Exciting Collaboration Between Ripple and Evmos to Develop XRP Ledger EVM Sidechain 🚀
Ripple recently announced a groundbreaking partnership with Cosmos’ Ethereum Virtual Machine (EVM)-based protocol, Evmos, to establish an XRP Ledger EVM sidechain. This collaboration will also involve Peersyst, a crypto software company, to bring this innovative project to life.
Ripple and Evmos Join Forces to Construct XRP Ledger EVM Sidechain 🌐
The XRP Ledger (XRPL) sidechain will be constructed using the evmOS solution, which aims to prioritize native Web3 enterprise applications and ensure their compatibility with EVM technology.
- evmOS is a modular, production-ready solution designed to support EVM and web3 enterprises, built with Cosmos SDK for customizable logic.
- This sidechain will provide Web3 companies access to over 60 Cosmos SDK, IBC communication protocol, CometBFT consensus engine strings, and the DApp Store.
The Implications of the XRP Ledger EVM Sidechain Integration 🤖
By integrating XRPL with the blockchain through IBC, users will be able to access various DApps seamlessly, such as Orbinal Apes, Forge, Osmosis, and Stride, among others. This development marks a significant milestone for the XRPL ecosystem and enhances its interoperability within the broader blockchain ecosystem.
“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 unparalleled flexibility and customization options, enabling them to build innovative cross-chain applications.” – Jasmine Cooper, Head of DeFi Product at Ripple.
Evmos Allocates $5M in Grant Funding for the XRPL Blockchain 🌟
Additionally, Evmos has pledged $5 million in grant funding to support the XRPL blockchain, calling on developers who align with their values to join the ecosystem and contribute to its growth and development.
“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.” – Cosmos team.
Impact on Prices and Market Sentiment Following the Announcement 💹
Following the unveiling of this collaboration, the price of XRP surged by more than 2 percent, climbing from $0.49 to $0.52. Currently, XRP is trading at $0.51. Moreover, the native token of Cosmos, ATOM, saw a price increase from $8 to $8.41 in response to this significant partnership.
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