According to Odaily, the blockchain network supported by Ripple, XRPLedger, has revealed the official name of its forthcoming sidechain, dubbing it 'XRPL EVM Sidechain'. The network has also announced that it will launch with Axelar as its exclusive bridging protocol. The interoperability platform Axelar will allow users to exchange their XRP for wrapped XRP (eXRP), which will also serve as the native token for gas fees on the sidechain.
The introduction of the XRPL EVM Sidechain is a significant development in the blockchain industry. The sidechain will enhance the functionality of the XRPLedger network by allowing for increased interoperability. Users will be able to exchange their XRP for eXRP, which will be used for gas fees on the sidechain. This will provide users with more flexibility and options when using the XRPLedger network.
The exclusive partnership with Axelar is another key aspect of this development. As a bridging protocol, Axelar will facilitate the exchange of XRP for eXRP. This partnership will ensure the smooth operation of the sidechain and enhance the overall user experience on the XRPLedger network.
