XRP Ledger has launched a sidechain that is compatible with Ethereum on its mainnet, opening the doors to interoperability.
In a tweet on June 30, Peersyst which is one of the companies involved in developing the sidechain announced its launch, saying it offers unlimited new capacities, deployment and interaction with EVM smart contracts.
A new dawn for XRP
The new sidechain allows interoperability across the entire web3 space. As a result, developers can now deploy, integrate, and list XRP in their protocols, but it doesn’t end there.
According to Peersyst, there will be more features like wallets, infra providers and dapps coming to the sidechain soon.
David Schwartz, CTO, Ripple and co-creator of the XRP Ledger said:
“The XRPL EVM Sidechain introduces a new option for developers who want to build with EVM-compatible tools while leveraging XRP and the broader XRPL ecosystem. Axelar’s crosschain infrastructure helps make that possible, supporting greater interoperability without changing the fundamentals of the XRP Ledger itself.”
The sidechain was launched in partnership with Axelar, and other crypto technology companies in response to the increasing need for interoperability in the blockchain industry.
Georgios Vlachos, director at Axelar Foundation and co-founder of Axelar protocol.
“We are seeing tremendous interest in interoperability from institutions that are already on a path to bringing dollar stablecoins into a new financial ecosystem that is global and blockchain-based. XRPL’s institutional-grade infrastructure provides an ideal starting point for this wave of new, dollarized financial products to reach the world.”
Market response
The launch of an EVM-compatible XRP Ledger sidechain is a big deal as it opens up many more use cases for XRP with the potential for making it more valuable.
However at the time of writing this report, the announcement hasn’t affected the price of the token much in the last 24 hours, possibly because it’s too early.
It won’t be surprising if the price later takes a jump as this is one of the biggest developments for Ripple since the year began.
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