đŁ Ripple Develops Cross-Chain Bridge to Expand XRPâs Reach to Ethereum
Ripple (XRP) has unveiled a development that aims to expand the reach of XRP and unlock new opportunities in the realms of decentralized finance (DeFi) and real-world assets (RWA).
The introduction of the XRPL EVM Sidechain brings Ethereum Virtual Machine (EVM) compatibility to the XRP Ledger, enabling seamless interoperability between the two ecosystems.
Collaboration with Peersyst for Secure and Seamless User Experience
According to a tweet by RippleX, the Ripple engineering team has joined forces with Peersyst to ensure the security and user-friendliness of the XRPL EVM Sidechain. With wrapped XRP serving as the native asset on the sidechain, the focus is on providing a smooth and secure bridging process for users to move their assets between the XRP Ledger and the EVM-compatible sidechain.
To further enhance the security and efficiency of cross-chain transactions, Ripple has made the strategic decision to migrate to the Axelar network.
Ferran Prat, CEO of Peersyst, endorses this move, stating, âAxelar is a battle-tested, production-ready bridge to bring XRP as a native currency to the XRPL EVM Sidechain.â By leveraging Axelarâs decentralized approach and strong validator network, Ripple aims to provide a secure and resilient bridge that safeguards users and the network as a whole.
The choice of Axelar as the primary bridge for the XRPL EVM Sidechain is driven by Rippleâs commitment to simplifying the user journey and bolstering security. Axelarâs robust infrastructure and proven track record in facilitating secure cross-chain transactions make it an ideal partner for Rippleâs endeavor to expand the utility and reach of XRP.
The XRPL EVM Sidechain not only enhances interoperability but also unlocks new opportunities in the growing DeFi and RWA sectors. With the ability to seamlessly bridge assets between the XRP Ledger and Ethereum, users and developers can now access a broader range of financial services and real-world use cases. Â
