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XRP Ledger, the blockchain network backed by payment firm Ripple, announced its new sidechain.
Accordingly, XRP Ledger announced the official name of its new sidechain and said that it is called “XRPL EVM sidechain”.
XRP Ledger has partnered with Axelar on this sidechain. At this point, XRP Ledger stated that this sidechain will start by serving as Axelar's private bridge protocol.
Axelar will allow users to convert XRP into wrapped XRP (eXRP), which will also be used as the native token for gas fees on the sidechain.
While Ripple said that using Axelar will simplify the user experience and increase security, it also praised Axelar's past performance and integrations with major projects such as Uniswap and Microsoft.
“The XRPL EVM sidechain will be launched with Axelar as the private bridge to source the sidechain's natural gas token (eXRP) from XRPL.
Axelar can also be used to bridge the XRPL mainnet as well as other fungible tokens from over 55 blockchains on the Axelar network.”
As you may remember, Ripple announced in recent months that it would launch a dollar-pegged stablecoin that will be released on XRP Ledger and Ethereum later this year.
Axelar (AXL) price moved after the news.
*This is not investment advice.