The XRP Ledger (XRPL) EVM sidechain has finally gone live, bringing smart contracts to the network’s ecosystem. This move enables cross-chain compatibility between the XRPL and Ethereum networks, boosting the decentralized finance (DeFi) landscape.
EVM Sidechain Goes Live On XRP Ledger
In a press release, the network announced that the XRPL EVM sidechain is now live on the network. The release noted that this ushers in a new era of cross-chain DeFi, bringing Ethereum’s compatibility and smart contract programmability to the network’s ecosystem.
The launch brings general-purpose smart capabilities to the XRP Ledger’s ecosystem. With this, developers will now be able to build, port, and deploy cross-chain EVM (Ethereum Virtual Machine) only dApps while tapping into the XRPL’s liquidity.
This development just comes days after the XPPL 2.5.0 software upgrade went live. As part of today’s launch, the sidechain boasts full compatibility with Solidity, MetaMask, and Hardhat.
XRP will serve as the native gas token while the chain has a 3.4-second block time and can run 1,000 transactions per second (TPS). The network also boasts a vibrant validator community, with 25 companies already running nodes.
Meanwhile, the sidechain mainnet launch will also open new categories of decentralized applications, which will provide services such as lending, tokenization, and payments to the XRP ledger.
Commenting on this XPPL EVM Sidechain mainnet launch, Ripple’s CTO, David Schwartz, said,
The XRPL EVM Sidechain introduces a flexible environment for developers to deploy EVM-based applications while maintaining a connection to the XRPL’s efficiency. It extends the capabilities of the ecosystem without changing the fundamentals that make the XRPL reliable.
What The Sidechain Would Entail
The release explained that the XRP Ledger EVM sidechain is connected to the XRPL through an Axelar Bridge. This is a leading bridge protocol that connects to over 80 blockchains. Axelar will also bridge the XRPL’s native token XRP into the sidechain, meaning that users on other networks will be able to utilize the altcoin.
Furthermore, the sidechain also integrates Squid as the official cross-chain transfer UI app for XRPL and the EVM sidechain, in a bid to elevate the XRPL’s multichain capabilities. Meanwhile, although the sidechain is technically a separate network, it is still compatible with the XRPL, and developers can tap into the network’s functionalities.
The XRP Ledger developers also noted that Wormhole, a leading cross-chain interoperability protocol, is also set to integrate with the EVM sidechain. CoinGape had reported that the Wormhole integration will go live on both the XRPL and the sidechain.
In an X post, Axelar also confirmed the launch of the EVM sidechain. The platform stated that Web3 users and XRP holders can now bridge ETH, XRP, and USDC today using Squid. Other infrastructure partners on the sidechain include Grove and Band Protocol.
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Boluwatife Adeyemi
Boluwatife Adeyemi is a well-experienced crypto news writer and editor who has covered topics that cut across several niches. His speed and alacrity in covering breaking updates are second to none. He has a knack for simplifying the most technical concepts and making them easy for crypto newbies to understand.
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