Ripple and Evmos are joining forces to build an XRPL EVM sidechain, enhancing Web3 capabilities and inviting developers to participate in the XRPL ecosystem. Evmos is offering $5 million in awards to encourage developers to join. This partnership also includes Peersyst, a crypto software company.
The collaboration between Ripple and Evmos will create an XRPL EVM sidechain using Cosmos’ Ethereum Virtual Machine (EVM)-based protocol. This is a significant milestone for Ripple as it expands its presence in the Web3 commercial market. The partnership leverages the Interchain Stack components of evmOS to unlock a modular-interchain EVM solution. More information about Ripple x Evmos and how evmOS utilizes these components can be found at the provided link.
The XRPL sidechain will be built on the evmOS solution, which prioritizes native Web3 enterprise apps and ensures their compatibility with EVM. evmOS is a modular system that is EVM and Web3 enterprise-ready. It offers a more flexible platform than traditional smart contract platforms by allowing applications to modify their logic. This sidechain will provide web3 enterprises with access to the DApp Store, CometBFT consensus engine strings, Inter-Blockchain Communication Protocol (IBC), and over 60 Cosmos SDKs.
By linking XRPL to the blockchain through IBC, XRP users will gain access to various DApps such as Orbital Apes, Forge, Osmosis, and Stride. This seamless connection will enhance the user experience and expand the XRPL community’s access to a larger ecosystem.
The XRPL ecosystem has a significant user base, with XRP currently having a market capitalization of $27 billion. The price of XRP is approximately $0.5182, showing a 3.46% increase in the last 24 hours compared to a slight 0.33% drop over the previous week.
Integrating the XRPL EVM sidechain into the evmOS interchain is a crucial step in the growth of the XRPL ecosystem. Jasmine Cooper, Head of DeFi Product at Ripple, emphasizes that this technology provides developers with unparalleled flexibility and customization options, enabling them to build innovative cross-chain applications that tap into the vast potential of the XRPL and the broader interchain ecosystem.
To encourage developers who align with its principles to join the ecosystem, Evmos has committed $5 million in grant financing to the XRPL blockchain.
Overall, this collaboration between Ripple, Evmos, and Peersyst will empower the XRPL ecosystem and enable it to thrive in the open, scalable, and interconnected economy of the future, known as the interchain.