tl;dr
Ripple has partnered with Evmos to create an XRP Ledger EVM sidechain, utilizing evmOS, a solution supporting EVM and web3 enterprises. The sidechain will offer access to over 60 Cosmos SDK, IBC, CometBFT consensus engine strings, and the DApp Store. Through IBC, XRPL will connect to the blockchain,...
Ripple and Cosmos' Evmos have joined forces to construct an XRP Ledger EVM sidechain, with a primary focus on native Web3 enterprise applications. This collaboration entails utilizing evmOS, which is developed with Cosmos SDK to support EVM and web3 enterprises. The XRPL EVM sidechain will connect to over 60 Cosmos SDK, IBC, CometBFT consensus engine chains, offering passport access to various DApps and expanding the XRPL ecosystem. Evmos has committed $5 million in grant funding for this initiative.
Following the announcement, the price of XRP surged by 2% to reach $0.52, while Cosmos' native token, ATOM, also experienced an increase, trading at $8.41. The collaboration aims to interconnect the user community, DApps, and a network of over 90 connected chains. XRPL users will gain access to DApps such as Orbinal Apes, Forge, Osmosis, and Stride, among others, with seamless browsing capability across applications.
Jasmine Cooper, Head of DeFi Product at Ripple, emphasized that leveraging evmOS technology enhances developers' flexibility and customization options, enabling the construction of innovative cross-chain applications that tap into the vast potential of XRPL and the broader interchain ecosystem. Additionally, Evmos has pledged $5 million in grant funding to the XRPL blockchain, calling on developers aligned with its values to join the ecosystem.
Following the announcement, XRP's price rose by over 2% to $0.52 before settling at $0.51 at the time of writing. Similarly, Cosmos's native token, ATOM, increased from $8 to $8.41.
Disclaimer: The opinions expressed by the writers at Grow My Bag are their own and do not reflect the official stance of Grow My Bag. The content provided on our site is not intended as investment advice, and Grow My Bag is not an investment advisor. We do not endorse buying or selling any cryptocurrencies or digital assets mentioned in our articles. High-risk investments in Bitcoin, cryptocurrencies, and digital assets require thorough due diligence, and all transfers and trades made are at your own risk. Grow My Bag is not responsible for any potential losses and participates in affiliate marketing.