Ripple Expands XRP Ledger with Ethereum-Compatible Smart Contracts
TL;DR
- Ripple is enhancing the XRP Ledger by integrating $ETH-compatible smart contracts through a new sidechain, broadening its capabilities.
- The XRPL EVM sidechain will utilize Axelar's bridging service for cross-chain token transfers, promoting interoperability and developer engagement.
Ripple is set to significantly upgrade the XRP Ledger by integrating $ETH-compatible smart contracts via a new sidechain. This development aims to expand the ledger's functionalities, enabling the creation of more complex applications such as decentralized exchanges and token issuance. By leveraging the Axelar network, Ripple will facilitate cross-chain token transfers, with Wrapped XRP (eXRP) acting as the primary token on this sidechain.
The introduction of the XRPL EVM sidechain will bring Ethereum Virtual Machine (EVM) compatibility to the XRP Ledger, allowing developers to utilize familiar tools and programming languages. This strategic move is expected to attract a global developer community, enhancing the overall appeal of the XRP Ledger. Ripple's efforts to integrate these features began in 2022, and progress is already underway.
The XRP Ledger is an open-source blockchain network that uses $XRP tokens for processing transactions. With the new sidechain, users will be able to transfer tokens between the XRP Ledger and 55 other blockchains, promoting greater interoperability within the blockchain ecosystem. As the crypto landscape evolves, this upgrade marks a pivotal moment for the XRP community.
What are your thoughts on the potential impact of $XRP's new sidechain on the broader crypto market?
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