Key Takeaways
- The XRP Ledger launched an EVM-compatible sidechain to enable Ethereum-based smart contracts and cross-chain DeFi.
- The sidechain uses XRP as its gas token, connects through Axelar bridge, and is supported by partners like Band Protocol, Grove, and Wormhole.
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XRPL, originally developed by Ripple Labs’ founding team, is launching an Ethereum Virtual Machine (EVM) sidechain that brings Ethereum smart contracts and cross-chain DeFi to the XRPL ecosystem, according to a Monday press release.
The rollout comes after Ripple CTO David Schwartz revealed earlier this month that the XRPL team planned to release an EVM-compatible sidechain this quarter in order to combine the low-cost, high-speed transactions of XRPL with the smart contracts offered by Ethereum.
Developed in collaboration with Peersyst and the broader XRPL ecosystem, the chain, also known as the XRPL EVM Sidechain, connects to the XRP Ledger through an Axelar bridge, which links to over 80 blockchains. The sidechain uses XRP as its native gas token and integrates with Squid as the official cross-chain transfer interface.
“The XRPL EVM Sidechain introduces a flexible environment for developers to deploy EVM-based applications, while maintaining a connection to XRPL’s efficiency. It extends the capabilities of the ecosystem without changing the fundamentals that make XRPL reliable,” said Schwartz in a Monday statement.
The sidechain offers several key features, including access to over 6 million XRPL wallet holders, faster block times compared to Ethereum, low transaction costs, and a validator network comprising more than 25 companies.
“Crypto is entering an exciting phase as institutions and enterprises are pursuing compelling new use cases. The XRP Ledger EVM Sidechain is positioned to capture this rising demand, and Axelar is the secure, institutional-grade connector that will make it possible,” said Georgios Vlachos, director at Axelar Foundation and co-founder of the Axelar protocol.
The platform has already attracted various partners, including Band Protocol for oracle services, Grove for public RPC endpoints, and upcoming DeFi applications from Strobe, Securd, and Vertex. Wormhole, which supports over 200 applications across more than 35 blockchain ecosystems, is set to integrate with the sidechain.
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