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The XRP ledger Mainnet welcomes EVM sidechains, opening new scenarios for Ethereum compatible applications.
On June 30, the XRPL EVM sidechain has officially launched on the Mainnet, bringing Ethereum smart contracts into the XRP ledger ecosystem. This breakthrough opens up new scenarios for decentralized applications compatible with Ethereum on the XRP ledger.
This sidechain is launched by a blockchain network associated with a cross-border payment company, allowing developers to build, port, and deploy cross-chain Ethereum-compatible applications within the XRP ecosystem. The official statement indicates that this parallel-running blockchain combines the low-cost transaction advantages of the XRP ledger with the smart contracts functionality of Ethereum, paving the way for new decentralized applications such as lending, asset tokenization, and payments, based on optimized infrastructure for speed, security, and scalability.
It is reported that the XRPL EVM sidechains are developed through a collaboration of three parties, utilizing the software architecture of Evmos. Although the XRP ledger has previously supported limited local smart contracts programming, it has not been compatible with EVM. However, the Flare network, which is integrated with the XRP ledger, has separately provided smart contract functionality through an EVM-compatible layer. This sidechain connects to the XRPL Mainnet as an exclusive cross-chain bridge for transferring wrapped XRP and other assets, which will serve as the native fuel tokens of the sidechain.