Ripple’s XRP Ledger Forms a Partnership with Axelar, Leading to Price Movement
Ripple’s XRP Ledger, supported by Ripple, has joined forces with Axelar to introduce its new XRPL EVM sidechain.
By Elif Azra Güven
June 12, 2024 – 11:48
Updated: 47 minutes ago
The XRP Ledger, a blockchain platform backed by Ripple, has unveiled its latest sidechain. The sidechain has been officially named the “XRPL EVM sidechain” by XRP Ledger.
In collaboration with Axelar, the XRP Ledger has initiated this sidechain, which will initially function as Axelar’s private bridge protocol. Users will have the ability to convert XRP into wrapped XRP (eXRP) on this sidechain, which will serve as the native token for gas fees.
Ripple highlighted that utilizing Axelar will enhance user experience and security, while commending Axelar’s track record and connections with prominent projects like Uniswap and Microsoft.
“The XRPL EVM sidechain will be introduced with Axelar as the private bridge to acquire the sidechain’s native gas token (eXRP) from XRPL. Axelar can also facilitate bridging between the XRPL mainnet and other fungible tokens from over 55 blockchains on the Axelar network.”
In recent months, Ripple disclosed plans to launch a dollar-pegged stablecoin on XRP Ledger and Ethereum later this year. Following this news, the price of Axelar (AXL) experienced movement.
Please note: This information is not investment advice.
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