Ripple, a long-established public blockchain, announced during the XRPL Summit held in Amsterdam yesterday (12th) that it will soon launch its sidechain, XRPL EVM Sidechain. This move aims to unlock new opportunities for developers in the decentralized finance (DeFi) and real-world asset (RWA) sectors:
"We believe the future of blockchain is multi-chain, and we are excited to bring this much-needed update: bringing Ethereum Virtual Machine (EVM) compatibility to the XRP Ledger.
We are also pleased to announce the name of this new product: XRPL EVM Sidechain. This sidechain will open new opportunities for XRPL developers in the DeFi and RWA sectors, driving innovation and expanding the network's utility and application scope."
Axelar as the Sole Bridge for the Sidechain
According to Ripple's announcement, integrating the XRPL EVM sidechain into the XRPL mainnet involves using bridge technology. This bridge will ensure seamless asset transfers between XRPL and the EVM sidechain, enhancing interoperability and transaction efficiency.
Based on this, Ripple has ultimately chosen the cross-chain interoperability protocol Axelar as the sole bridge for its sidechain, with wrapped XRP (eXRP) serving as the native asset and gas token.
Additionally, Ripple's engineering team will collaborate with blockchain technology company Peersyst to expand XRPL's interoperability. Peersyst CEO Ferran Prat stated:
"Axelar is a battle-tested, production-ready, and fully compatible bridge, capable of introducing eXRP as a native currency into the XRPL EVM sidechain. Peersyst is currently working on migrating the main bridge to Axelar to aid network development."
Continuous Attention to the Adoption of XLS-38
Finally, Ripple mentioned that regarding the previously proposed XLS-38 improvement proposal, they will monitor the community's adoption and interest over the next 12 to 15 months to ensure a foundation for developers wishing to create custom sidechains:
"XLS-38 represents a valuable tool for creating custom sidechains, but whether it will ultimately be integrated into the mainnet depends on real-world validation and developer interest."
Ripple Launches Stablecoin $RLUSD
Notably, Ripple CEO Brad Garlinghouse also announced the launch of Ripple's new stablecoin, RLUSD, at the XRPL Summit, describing it as "real USD":
"I like to call it real USD."
It is understood that RLUSD is a stablecoin 100% backed by USD deposits, short-term U.S. Treasury bills, and other cash equivalents. This stablecoin will initially be deployed on the XRP Ledger and Ethereum blockchain and is designed based on Ethereum's ERC-20 token standard.