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- Building an XRPL EVM sidechain together, Ripple and Evmos improve Web3 capabilities.
- Inviting developers to become part of the XRPL ecosystem, Evmos promises $5 million in awards.
An XRP Ledger (XRPL) EVM sidechain will be built in collaboration with Cosmos’ Ethereum Virtual Machine (EVM)-based protocol, Evmos. A major milestone in Ripple’s strategic entry into the Web3 commercial market, this partnership also includes crypto software company Peersyst.
Thanks to Evmos, the #XRPArmy 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 ⬇️https://t.co/2h6Kdhfi9E
— Cosmos – The Interchain ⚛️ (@cosmos) May 14, 2024
XRPL Sidechain for the evmOS Platform
Built on the evmOS solution, which gives native Web3 enterprise apps priority and guarantees their compatibility with EVM, the XRPL sidechain will be built. evmOS is an EVM and Web3 enterprise-ready modular system. Built with the Cosmos SDK, evmOS provides a more flexible platform than typical smart contract platforms by enabling applications to modify their logic.
Web3 enterprises will have access to the DApp Store, CometBFT consensus engine strings, Inter-Blockchain Communication Protocol (IBC), and over 60 Cosmos SDKs thanks to the new sidechain. This design entails linking the user community, over 90 linked chains, and decentralized apps (DApps).
By means of IBC, XRPL will be linked to the blockchain, allowing XRP users to access a number of DApps including Orbital Apes, Forge, Osmosis, and Stride. A smooth “passport” to every chain will improve user experience and give access to a larger ecosystem to the XRPL community.
Market Effect and User Base
The $27 billion market capitalisation of XRP indicates the significant user base of the XRPL ecosystem. The current price of XRP is approximately $0.5182, up 3.46% in the last 24 hours compared to a little 0.33% drop over the previous week, according to CoinMarketCap.
Adding the XRPL EVM sidechain to the evmOS interchain is a big step in growing the XRPL ecosystem. Head of DeFi Product at Ripple Jasmine Cooper said:
“We can give developers unmatched flexibility and customisation choices by using evmOS technology, enabling them to build creative cross-chain applications that tap into the vast potential of the XRPL and the broader interchain ecosystem.”
In order to encourage developers who share its principles to join the ecosystem, Evmos has also committed $5 million in grant financing to the XRPL blockchain.
The Cosmos crew added, “The XRP Army joins the open, scalable, and linked economy of the future: the interchain, thanks to Evmos. See more about Ripple x Evmos and how evmOS uses Interchain Stack components to enable a modular-interchain EVM solution.
As previously reported by CNF, Ripple has contributed $1 million to support research, teaching, and technology development at Morgan State University’s National Fintech Center.
