Today, the XRP Ledger (XRPL) officially launched its Ethereum Virtual Machine (EVM) sidechain on the mainnet. This integration allows developers to deploy Ethereum-compatible decentralized applications (dApps) within the XRPL ecosystem. This development aims to enhance XRPL's interoperability and programmability.
The sidechain combines XRPL's low transaction costs with Ethereum's smart contract functionality. It facilitates the development of new DeFi applications, including lending and payments. The sidechain was developed through a collaboration between Ripple, Peersyst Technology, and Axelar, using Evmos' software stack.
Axelar serves as the exclusive bridge for transferring assets, with wrapped XRP as the native gas token. DeFi projects like Band Protocol and Grove are already integrating. As of today, XRP is trading at $2.21, with a change of $0.02 (0.01%) from the previous close.