In response to a popular request from the developer community, Ripple has released an upgrade that brings Ethereum Virtual Machine (EVM) compatibility to the XRP Ledger.
Along with this, Ripple disclosed the official moniker of the eagerly anticipated sidechain: “XRPL EVM Sidechain.” It is anticipated that the sidechain would give XRPL developers new chances in the tokenization of real-world assets (RWA) and decentralised finance (DeFi), fostering innovation and extending the value and scope of the network.
https://x.com/RippleXDev/status/1800808048027701355
Wrapped XRP (eXRP) serves as both the native asset and the gas token in the bridge that is needed to connect the XRPL EVM Sidechain to the XRPL mainnet. By facilitating the simple transfer of assets between XRPL and the EVM Sidechain, this bridge guarantees interoperability and expedites transaction processing. Additionally, it would enable developers to leverage each network’s advantages.
Securing the mainnet bridge and enhancing the user and developer experience to ensure that bridging assets is a smooth process are the primary goals as the launch date of the XRPL EVM Sidechain draws near.
It is also anticipated that the XRPL EVM sidechain will become live, with Axelar acting as the only bridge to obtain eXRP, the sidechain’s native gas token, from XRPL. Axelar may also be used to link the more than 55 blockchains that make up the Axelar ecosystem to and from the XRPL mainnet and other fungible currencies.
Way forward for XLS-38 amendment
According to Ripple, the current XLS-38 technique for transferring new coins is “arduous.” The user experience is made more complicated by the need to execute cross-chain smart contracts across two different bridges: XLS-38 for XRP and Axelar for other coins. The usage of Axelar as an exclusive bridge stems from the expectation that consolidating into a single bridge will simplify the process.
The foundation for XRPL developers wishing to build unique sidechains is laid by XLS-38. Ripple’s UNL validator will vote “No” on the XLS-38 amendment until the team can validate the functionality with reference to particular use cases and developer demands. The amendment will still be up for vote.
In order to provide updates on the upcoming enhancements based on community input and traction, Ripple’s engineering team said it will be actively monitoring the acceptance and interest in XLS-38 over the course of the next 12 to 15 months.
