Ripple (XRP) to Power Transactions on Experimental EVM-Compatible Blockchain, Here’s What We Know

Ripple ( XRP )

In a recent Twitter discussion about the potential of XRP Ledger sidechains, crypto educationist Dip Collector, a prominent member of the MBF community and a pseudonymous XRPL enthusiast, highlighted how Root Network aims to address the interoperability challenges between XRP Ledger and blockchains in the Ethereum Virtual Machine (EVM) ecosystem.

Validators and Stakers to Receive XRP Rewards on Root Network

Dip Collector revealed that Root Network, an upcoming cross-chain platform, will enable validators and stakers to receive rewards in XRP tokens. This development is expected to attract greater participation and engagement within the network, incentivizing users to actively contribute to its growth and security. The decision to reward participants in XRP tokens aligns with the preferences of the XRP community and further solidifies XRP’s importance within the ecosystem.

It is worth noting that the Root Network is built on Polkadot’s Substrate framework, which is known for its advanced features and flexibility. By leveraging this framework, Root Network aims to achieve compatibility with the Ethereum Virtual Machine (EVM), enabling seamless communication and interoperability between the XRP Ledger and EVM-based blockchains. This approach allows for the integration of Ethereum smart contracts and decentralized applications (DApps) with XRP’s ecosystem.

Seamless Gas Payments with XRP on Root Network

Adding to the list of noteworthy aspects of Root Network, as mentioned by Dip Collector, is its use of XRP as the gas token on the network. This means that users will be able to utilize XRP to pay gas fees for transactions and interactions within the Root Network ecosystem. Additionally, holders of other altcoins will have the option to convert their cryptocurrencies into XRP seamlessly, simplifying the process of utilizing gas fees and promoting a frictionless user experience.

Related: Stay Ahead of the Curve: Ripple’s CTO Unveils Innovative Trading Strategy for XRP Ledger

Integration with XRPL DEX for Enhanced Liquidity

To bolster the liquidity ecosystem of XRP Ledger, Root Network will be connected to the XRPL DEX (Decentralized Exchange). This integration aims to facilitate efficient and secure trading of various tokens on the XRP Ledger, enhancing the overall liquidity and utility of the network. By enabling seamless token swaps and liquidity provision, Root Network contributes to the development of a vibrant and robust decentralized exchange ecosystem.

Conclusion

Root Network emerges as a promising solution for addressing interoperability challenges between the XRP Ledger and EVM-based blockchains. With the ability to reward validators and stakers in XRP, leverage Polkadot’s Substrate framework, utilize XRP as gas, and integrate with the XRPL DEX, Root Network paves the way for enhanced functionality, liquidity, and connectivity within the XRP ecosystem.

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