Ripple Developers (RippleX) have announced the integration of the Ethereum Virtual Machine (EVM) integration into the XRP Ledger (XRPL). This marks a significant advancement in interoperability and creates new opportunities in Decentralized Finance (DeFi) and Real-World Assets (RWA).
EVM Compatibility and XRP Ledger
As per the unveiling update on X, the Ripple engineering team is working in collaboration with Peersyst Technology to guarantee the security of the network and ensure seamless user experience on the XRPL EVM Sidechain.
The team is prioritizing a smooth and secure bridging process, hence, the integration will feature wrapped XRP as the native asset. Meanwhile, to enhance cross-chain transactions, XRPL is migrating to the Axelar network, which is renowned for its robust security and efficiency.
Speaking on the development, Ferran Prat, CEO of Peersyst Technology, ascertained the firm’s preparedness to undertake the sensitive task of linking the networks together for a user-friendly experience.
2/ The @Ripple engineering team, in collaboration with @Peersyst, is focused on ensuring the security and seamless user experience of the #XRPL EVM Sidechain. With wrapped XRP as the native asset, we’re prioritizing a smooth and secure bridging process.
— RippleX 📍#XRPLApex (@RippleXDev) June 12, 2024
Prat stated, “Axelar is a battle-tested, production-ready bridge to bring XRP as a native currency to the XRPL EVM Sidechain.”
Ultimately, the goal of RippleX is to simplify the user experience and bolster security, hence the selection of Axelar as the primary bridge. Given Axelar’s decentralized approach and strong validator network, both users and the network itself are guaranteed security and a resilient bridge.
Future of XLS-38 Cross-Chain Bridge
Some analysts believe that the integration of Ethereum Virtual Machine into the XRP ledger will enhance the platform in unique ways. These ways include expanding DeFi applications and cross-chain transactions, particularly for institutions moving large XRP for cross-border businesses.
As per the XLS-38 cross-chain bridge, it is no longer considered user-friendly even though it has relevance in custom sidechains. While the amendment is open for voting, Ripple’s UNL validator will vote ‘No’ until the feature is validated with specific use cases and developer feedback.
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