XRPL EVM sidechain has gone live on June 30th on the mainnet as per a company announcement. With the new upgrade, developers can now create Ethereum Virtual Machine decentralized applications while leveraging the XRP ledger’s liquidity. The development comes after years of XRPL building and testing in collaboration with Peersyst.
Although the side chain will function as its own separate blockchain, developers can rely on XRP’s focus on financial institutions.
“The XRPL EVM Sidechain introduces a flexible environment for developers to deploy EVM-based applications, while maintaining a connection to the XRPL’s efficiency. It extends the capabilities of the ecosystem without changing the fundamentals that make the XRPL reliable,” said Ripple CEO David Schwartz.
“With the launch of XRPL EVM, we’re unlocking a new era for XRP — one where it can flow seamlessly across the multichain world. This isn’t the finish line; it’s Day 1 of a much bigger journey toward interoperability, programmability, and utility at scale,” said Peersyst CEO Ferran Prat.
The EVM sidechain has multiple features such as access to 6 million XRPL wallets; faster block times and lower transaction costs; the ability to use the XRP token; strong regulatory compliance; and a global validator community.
The XRP EVM sidechain is connected to the main XRP Ledger via the Axelar bridge, an interoperability provider.
Integrations are slated to take place with the Ethereum sidechain, including Wormhole, an interoperability protocol that enables 200+ applications across 35+ blockchain ecosystems.