Although the XRP Ledger’s 100% EVM-compatible sidechain is a focus for XRPL engineers, fans, and analysts, its possible implications for the uptake of XRP cryptocurrency may go unnoticed. In the event that this sidechain release occurs, the community anticipates XRP adoption to be very successful.
Liquidity, developer-friendliness, XRP price catalysts: What brings EVM sidechain
The “best chance” for the widespread retail adoption of XRP cryptocurrency will be the release of the XRP Ledger sidechain, which will be perfectly interoperable with the Ethereum Virtual Machine (EVM). The significance of this for the XRP community and Web3 at large was elucidated by Shen Morincome, cofounder of Xscape.
Firstly, the non-fungible tokens based on XRPL and the cryptocurrency XRP will be connected to the EVM services ecosystem, which includes major DEXes like Uniswap and PancakeSwap as well as the marketplaces Opensea and Blur. However, there won’t be any significant modifications to XRPL’s consensus architecture needed for the introduction of such interoperable tokens.
In terms of tools for conducting transactions using currencies and NFTs, the XRP Ledger ecosystem will also be more welcoming to newcomers having access to Ethereum-based infrastructure. Users won’t have to manually accept NFTs or set up a wallet any more.
Rather, XRPL-based token activities will be more efficiently managed through the use of well-known interfaces like as MetaMask or Coinbase Wallet.
Last but not least, XRP cryptocurrency will function as an EVM-compatible network’s gas currency as soon as this sidechain is operational. This will thus serve as yet another obvious catalyst for its retail adoption.
Core infrastructure yet to be built
Deploying a full-scale EVM sidechain on top of the XRP Ledger might potentially boost trading activity and the price of XRP.
Since most Web3 cybersecurity firms specialise in Solidity smart contract audits, this integration will be safe. Ethereum (ETH) will thereby introduce tried-and-true security to the network of dApps focused on XRPL.
Morincome finds that infrastructure for this integration is currently lacking in the world of XRP Ledger applications.
As previously reported by U.Today, Ripple and Peersyst’s XRPL EVM sidechain has been undergoing stress testing since the end of June 2023.
