🚀 What if Ripple is About to Revolutionize the DeFi World? 🚀
Ripple, a major player in blockchain technology, has announced the launch of its XRPL EVM Sidechain at the XRPL Summit in Amsterdam. This new sidechain aims to bring Ethereum Virtual Machine (EVM) compatibility to the XRP Ledger, opening up new opportunities for developers in decentralized finance (DeFi) 💸 and real-world asset (RWA) sectors 🏢.
🔗 This integration involves using Axelar as the sole bridge for the sidechain, ensuring seamless asset transfers between XRPL and the EVM sidechain. Wrapped XRP (eXRP) will serve as the native asset and gas token, enhancing interoperability and transaction efficiency. Ripple's engineering team will work with blockchain technology company Peersyst to expand XRPL's interoperability. Peersyst CEO Ferran Prat highlighted Axelar's capability to support network development.
📊 Ripple is also monitoring the adoption of the XLS-38 improvement proposal. Over the next 12 to 15 months, they will gauge community interest to determine if it will be integrated into the mainnet. This proposal is seen as a valuable tool for creating custom sidechains, pending real-world validation and developer interest.
💵 In addition, Ripple CEO Brad Garlinghouse announced the launch of Ripple's new stablecoin, RLUSD, at the XRPL Summit. RLUSD is a stablecoin 100% backed by USD deposits, short-term U.S. Treasury bills, and other cash equivalents. It will initially be deployed on the XRP Ledger and Ethereum blockchain, based on Ethereum's ERC-20 token standard.
🌐 Ripple's innovations in the blockchain space are set to drive significant advancements in the DeFi and RWA sectors, providing new opportunities for developers and enhancing the utility and application scope of the XRP Ledger.
Ripple is on the move, and you’ll want to stay ahead of the game. Let us know your thoughts in the comments below! 💬
