Ripple partner Peersyst has vowed to usher in more demand, users, developers, investors, and banks to the XRP ecosystem via the much-anticipated EVM sidechain.
The disclosure came from Peersyst’s CEO, Ferran Prat, during a recent interview with Tokyo-based prominent XRP community figure Eri.
“Huge mistake” the #XRP Ledger is the only one in the top 10 that doesn’t have an EVM layer, making #XRPL more isolated.
New @Ripple Partner Ferran Prat, CEO of @Peersyst intends to bring:
and more banks#EVMSidechain pic.twitter.com/90C7SjuRmk
— 🌸Crypto Eri 🪝Carpe Diem (@sentosumosaba) February 10, 2024
XRPL Lagging Behind 2024 Standard
During the interview, Prat expressed dissatisfaction with the current state of the XRP ecosystem. He highlighted that there are roughly 700 EVMs in existence, and XRPL is the most prominent project lacking EVM support.
Prat underscored that XRPL primarily focuses on payments, which he acknowledged as blockchain technology’s most crucial and optimal use case.
Yet, according to him, the absence of EVM connectivity poses a substantial bottleneck to XRPL’s growth and interoperability with other chains.
In particular, Prat lamented that XRPL’s lack of EVM support has led to its isolation from the industry’s current standards. He pointed out that fewer developers choose XRPL over time due to limited opportunities for building businesses or solutions on the ledger compared to EVM-compatible platforms.
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He emphasized that the EVM ecosystem offers a larger community, user base, developer pool, and market capitalization, which continue to expand, contrasting with the more restricted growth potential of XRPL.
“I think it’s a huge mistake for XRPL not to have at least compatibility with this huge ecosystem,” Prat submitted.
Meanwhile, the Peersyst CEO clarified that adopting EVM does not imply that XRPL should relinquish its focus on payments.
Instead, he stated that since XRPL has established itself within the payment landscape, it should integrate additional utilities to enhance its appeal within the broader crypto ecosystem.
Based on this premise, Prat noted that Peersyst intends to attract numerous builders, users, and investors to the XRPL sphere.
Per the disclosure, this influx would increase demand for XRP to execute contracts as it would involve more users in the ecosystem. Consequently, this increased involvement would generate interest in other features within layer one and enable cross-chain functionality.
Ultimately, the goal is to expand the ecosystem and position it at the forefront of blockchain technology standards in 2024.
Team to Pay with XRP
It is worth noting that although operating as an independent network, the sidechain will utilize XRP as its native token. As The Crypto Basic recently reported, validators on the XRPL EVM sidechain will be compensated in XRP.
Specifically, the network will accrue gas fees in XRP, but rather than burning the fees, as with XRPL, these fees will be allocated to validators.
Overall, the goal of these initiatives lies in increasing the adoption of XRP and broadening the asset’s appeal to the public.