Ripple Partners With Evmos to Build XRP Ledger EVM Sidechain

5 months ago 57

Ripple announced its collaboration with Cosmos’ Ethereum Virtual Machine (EVM)-based protocol, Evmos, to build an XRP Ledger EVM sidechain. In this partnership, they will also collaborate with crypto software company Peersyst.

The XRP Ledger (XRPL) sidechain will be built on the evmOS solution, with which they will seek to prioritize native Web3 enterprise applications and their compatibility with EVM.

Ripple and Evmos to Build XRP Ledger EVM Sidechain

evmOS is a modular, production-ready solution that supports EVM and web3 enterprises. It is built with Cosmos SDK, allowing projects to customize their logic and go beyond standard smart contract platforms.

The sidechain will give Web3 companies access to over 60 Cosmos SDK, Inter-Blockchain Communication Protocol (IBC), CometBFT consensus engine strings, and the DApp Store. Building the sidechain also involved interconnecting the user community, DApps, and a network of more than 90 connected chains.

XRPL will be connected to the blockchain through IBC. In addition, XRP users can access DApps such as Orbinal Apes, Forge, Osmosis, and Stride, among others.

Now, the XRPL community will have a “passport” to all the chains, while users can browse any application seamlessly. It is important to note that XRPL has a relatively large user base, which is evident from its native token’s, XRP, market capitalization of $27 billion.

“Bringing the XRPL EVM sidechain to the interchain with evmOS represents a significant milestone in expanding the XRPL ecosystem. By leveraging evmOS technology we can offer developers unparailleled flavibility and customization options, enabling them to build innovative cross-chain applications that tap into the vast potential of the XRPL and the broader interchain ecosystem,” Jasmine Cooper, Head of DeFi Product at Ripple, explained.

Additionally, Evmos pledges $5 million in grant funding to the XRPL blockchain. To this end, it called on developers “who are aligned with Evmos’ values” to join the ecosystem.

“Thanks to Evmos, the XRP Army joins the open, scalable, and interconnected economy of the future: the interchain. Learn more about Ripple x Evmos and how evmOS leverages Interchain Stack components to unlock a modular-interchain EVM solution,” the Cosmos team commented.

Following the announcement, the price of XRP rose by more than 2 percent, from $0.49 to $0.52. At the time of writing, XRP is now trading at $0.51. Similarly, the Cosmos’s native token, ATOM, increased from $8 to $8.41.

The post Ripple Partners With Evmos to Build XRP Ledger EVM Sidechain appeared first on BeInCrypto.

Read Entire Article