Ripple Chooses Axelar as Bridge Partner for XRPL

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Ripple has unveiled the name of its highly anticipated sidechain – the XRPL EVM sidechain. This new addition to the XRP Ledger ecosystem aims to streamline cross-chain transactions for users. To achieve this, the crypto giant has partnered with Axelar, a leading interoperability platform, as the exclusive bridge protocol for the XRPL EVM sidechain.

Axelar’s integration will be crucial for facilitating a smooth user experience. It will enable users to effortlessly convert their XRP into wrapped XRP (eXRP), the native token that fuels gas fees on the XRPL EVM sidechain. This eliminates friction for users who want to leverage the functionalities of the new sidechain.

Axelar: A Strategic Shift for Ripple

“Maintaining two separate bridges for XRP and other tokens, alongside the ability to execute cross-chain smart contracts, would create a cumbersome experience for users,” explained a Ripple spokesperson. By consolidating onto a single, user-friendly bridge (Axelar) for all functionalities, Ripple aims to streamline the process and make it more intuitive for everyone.

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Ripple’s Focus on Developer Support and Ecosystem Growth

This announcement regarding the XRPL EVM sidechain and Axelar partnership is just one piece of a larger puzzle for Ripple. The company has been actively engaged in fostering innovation and growth within the XRP Ledger ecosystem.

Just a day before the Axelar news, Ripple revealed the establishment of a new developer fund. This fund specifically targets fostering blockchain development in the burgeoning Japanese and Korean markets. The initiative aligns with Ripple’s broader commitment of $1 billion dedicated to developers building on the XRP Ledger (XRPL).

Dollar-Pegged Stablecoin on the Horizon: Expanding XRP Ledger’s Utility

Furthermore, Ripple announced the upcoming launch of its dollar-pegged stablecoin, RLUSD (Real USD), two months ago. This stablecoin is expected to launch on both the XRPL and Ethereum later in 2024. The introduction of RLUSD presents exciting possibilities for developers and users. Also, it unlocks new avenues for financial applications and fostering wider adoption of the XRP Ledger.

This decision represents a strategic shift away from their previously proposed XLS-38 cross-chain bridge. Ripple acknowledges that the XLS-38 process presented complexities that could hinder user adoption.

These developments show Ripple’s commitment to enhancing interoperability, improving user experience, and driving growth within the blockchain landscape. By partnering with Axelar for the XRPL EVM sidechain, Ripple is making significant strides towards achieving these goals.