The post Ripple Adds EVM Compatibility to XRP Ledger appeared on BitcoinEthereumNews.com.

The XRP Ledger (XRPL) will now be compatible with the Ethereum Virtual Machine (EVM) thanks to the launch of the XRPL EVM Sidechain by the Ripple team. This new product will enable EVM compatibility and unlock opportunities for decentralized finance (DeFi) and real-world asset tokenization (RWA) that could drive meaningful innovation.  Connecting the sidechain to the mainnet necessitates prudent use of a bridge, with wrapped XRP serving as the native asset and gas required to fuel transactions. This mainnet bridge is prioritized for security and refinement to ensure a seamless experience for both users and developers alike during the formative launch period. Axelar, the designated bridge provider that sources the wrapped gas token from the mainnet, strives to provide a secure and efficient pathway, applying its expertise to promote interoperability. In close collaboration with Axelar, Peersyst’s engineering efforts focus on honing functionality and operations to expand XRPL’s interoperability through proven methods, ensuring a reliable bridge that is safe and seamless for all. Ferran Prat, the CEO of Peersyst, commented, “Axelar is a battle-tested, production-ready bridge to bring XRP as a native currency to the XRPL EVM Sidechain.” Ripple justified the migration from the XLS-38 bridge to Axelar in their X post, stating, “In regards to the XLS-38 cross-chain bridge – while still potentially useful for custom sidechains – would not be as user-friendly.” The post also mentioned simplifying user experience and enhanced security as other contributing factors to the change.  Ripple shared their plans and goals for institutional DeFI on XRPL on May 29, 2024, focusing on creating essential foundations and functional components for a thriving financial ecosystem. The team is looking forward to receiving feedback and working together with the community to keep XRPL growing in a way that encourages creativity and caters to the needs of its users.…

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Filed under: News - @ June 12, 2024 12:20 pm