Ripple Expands XRPL with New Ethereum-Compatible Sidechain

Ripple Labs has launched a new Ethereum Virtual Machine (EVM) sidechain on the XRP Ledger (XRPL) mainnet, enhancing the blockchain’s efficiency and scalability. This sidechain will enable developers to build and run Ethereum-based applications while still leveraging XRPL’s fast and low-cost transactions. This development marks a significant step toward introducing more cross-chain support and smart contract features to the XRPL. This follows XRPL’s introduction of batch transactions for multiple operations in May. XRP Ledger EVM Sidechain Combines Speed and Smart Contracts The XRP Ledger (XRPL) has introduced a significant upgrade with the launch of its Ethereum Virtual Machine (EVM) sidechain. This new sidechain operates in tandem with the main XRPL network, leveraging two key strengths. This includes XRPL’s fast and low-cost transactions, as well as Ethereum’s ability to support smart contracts. With both features in one place, it is now easier for developers to build apps for decentralized finance (DeFi), payments, tokenization, and more. The sidechain was developed through a collaboration between Ripple, blockchain firm Peersyst, and cross-chain network Axelar. It is based on Evmos, a technology made to support Ethereum-compatible applications. Until now, XRPL has only supported a limited set of smart contract functions. Now, this new sidechain opens the door to many more advanced blockchain use cases. Although other networks like Flare also offer smart contract support for XRPL. However, this EVM sidechain stands out because it is fully built into the XRPL ecosystem. This means developers get more tools and easier access without leaving the network’s ecosystem. Connecting XRP Across Blockchains One of the sidechain’s most important features is its connection back to the main XRP Ledger through a secure cross-chain bridge. Built by Axelar, this bridge allows wrapped XRP to move between the EVM sidechain and the XRPL mainnet. Wrapped XRP can also be used to pay for transaction fees on the sidechain. This setup enables XRP and other assets to move seamlessly between different blockchains, facilitating the interoperability of apps and tokens across multiple platforms. It also supports Ripple’s broader vision of building scalable, secure, and efficient blockchain systems that can connect with other global networks. This move is expected to help more people utilize XRPL and increase activity on the network, particularly following a recent report that showed a sharp decline in usage . New Projects Already Building on the Sidechain Although the sidechain has just launched, it is already drawing attention. Several DeFi projects, including Band Protocol, Grove, and Squid, are joining the ecosystem. Developer tools such as Blockscout and Goldsky are also offering support, and more apps are expected to join soon. The sidechain will also integrate with Wormhole, another large cross-chain protocol that links over 200 applications across more than 35 blockchains. This will give XRPL-based apps access to even more users and blockchain platforms. It will help create new growth opportunities for both developers and businesses. The post Ripple Expands XRPL with New Ethereum-Compatible Sidechain appeared first on TheCoinrise.com .

Source: The Coin Rise