Ripple Debuts EVM Sidechain to Bring Ethereum Apps to XRP Ecosystem – Crypto News – Crypto News
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Ripple Debuts EVM Sidechain to Bring Ethereum Apps to XRP Ecosystem Ripple Debuts EVM Sidechain to Bring Ethereum Apps to XRP Ecosystem

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Ripple Debuts EVM Sidechain to Bring Ethereum Apps to XRP Ecosystem – Crypto News

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Ripple claims the sidechain can handle up to 1,000 transactions per second.

Ripple has launched the XRPL EVM Sidechain mainnet, enabling Ethereum-based applications to run on the XRP Ledger with cross-chain connectivity through Axelar, an interoperability protocol that links over 80 blockchains.

In a Monday blog post, Ripple said the upgrade allows developers to use familiar tools like Solidity and MetaMask to build or migrate apps to the XRP Ledger. These apps can now access XRPL’s on-chain liquidity and use XRP as the native gas token.

Ripple claims the sidechain can handle up to 1,000 transactions per second with far lower fees than Ethereum.

Ripple CTO David Schwartz says the launch is just the beginning of a larger plan to integrate XRP with more networks as it “extends the capabilities of the ecosystem without changing the fundamentals that make the XRPL reliable.”

“The XRPL EVM Sidechain introduces a flexible environment for developers to deploy EVM-based applications, while maintaining a connection to the XRPL’s efficiency,” Schwartz added.

The XRPL EVM Sidechain has already received backing from several blockchain projects. Axelar manages cross-chain transfers, while Squid serves as the primary interface for transferring assets between XRPL and the sidechain. Other partners, such as Band Protocol and Grove, provide price data and public infrastructure support.

The launch comes as Ripple’s RLUSD stablecoin continues to grow. Its market capitalization stands at $455 million today from $308 million in early June, a 50% increase in about a month, according to data from CoinGecko.

RLUSD Market Capitalization

As The Defiant reported in late April, RLUSD was added to Aave, the largest lending protocol on Ethereum, which may have influenced where the token is being issued the most.

Data from DefiLlama shows that over 85% of RLUSD is now issued on Ethereum, with only about 14.5% on the XRP Ledger, a gap Ripple may be aiming to close through the launch of the new sidechain.

Meanwhile, XRPL’s total value locked has declined slightly, falling from $69.7 million on May 14 to $56 million as of June 30, according to DefiLlama.

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