Ripple President Highlights XRPL EVM Sidechain in Q2 Report

• Ripple partners with Axelar to enhance XRPL EVM sidechain interoperability.
• Archax plans to tokenize millions in real-world assets on the XRPL.

Monica Long, Ripple’s President, recently offered her thoughts on the latest Ripple upgrades, specifically the XRPL EVM sidechain.

These updates cover development with the XRPL EVM sidechain and Axelar for interoperability, as well as Archax’s planned contribution of hundreds of millions of dollars in tokenized real-world assets (RWAs) to the XRPL.

Preparations for future Oracle and Multi-Purpose Token (MPT) releases have prompted widespread curiosity about the changes expected in the third and fourth quarters of the year.

Updates in Q2 – namely progress w/ the XRPL EVM sidechain & Axelar for interoperability, Archax expected to bring hundreds of millions of $ of tokenized RWA onto the XRPL and prep for future Oracles and MPT releases – are making me very excited about what’s coming in Q3 + Q4. https://t.co/GO7jjdBSsf

— Monica Long (@MonicaLongSF) August 2, 2024

Ripple: Strategic Cooperation with Axelar and the Role of Oracles in XRPL 

In the previous quarter, Ripple stated that the XRPL EVM sidechain would use Axelar as the exclusive bridge to source the sidechain’s native gas token, eXRP, from the XRPL.

This strategic cooperation with Axelar leverages their established experience and the benefits of linked sidechains, while also providing users with a safe and efficient bridge.

Furthermore, Axelar may connect other fungible tokens to and from the XRPL mainnet and over 55 blockchains within the Axelar network, improving the overall interoperability and functionality of the XRPL ecosystem.

Oracles on the XRPL will provide institutions with consistent and accurate data feeds, improving the functionality of smart contracts and decentralized financial (DeFi) applications.

These Oracles will support a wide range of use cases, including price feeds and event data, making them vital tools for institutional DeFi. Band Protocol and DIA will offer decentralized oracle price feed data to XRPL’s mainnet and EVM sidechain, ensuring real-time market data reliability and accessibility.

The Multi-Purpose Token (MPT) standard, which is expected to be introduced in the third quarter, will allow for the creation of complicated token structures that can represent diverse assets and rights through metadata.

This functionality will be especially useful for institutions that want to tokenize and manage different asset portfolios efficiently. The MPT standard will be natively supported on XRPL, giving developers direct access to these capabilities via simple APIs in XRPL libraries.

Ripple announced in the second quarter that Archax, a UK Financial Conduct Authority-regulated digital asset exchange, broker, and custodian, will introduce hundreds of millions of dollars in tokenized RWAs to the XRPL over the next year.

In addition, Ripple earlier announced the creation of a fund to promote initiatives in Japan and Korea targeted at supporting XRPL innovation, as previously highlighted by CNF.

Recently, CNF reported that Whale Alert detected 500 million XRP had been unlocked from escrow at an unknown wallet. This huge movement of XRP has inspired several arguments and hypotheses in the cryptocurrency world.

In a related move, as we previously reported, Ripple worked with OpenEden to add tokenized US Treasury banknotes (T-bills) to the XRP Ledger. OpenEden has exceeded USD 75 million in total value locked (TVL) for tokenized US Treasury securities.

Meanwhile, the XRP coin is trading at around $0.5711, up 0.36% over the last 24 hours, with a daily trading volume of $1.582 billion.