Ripple and Evmos Partner to Enhance XRP Ledger with EVM Sidechain
Ripple Partners With Evmos to Build XRP Ledger EVM Sidechain
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.
Ripple and Evmos to Build XRP Ledger EVM Sidechain
The XRP Ledger (XRPL) sidechain will be built on the evmOS solution, emphasizing native Web3 enterprise applications and EVM compatibility. evmOS, a production-ready solution supporting EVM and web3 enterprises, is built using Cosmos SDK enabling customized logic beyond standard smart contract platforms.
- The sidechain will give Web3 companies access to over 60 Cosmos SDK, IBC, CometBFT consensus engine strings, and the DApp Store.
- XRPL will be connected to the blockchain through IBC, allowing users to access DApps seamlessly.
Jasmine Cooper, Head of DeFi Product at Ripple, stated, 'By leveraging evmOS technology, we can offer developers unparalleled flexibility and customization options, enabling them to build innovative cross-chain applications tapping into the vast potential of XRPL and the broader interchain ecosystem.'
- Evmos pledges $5 million in grant funding to the XRPL blockchain, inviting developers to join the ecosystem.
- The Cosmos team commented on the collaboration, emphasizing the modular-interchain EVM solution.
Following the announcement, the price of XRP rose by more than 2 percent, with XRP currently trading at $0.51 and ATOM at $8.41.
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