Ripple (XRP): XRPL EVM Sidechain to Boost Interoperability with Axelar Bridge Integration
Tony Kim Jun 14, 2024 01:46
Ripple (XRP) introduces XRPL EVM Sidechain with Axelar Bridge to enhance interoperability and streamline asset transfers.
XRPL EVM Sidechain: A Leap Towards Interoperability
In a significant development for the blockchain community, Ripple (XRP) has announced the XRPL EVM Sidechain, which aims to bring Ethereum Virtual Machine (EVM) compatibility to the XRP Ledger (XRPL). This integration is poised to unlock new opportunities for XRPL developers, especially in the fields of decentralized finance (DeFi) and real-world asset (RWA) tokenization, according to Ripple blog.
Axelar Bridge: The Backbone of XRPL EVM Sidechain
The XRPL EVM Sidechain will utilize Axelar as the exclusive bridge to source the native gas token, wrapped XRP (eXRP), from the XRPL. Axelar's decentralized bridge, operated by a network of validators, facilitates the seamless transfer of assets between XRPL and the EVM Sidechain, ensuring interoperability and efficient transaction processing. This bridge will also support the transfer of other fungible tokens across more than 55 blockchains within the Axelar network.
Ferran Prat, CEO of Peersyst, highlighted the robustness of Axelar, describing it as a “battle-tested, production-ready, and fully compatible bridge.” The Peersyst engineering team is actively working to migrate the main bridge to Axelar for the devnet, further enhancing the interoperability of XRPL.
Security and User Experience in Focus
As the launch of the XRPL EVM Sidechain approaches, Ripple's engineering team is prioritizing the security of the mainnet bridge and refining the user and developer experience. Axelar’s validator network, consisting of 75 validators, employs key-rotation policies to periodically rotate the keys used to sign transactions, thereby mitigating the risk of attacks.
Currently, transferring new tokens via the XLS-38 bridge is a complex process. By consolidating to a single bridge—Axelar—the process becomes more intuitive and user-friendly, simplifying the user journey and enhancing efficiency.
The Future of XLS-38
XLS-38 offers XRPL developers the flexibility to create custom sidechains, which can be used for private chains or XRPL versions with unique features. Ripple’s UNL validator will vote 'No' on the XLS-38 amendment until the feature can be validated with specific use cases and developer requests. Over the next 12-15 months, Ripple engineers will monitor the adoption and interest in XLS-38, providing updates based on community input and traction.
Ripple’s vision for institutional DeFi on XRPL includes establishing foundational building blocks and components of a successful financial system. The XLS-38 amendment represents a valuable tool for creating custom sidechains, but its inclusion in the mainnet will depend on real-world validation and developer interest.
Ripple is keen to receive feedback and collaborate with the community to ensure that XRPL continues to evolve in ways that drive innovation and meet the needs of its diverse users. Developers are encouraged to share their thoughts and ideas on XLS-38 and its future via the developer Discord channel.
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