Prop 953: Alloyed XRP: Add XRP.xrplevm
This proposal would add XRP.xrplevm as a constituent of Alloyed XRP.
Alloyed XRP
Alloyed XRP is the canonical XRP on Osmosis, following the approval criteria in Proposal 826.
Alloyed XRP currently has approximately $190,000 in liquidity, consisting of XRP.int3 via Int3face and XRP.core via Coreum.
This proposal requests the addition of XRP.xrplevm to the existing XRP Alloy, enabling XRP to be deposited via an IBC connection to the newly launched XRPL EVM sidechain.
This proposal does not add an initial static rate limit as the exposure of the full pool is smaller than typical exposures in previous additions ($200-$350k).
Further Information
Alloyed Asset Statistics - XRP
About XRP.xrplevm
XRPL EVM has been in development since 2022 with its highly anticipated public testnet going live this past March. The testnet has seen high levels of participation with more than 12 million transactions performed so far and a wide array of applications deployed.
The EVM sidechain is connected to Osmosis via IBC, with the sidechain connected to the main XRP Ledger by Axelar and Wormhole. The XRPL EVM Sidechain aims to bring EVM-compatible applications to the XRP Ledger.
Website: https://www.xrplevm.org/
Parameters
Adds XRP.xrplevm -ibc/46EB46DB30D3BBC6F404A9232C09785F36D40DA05C662A8E295712ECBAFF1609 to allXRP - [osmo1qnglc04tmhg32uc4kxlxh55a5cmhj88cpa3rmtly484xqu82t79sfv94w0](https://celatone.osmosis.zone/osmosis-1/contracts/osmo1qnglc04tmhg32uc4kxlxh55a5cmhj88cpa3rmtly484xqu82t79sfv94w0) with a normalization factor of 1,000,000,000,000 due to the standard EVM exponent of 18 needing to be scaled to the standard XRP exponent of 6, which is in use in both the alloy and current variants.
Forum Post: https://forum.osmosis.zone/t/alloyed-xrp-add-xrp-xrplevm/3768