Ripple has revealed its partnership with Cosmos' Ethereum Virtual Machine (EVM) protocol, Evmos, to develop an XRP Ledger EVM sidechain. Additionally, they will collaborate with cryptocurrency software firm Peersyst as part of this initiative.
The XRP Ledger (XRPL) sidechain will be constructed utilizing the evmOS solution, with a focus on prioritizing native Web3 enterprise applications and ensuring compatibility with EVM.
XRP Ledger EVM Sidechain to Be Built by Ripple and Evmos
A production-ready, modular solution that supports web3 and EVM for enterprises is called evmOS. Because of the Cosmos SDK's construction, applications can extend the capabilities of common smart contract platforms and personalize their logic.
Web3 enterprises will have access to the DApp Store, CometBFT consensus engine strings, Inter-Blockchain Communication Protocol (IBC), and more than 60 Cosmos SDKs thanks to the sidechain. Connecting DApps, the user base, and a network of over 90 linked chains was another aspect of building the sidechain.
The XRPL will be linked to the blockchain via the Inter-Blockchain Communication (IBC) protocol. Moreover, XRP users will have access to various decentralized applications (DApps) such as Orbinal Apes, Forge, Osmosis, and Stride, among others.
With this development, the XRPL community will possess a "passport" to all interconnected chains, facilitating seamless browsing of any application. It's worth noting the substantial user base of XRPL, evident from the $27 billion market capitalization of its native token, XRP.
Jasmine Cooper, Head of DeFi Product at Ripple, emphasized the significance of integrating the XRPL EVM sidechain with evmOS, describing it as a significant milestone in expanding the XRPL ecosystem. This collaboration will provide developers with unparalleled flexibility and customization options, enabling them to create innovative cross-chain applications tapping into XRPL's potential and the broader interchain ecosystem.
Additionally, Evmos has committed $5 million in grant funding to the XRPL blockchain and invited developers who share its values to join the ecosystem.
The partnership between Ripple and Evmos signifies the integration of the XRP community into the open, scalable, and interconnected economy of the future, known as the interchain. The Cosmos team emphasized the collaborative effort between Ripple and Evmos, leveraging Interchain Stack components to unlock a modular-interchain EVM solution.
May 2024, Cryptoniteuae