent analysis as well as in start-ups (Swap.online, Monoreto, Attic Lab etc.)