Axelar Foundation officially launches EVM sidechain on XRP Ledger

The Axelar Foundation, in collaboration with Ripple, Peersyst, and the XRP Ledger ecosystem, announced on the 1st that it has introduced cross-chain connectivity between the XRP Ledger and an EVM (Ethereum Virtual Machine) sidechain.

The 'XRP Ledger EVM Sidechain' is structured to interact with the EVM and is connected to more than 80 blockchains through Axelar. As the first cross-chain solution, Axelar supports eXRP transfers. This token will be used as gas fees within the sidechain. Cross-chain asset transfers are facilitated via Axelar's 'Squid.'

The XRP Ledger EVM sidechain is designed to enable developers to fully leverage the XRP Ledger’s key strengths, such as a base of more than 6 million wallet holders, fast processing speed, low transaction fees, a gas fee structure based on XRP, and a regulation-friendly infrastructure.

Currently, decentralized finance projects including ▲Strobe, ▲Secured, ▲Vertex, and ▲Blockscout are building applications on the XRP Ledger EVM sidechain. Existing XRP Ledger mainnet users can also interact with this protocol directly without creating new wallets.

David Schwartz, Chief Technology Officer (CTO) of Ripple, stated, "The XRP Ledger EVM sidechain provides a new option for developers to build with EVM-based tools while leveraging XRP and the XRP Ledger ecosystem. Axelar’s interoperability infrastructure enables this expansion while maintaining the core structure of the XRP Ledger."

Georgios Vlachos, Director of the Axelar Foundation, commented, "Interest in interoperability is soaring as institutional investors seek to introduce dollar-based stablecoins into the global blockchain-based financial ecosystem. The XRP Ledger is equipped with infrastructure for new dollars and financial products," he said.