June 23, 2024

Peersyst, a Ripple partner, has pledged to support the XRPL (XRP Ledger) growth by attracting more investors, banks, and developers to join the ecosystem. Ferran Prat, the CEO of Peersyst, revealed this during an interview with Eri, a prominent figure in the Tokyo-based XRP community.

EVM Sidechain Will Boost Demand on XRPL, Peersyst CEO Says

According to Prat, the absence of EVM (Ethereum Virtual Machine) support is one of the primary reasons for the present state of the XRPL ecosystem. He believes that the 700 available EVMs are sufficient to improve the status of the ecosystem.

Notably, XRPL, known for its focus on payments, faces a significant hurdle due to the lack of EVM connectivity. This has resulted in decelerated growth and interoperability with other blockchain networks.

He also pointed out that the absence of EVM support has led to XRPL’s isolation from industry standards, resulting in fewer developers choosing the platform over time.

Additionally, Prat emphasized the crucial role of payments in blockchain technology. However, he stressed that XRPL should integrate additional utilities to better its appeal within the broader crypto ecosystem.

Meanwhile, Peersyst aims to address this challenge by attracting a myriad of builders, users, banks, and investors to XRPL.

The influx of participants is anticipated to drive increased demand for XRP, particularly in executing contracts. This heightened engagement is expected to generate interest in other features within XRPL’s layer one and facilitate cross-chain functionality.

While maintaining its status as an independent network, the XRPL EVM sidechain, according to recent reports, will use XRP as its native token. Validators on this sidechain will be rewarded in XRP, with gas fees in XRP allocated to validators instead of being burned, as is the case with XRPL.

Importantly, Peersyst’s initiatives intend to position XRPL at the forefront of blockchain technology standards in 2024. This move will foster broader adoption and appeal to a wider audience of developers, investors, and financial institutions.

As Ripple’s partner, Peersyst’s commitment signals a strategic move to propel XRPL into a new era of growth and influence within the crypto space.

XRP to Integrate with Flare Network

Besides the latest development, XRP continues establishing itself as a resilient digital asset in the crypto space. This is reflected in another integration between the XRP token and Flare Network.

Hugo Philion, the Co-founder and CEO of Flare Network, recently shared on the X platform the upcoming integration of XRP into the Flare network, facilitated through the FXRP asset.

Philion said LayerCake will facilitate the integration process. In context, LayerCake, a decentralized asset, will enable the incorporation of XRP into the Flare Network and extend its integration to other protocols.

In the competitive space with Oracle networks like Chainlink and The Graph, the support of developers is crucial.

Philion emphasized that the LayerCake protocol will empower Decentralized Application (DApp) developers, allowing them to innovate and create applications with interoperable features. This approach is expected to contribute significantly to their long-term impact on XRP.


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