Ripple has officially launched the EVM sidechain on the mainnet of the XRP Ledger, opening new opportunities for cryptocurrency developers to build and deploy Ethereum-compatible applications within their ecosystem. This sidechain technology combines the low-cost transaction advantages of the XRP Ledger with the powerful Smart Contract capabilities from the Ethereum platform, facilitating the development of decentralized applications such as lending, token creation, and payments efficiently. The development collaboration between Ripple, Peersyst, and Axelar through the Evmos software platform has reinforced the potential for scalability and cross-chain interaction for XRPL. This is an important step to help XRPL not only enhance its previously limited Smart Contract capabilities but also expand the integrated multi-chain DeFi ecosystem in the future.
Introduction to the EVM sidechain on the XRP Ledger
The EVM sidechain on the XRP Ledger is a supplementary chain operating in parallel with the mainnet of XRP, providing full compatibility with the Ethereum Virtual Machine (EVM). This allows developers to easily build, move, and deploy DeFi and DApp applications without being affected by the limitations of traditional systems based on XRP.
Instead of directly changing or upgrading the main blockchain, the EVM sidechain prioritizes independent operation while still closely linked to XRPL to maximize fast transactions and low fees. This mechanism provides cost efficiency and scalability for the XRP ecosystem.
Benefits of the EVM sidechain for developers
Developers can leverage familiar Smart Contracts from the Ethereum ecosystem without having to rebuild from scratch. This sidechain also optimizes Gas costs when performing transactions, facilitating projects related to DeFi and Tokenization.
By integrating EVM, XRPL not only becomes a fast payment platform but also evolves into a more diverse ecosystem with DeFi products, ranging from cryptocurrency lending, payments to new Token issuance.
The development process and partners of the EVM sidechain XRPL
The EVM sidechain on the XRP Ledger was built in collaboration with Ripple, Peersyst, and Axelar, three entities with deep expertise in Blockchain and cryptocurrency. These partners utilize Evmos software to create a stable and flexible operational platform.
The close connection between the sidechain and XRPL Mainnet through Axelar's protocol helps convert and package XRP into native GAS tokens, supporting efficient and secure cross-chain transactions.
The importance of collaboration and Evmos software
Evmos software plays the role of a core technological platform, seamlessly integrating Ethereum features into XRPL. This is a crucial bridge that allows the sidechain to maintain the superiority of XRP while leveraging the utilities from the Ethereum ecosystem.
The coordination among parties also reflects high experience and expertise in the field of Blockchain development, ensuring security, scalability, and reliability for the entire new ecosystem.
Applications and the future of the EVM sidechain on XRPL
With the support of the EVM sidechain, many DeFi projects are beginning to develop on the XRP Ledger, including notable projects like Band Protocol. This sidechain is also planned to integrate the multi-chain Wormhole protocol, expanding the ability to interact and transfer assets between different cryptocurrency platforms.
This not only enhances flexibility for users but also helps XRPL become a platform for developing diverse and advanced DeFi applications in the near future.
A new direction for the XRP ecosystem and multi-chain DeFi
The EVM sidechain is seen as a strategic shift that helps XRP Ledger deeply engage in the rapidly growing DeFi market. The multi-chain integration and enhanced interoperability help XRPL build a sustainable ecosystem, optimized for developers and end-users.
Along with continuous technological improvements, XRPL will increasingly assert its position as an efficient, secure, and versatile cryptocurrency platform, opening up investment opportunities and developing a series of new trend applications in the DeFi space.
Source: https://tintucbitcoin.com/xrp-ledger-ra-mat-sidechain-evm/
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