What's up, my people! Come on, gather around because I have some news that will give you goosebumps in the crypto world. It turns out that the EVM sidechain of the XRP Ledger, which is brand new since June 30th, is skyrocketing! 📈 In just a week, mind you, they’ve sent nearly 1,400 smart contracts. A madness! This means that developers are going crazy for it. 🔥
The story goes that XRP Ledger teamed up with heavyweights like Wormhole and Axelar, and boom! The door was opened for people to move their things between different blockchains, and they pumped in more than 100 million dollars in daily liquidity. Just imagine that! XRP Ledger is on fire in the multichain ecosystem.
Why is this XRPL EVM sidechain on everyone's lips? 🤔
Well, look, technologist Paul Barron, who knows a lot about this, says that developer demand is through the roof. This move allows programmer friends to create, adapt, and launch their decentralized applications (dApps) based on Ethereum on the XRP Ledger. It’s like having the best of both worlds! ✨ The idea is that it combines Ethereum compatibility with the super-fast speed and very low fees of XRP. A winning combo! 🤑
In short, the XRPL EVM sidechain is the perfect bridge. It combines the ability of XRP Ledger to make fast and cheap transactions with the giant universe of smart contracts and applications that work with Ethereum. And just so you know, this marvel was created by Peersyst and Ripple, using the Tendermint protocol and the Cosmos SDK, which gives it scalability and ease of connection that developers have been screaming for. 🗣️
The coolest thing is that if you are a developer and use Solidity, you don't have to learn a new language or change all your code. You can migrate your dApps or create others from scratch without any issues. And best of all, you can use the tools you already know and love, like MetaMask, Hardhat, and Remix! 🛠️ It's like they gave you the key to success without much hassle, that's why people jumped in headfirst to put contracts there.
Moreover, with XRPL's connection to bridges like Axelar and Wormhole, things got even better. Now it’s super easy to transfer assets and share liquidity between XRPL, Ethereum, and a bunch of other blockchains. This triggered instant demand and brought in over 100 million dollars in daily liquidity that I mentioned! 💰
Another key point is that companies and large institutions are keeping an eye on the tokenization of real-world assets (RWA). For example, Mercado Bitcoin, which is a heavyweight in Latin America, has already said it will tokenize 200 million dollars in RWA on the XRP Ledger. That’s a gigantic step for RWA to get trendy on XRPL! 🚀
Ripple is viewing XRPL as the global backbone for everything tokenized value, from central bank digital currencies (CBDC) to carbon credits. So this EVM sidechain is going to be a great laboratory for programmable finance and utility on the blockchain.
And to top it off, this launch comes right when developers are fed up with Ethereum's extremely high fees and network congestion. The XRPL sidechain offers them a much cheaper and faster option without sacrificing the comfort of using EVM. Pure life! 🏝️
It turns out that the very CTO of Ripple, David Schwartz, mentioned that XRPL has the potential to be a key bridge between traditional finance and decentralized finance (DeFi), uniting regulation with the freedom of blockchain.
And what's up with the price of XRP? Attention, speculators! 👀
Analyst Lingrid gives us the good news: XRP is gaining bullish momentum after coming out of a stagnation. It is forming "higher lows" above $2.24, which is a sign that it could continue rising. If this holds, the price could reach the $2.42-$2.45 range. Buyers are ready for another surge! 💪
Forming "higher lows" in technical analysis is fantastic because it means that buyers are coming into the game at increasingly higher prices, showing that there is more demand and confidence in XRP. At the time of writing this, XRP was at $2.28, with a 2.5% increase in the last week. Be alert, things are heating up! 🔥
In summary:
In just a week, the EVM sidechain of XRP Ledger has shown that it has everything to transform XRPL from a simple fast payment ledger to a complete smart contracts ecosystem. With more cool things on the way, like native XRP interoperability and staking support, this EVM sidechain is becoming the center of attention for the next XRPL boom. And that's super optimistic for the price of XRP because that $2.45 is already looking close!
So, my people, stay alert with this stuff because the crypto world keeps surprising us! See you next time! 👋$ETH $XRP
