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Ripple is set to transform the XRP Ledger with a major enhancement that brings Ethereum-compatible smart contracts into the ecosystem via a new sidechain.
What Happened: This upgrade will allow the ledger, which primarily facilitates simple financial transactions, to now support complex decentralized applications like exchanges and token issuance.
The move promises to significantly expand the XRP Ledger’s functionality, potentially boosting the utility of its native token, (CRYPTO: XRP).
At the heart of this integration is the Axelar network, which enables cross-chain token transfers, making Wrapped XRP (eXRP) the primary asset on this sidechain.
This development will enable XRP to interact with 55 other blockchains, enhancing interoperability and offering a more seamless experience for developers.
Ripple, in a statement, emphasized the benefits of this upgrade: “Progress towards smart contract functionality is already underway in the XRP Ledger ecosystem with the XRPL EVM sidechain.”
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The inclusion of Ethereum Virtual Machine (EVM) compatibility will be a game-changer, allowing developers familiar with Ethereum's (CRYPTO: ETH) tools and languages to work within the XRP Ledger, thereby expanding its global appeal.
Why It Matters: This integration is part of a broader effort that began in 2022 when Ripple first explored ways for developers to deploy Ethereum-based smart contracts on the XRP Ledger.
Now, with the XRPL EVM sidechain, developers will be able to leverage familiar Ethereum tools while taking advantage of XRP’s blockchain speed and efficiency.
The Axelar network's bridging service will ensure easy transfers of tokens across multiple blockchains, with eXRP serving as the native currency for this ecosystem.
This is just one example of how the digital assets sector is expanding to meet new demands, a topic that will be explored further at Benzinga's Future of Digital Assets event on Nov. 19, where key industry players will gather to discuss the next wave of innovations in the blockchain space.
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