Ripple’s XRP Ledger Introduces Ethereum Virtual Machine (EVM) Side Chain
An Ethereum Virtual Machine (EVM) side chain of the XRP Ledger (XRPL) will now reward validators with XRP tokens, marking Ripple’s entry into the world of decentralized finance (DeFi) staking.
Peersyst Technology Confirms XRP Rewards for Validators
In a recent interview, the CEO of Peersyst Technology, a Ripple partner, confirmed that validators on the XRPL EVM side chain will receive rewards in XRP tokens.
The XRPL Ethereum Chain Utilizes XRP
The CEO of Peersyst Technology, Ferran Prat Tió, revealed in an interview that the XRPL Ethereum side chain will use XRP as its native currency. This means that users can hold XRP and still utilize all the benefits of EVM contracts without needing to sell their holdings.
XRP Ledger EVM Offers Payment to Validators
Crypto Eri, an analyst specializing in digital assets and XRPL, announced on Twitter that validators on the new XRPL EVM side chain will be paid in XRP tokens. Unlike the mainnet, where transaction fees are burned, validators on this new chain will collect these fees.
EVM Sidechain Boosts Demand for XRP
The EVM sidechain is a separate network from XRPL and RippleNet but connects to them via a bridge. It allows users to operate Ethereum using XRP as its native token. This setup not only collects gas fees in XRP for using Ethereum but also rewards validators with Ripple tokens. The CEO of Peersyst Technology believes that this system will create a demand for XRP and generate an entire growing economy within the XRP ledger.
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