- XRPL’s XRP EVM sidechain facilitates easy access for users to core Ethereum-based decentralized applications (dApps).
- An increasing number of Layer 1 solutions, including Filecoin and EOS, are integrating EVM sidechains to tap into the liquidity of the Ethereum blockchain network.
Peersyst Technology, an instrumental developer of the XRP Ledger (XRPL) protocol, recently highlighted the notable benefits of the protocol’s EVM sidechain for users. Through a conversational Twitter thread aimed at educating its community, the team shed light on the perks that accompany the EVM sidechain, spurring members to embrace the new offering.
Responding to a community query by Twitter user @dsillionaire, Peersyst outlined two significant reasons why the XRPL EVM sidechain stands out. Firstly, it allows Ethereum-based decentralized applications (dApps) such as Uniswap and OpenSea to migrate to the XRPL, making them accessible to a broader user base. Secondly, the EVM sidechain facilitates hassle-free integration of EVM-compatible dApps, a critical feature that can stimulate wider adoption of this innovation.
The XRPL EVM sidechain, which launched on the testnet in March, represents a significant stride for the XRPL. It not only offers potential benefits to users but also presents an opportunity for dApps to tap into XRPL’s extensive network.
However, XRPL’s move to incorporate an EVM sidechain isn’t unique. Many Layer 1 solutions have embarked on similar endeavors in recent months, indicative of an industry-wide EVM push. The main objective behind these initiatives is to leverage the deep liquidity residing on the Ethereum blockchain network, thereby fostering their own native decentralized finance (DeFi) ecosystems.
>> Buy XRP quickly and securely with PayPal, credit card or bank transfer at eToro with low fees and deposit protection. Get started with XRP now. Visit Website <<
Filecoin (FIL), for instance, has introduced its EVM sidechain equivalent, the Filecoin Virtual Machine (FVM). Similarly, EOS is another protocol that has recently adopted this approach.
By aligning with Ethereum’s EVM, these protocols can harness the vast capabilities of the Ethereum ecosystem, opening up new possibilities for the development and adoption of DeFi applications. This trend signifies a critical phase in the evolution of blockchain technology, as protocols strive for interoperability and wider user access.
Best Crypto Exchange for Everyone:
- Invest in Ripple (XRP) and 70+ cryptocurrencies and 3,000 other assets.
- 0% commission on stocks – buy in bulk or just a fraction from as little as $10.
- Copy top-performing traders in real time, automatically.
- Regulated by financial authorities including FAC and FINRA.
2.8 Million Users