Disclaimer: The opinions expressed by our writers are their own and do not represent the views of U.Today. The financial and market information provided on U.Today is intended for informational purposes only. U.Today is not liable for any financial losses incurred while trading cryptocurrencies. Conduct your own research by contacting financial experts before making any investment decisions. We believe that all content is accurate as of the date of publication, but certain offers mentioned may no longer be available.
Ripple has issued a new update on one of the developer community's top requests: bringing Ethereum Virtual Machine (EVM) compatibility to XRP Ledger.
Ripple also revealed the official name of the highly awaited sidechain, which is "XRPL EVM Sidechain." The sidechain is expected to provide new opportunities for XRPL developers in decentralized finance (DeFi) and real-world asset (RWA) tokenization, hence encouraging innovation and expanding the network's value and reach.
Connecting the XRPL EVM Sidechain to the XRPL mainnet would require the use of a bridge, in which wrapped XRP (eXRP) acts as both the native asset and the gas token. This bridge allows for the easy movement of assets between XRPL and the EVM Sidechain, ensuring interoperability and quick transaction processing. It would also allow developers to take advantage of the strengths of both networks.
As the XRPL EVM Sidechain launch date approaches, the top priorities are to secure the mainnet bridge and to improve the user and developer experience so that bridging assets is a seamless procedure.
Tomiwabold OlajideThe XRPL EVM sidechain is also expected to launch, with Axelar serving as the exclusive bridge to source the sidechain's native gas token (eXRP) from XRPL. Axelar can also be used to connect other fungible tokens to and from the XRPL mainnet, as well as more than 55 blockchains in the Axelar ecosystem.
Way forward for XLS-38 amendment
Ripple noted that the current method of transferring new tokens via XLS-38 was "arduous." Using two distinct bridges — XLS-38 for XRP and Axelar for other tokens — to execute cross-chain smart contracts complicates the user experience. Consolidating into a single bridge is expected to simplify the procedure, hence the use of Axelar as an exclusive bridge.
XLS-38 lays the groundwork for XRPL developers looking to create custom sidechains. While the XLS-38 amendment will remain open for voting, Ripple's UNL validator will vote "no" until the team can validate the functionality using specific use cases and developer requests.
Over the next 12-15 months, Ripple says its team of engineers will closely evaluate uptake and interest in XLS-38, delivering updates on the next developments based on community feedback and traction.
Yuri Molchan
Vladislav Sopov
Dan Burgin
Alex Dovbnya