- The XRPL ecosystem is closer to the integration of the EVM Side Chain.
- The auditor has confirmed there were no fundamental issues with the implementation.
- DeFi developers will benefit from the EVM Side Chain, Flip the Chain said.
In a strategic development in the XRP community, the XRP Ledger (XRPL) is embracing the enhanced phase of blockchain technology by integrating the EVM Side Chain. Amidst growing anticipations for the advancement, Flip the Chain, a prominent voice in the Web3 sector, asserted that the EVM Side Chain facilitates becoming familiar with the XRPL ecosystem.
In a series of tweets, Flip the Chain lectured on the various use cases of the XRPL EVM Side Chain. While XRP boasts an immense trading volume that rarely goes below $1 billion, the XRPL EVM Side Chain fosters an easier method for new developers to launch new projects. Reportedly, five countries have already initiated creating a central bank of digital currencies (CBCDs) on XRPL. In addition, there is a growing demand for XRP in banks and other financial institutions.
Recently, Ripple announced their next step toward integrating the EVM Side Chain via an X post. According to the tweet, the auditing team led by Bishop Fox verified XRPL’s EVM Side Chain implementation and submitted remediation reports addressing vulnerabilities in the EVM Side Chain. Nonetheless, the reports confirmed that there were no fundamental issues in the implementation, assuring an imminent EVM Side Chain integration.
Commenting on the significance of the EVM Side Chain in the XRPL’s DeFi system, Flip the Chain stated, “EVM Side Chain should only be of net benefit to their DeFi.” The tweet further elaborated, citing:
The number of DeFi applications incorporating XRP is growing steadily, with an increasing amount of XRP locked into smart contracts on leading DeFi applications like PancakeSwap and Venus. PancakeSwap alone has over $2.7M in total-value-locked (TVL) in an XRP/WBNB pool.
Further, the tweet shared insights on XRPL’s Wave 7 grant, which fosters innovation in decentralized exchange (DEX) and financial inclusion. Highlighting the now-open grant proposal, Flip the Chain envisions more grants and rewards in the future, attracting the developer community with the “required funding and developer tools to build their projects.”
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