Ripple has chosen Axelar to facilitate the conversion of XRP into eXRP, which will be used for gas fees on the XRPL EVM sidechain, thereby simplifying cross-chain transactions.
By abandoning the XLS-38 bridge for Axelar, Ripple is unifying the bridging processes, making interactions more intuitive and accessible for users.
In addition to the sidechain, Ripple is developing a dollar-backed stablecoin and launching a fund to support developers in Asia.
Ripple, through its XRP Ledger blockchain network, has announced the upcoming launch of a sidechain called ‘XRPL EVM sidechain’, using Axelar as its exclusive bridging protocol.
This initiative marks a strategic turning point for Ripple, which is moving away from its original and complex cross-chain bridge project XLS-38, in favor of a simplified and secure user experience.
Integration of Axelar to Simplify Transactions
The adoption of Axelar by Ripple will allow users to convert their XRP into wrapped XRP (eXRP), which will serve as the native token for gas fees on the sidechain. This collaboration with Axelar, known for its integrations with major projects such as Uniswap and Microsoft, aims to significantly improve the security and ease of use of the network.
Ripple emphasized that consolidating bridge services with Axelar will make the process more intuitive and user-friendly, eliminating the need to use two different bridges for cross-chain transactions and smart contract execution.
Continued Expansion and Innovations of Ripple
This announcement comes shortly after Ripple revealed a new fund aimed at fostering development on its blockchain in Japan and Korea as part of its commitment of 1 billion XRP to developers working on XRPL.
Two months ago, Ripple also announced the upcoming launch of its dollar-backed stablecoin, planned to be deployed on the XRP Ledger and Ethereum later this year. Ripple’s stablecoin, with the ticker RLUSD for ‘Real USD’, is another step towards expanding its ‘DeFi’ product offering.
During the ‘XRP Ledger Apex’ event in Amsterdam, Ripple’s CEO, Brad Garlinghouse, shared additional details on upcoming initiatives, including the launch of the RLUSD stablecoin.
The event provided a platform for Ripple to showcase how the integration with Axelar and other recent developments align the company with current industry trends while strengthening its commitment to blockchain innovation.
