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Road to Sovereign EVM Day - Ripple X Cosmos
Recorded: June 20, 2025 Duration: 0:25:07Space Recording
Short Summary
Excitement builds for the upcoming Sovereign EVM Day, a pivotal event aimed at enhancing collaboration within the Cosmos ecosystem and showcasing innovative projects like the XRP EVM sidechain. Key partnerships and growth opportunities in DeFi are set to be highlighted, with multiple projects ready to launch, signaling a vibrant future for blockchain interoperability.
Full Transcription
Thank you. There we go.
We'll get it, I guess, this time.
Theran, can you hear me?
Yes, I can hear you well.
Can you hear me?
Yeah, perfectly, perfectly.
We got this time that every time we want to do just run a space,
we get a hiccup here and there.
But it wouldn't be a Friday without it.
We'll get Seb here.
Ferran is joining us.
I gather from Spain, or have you traveled to France already?
I'm still in Spain.
So Spain, close by, close by.
For everybody else, Nico.
You might have seen me on Export Cosmos, now behind the Cosmos account.
We are here to speak a little bit about the Road to Sovereign EDM Day,
the event we are doing in about exactly 10 days in France to overlap with CANS and ETC, which is one of the biggest EVM-oriented events here in France.
We have Seb here joining us as well from Interop, who's helping us with the production of the event.
We're going to be hosting Sovereign EVM Day.
For those that are just tuning in,
it's the first time you've heard about this series
or why we're running them.
Sovereign EVM Day is a new line of events
that we're hosting with Cosmos,
specifically the Sovereign series
and Sovereign EVM Day being one of the first ones in them.
And it's an event mostly focused on the overlap of different ecosystems overlapping together.
In Cosmos that happens a lot. It's the internet of blockchains, which tends to connect across
ecosystems. Here we have Farhan representing, for example, the front at Ripple from the team at
PeerSyst who's helping to build the sidechain EVM for Ripple. And then we have a multitude of other
ecosystems that Cosmos overlaps with. Farhan, you want to tell us a little bit about PeerSyst and a little bit about you.
Sure, Nico.
So, hello everyone.
My name is Farhan.
I'm the CEO of Pearsys Technology.
Pearsys is a company that has been building blockchain for about seven years.
Me personally, more than 10 years now.
So it's been a while in the industry.
And essentially what we are doing, it's collaborating directly with top protocols like Ripple,
like Cosmos, like Nier and some others on
its core infrastructure and its go-to market to certain products.
In this case, our representation, let's say here from the Ripple Parish that we've
been building an EBM sidechain that I will briefly talk later, and I hope I can represent and share
a little bit more of what we've been building during the last three years almost. It's been
quite a long time. I thought it was a little bit longer, even I'd say,
when we started hearing about the sidechains themselves and the exploration.
Super excited to have you here.
We'll be in France as well,
linking up together with a keynote from Pure System Ripple combined.
But first, let me introduce the men.
Seb, how are you doing this Friday?
Just landed, as I understand.
Yeah, I don't know if you guys can hear me okay.
My internet's pretty bad, but I'm good, man.
And yeah, really excited about Sovereign EVM Day.
It's coming up pretty quick, but you know something?
I've been organizing events for a couple of years,
and I definitely feel the most at ease as I've ever have this close to an event.
I feel like we've been doing...
I feel like we've been just really on top of things,
and yeah, it's basically ready to go.
We could host the event tomorrow, and we'd be pretty much ready.
So everything's been ready to go. We could host the event tomorrow and we'd be pretty much ready. So everything's been going really smoothly.
So, yeah, super excited about this and also the partnership with the ICL team and Cosmos generally.
You are muted, Nico.
Oh, sorry.
It takes a little bit, I think.
Can you hear me now?
Yes.
Awesome.
I think I cannot hear sub.
Can you hear sub?
Can you guys hear me?
That's kind of funky, yeah.
Yeah, I think we can hear both people.
Wow, interesting.
You know, this is a new one for sure in terms of format.
You want to tell us a little bit, Ferran, of what the XRPL EVM sidechain is for those coming in here for the first time?
Yeah, for sure. Well, the EVM sidechain, so-called, the official name is XRP EVM sidechain, so it's not that different. It's essentially a layer to blockchain that we've built, which is connected to the XRP ledger mainnet, and it pretends to extend its capabilities with EVM programmability plus interoperability.
Yeah, for sure.
So essentially, it's a layer two, it's a sidechain.
In this case, it's built with the Cosmos SDK technology, Cosmos EVM to be more precise.
It's Bridget B-AxLR, and the great part of that is that the native currency of
the XRP-LEVM sidechain, it's still XRP.
So it's the Bridget XRP one-on-one that essentially
creates an entire ecosystem around XRP ledger,
where you can use both the XRP-L-Mainnet and
its built-in features or if you need some more programmability,
EVM compatible compatible you can use
the XRP-LEVM plus with obviously that the interoperability that the XRP-LEVM has
thanks of being a Cosmos chain we can also expand in many more use cases that I hope we will very
soon see some examples and builders utilizing them.
Super exciting.
We've been chatting with you for a while
and with other ecosystems like Duck and Telegram
and this idea of products like XRP gaining their app layers
and then getting exposed to EVM, the Ethereum world
and Cosmos with the Cosmos EDM technology that has
gone from either mid-dev most now to the official Cosmos EDM implementation, IBC and IBC RECA.
Could you tell us a little bit of this road and exploration, how XRP ended up deciding to build
a sidechain for this purpose? What was the problem?
a site chain for this purpose? What was the problem?
Yeah, so that's a good one, Nico. So essentially we've been asked by Ripple.
Well, we also do this project together with Ripple. To be clear, I'm talking about Persis, but there is a team that is formed with Persis and some Ripple engineers as well. We've been doing research on how to scale
EVM programmability in this case.
The XRP Ledger native itself,
it doesn't have programmability.
Now there is some works to achieve
some kind of programmability on top of it,
but until now there is nothing.
And I think the works are not focusing on EVM.
So essentially, we wanted to bring EVM capabilities to the native token XRP so people can use, deploy smart contracts with XRP.
And we started doing this research about three years ago, looking at opportunities.
We didn't know a lot about Cosmos even at the time.
And we've essentially looked at different options.
One was FMOS, which is now the Cosmos EVM.
We also looked at Avalanche subnets, and we also looked at Polkadot.
But we found that the FMOS or Cosmos EVM was the most modular one.
Its architecture allows us to do all the customizations we need.
For example, one of the customizations is that we have a proof of authority
consensus mechanism that it's replicating essentially
the consensus mechanism that has secured the XRP Ledger
for more than 10 years.
And the way the Cosmos Decay structure it, we could build this model, which by the way,
it's now public if anyone else wants to reuse it.
And we could plug this part in,
we could plug the IBM machine,
we could install the bridge smart contract
on the Genesis file.
And this allows us to essentially create
all these entire ecosystems.
So we found that this was the best option at the time.
Then once we have plugged in all these things, we discovered Cosmos, right?
We didn't even know a lot about that.
We discovered that we also had IVC that we could connect to a vast ecosystem of chains and users.
We discovered all the features and the community that Cosmos have.
And at this point, we started also not just focusing on EVM,
which is also a main focus for us, but also to see how we can access and
interoperate with the Cosmos market by essentially bringing XRP and allowing XRP to be exposed
and used in all the rich ecosystem of the apps that can be found on Cosmos.
That's an amazing point of history.
A lot of folks don't know, you know, XRP is as old as Cosmos as an ecosystem and, you
know, the evolution of that ecosystem, the chain, the ledger has
had, as you said, its exploration or in other cases, complication because it started with
one purpose.
And of course, with EVE bringing a programmability layer, people started exploring that more deeply.
What type of use cases were you interested in now that you're seeing this overlap between XRP and IBC?
What can we expect once things start going live in terms of connections?
Yeah.
Well, essentially, the main purpose of the sidechain was to have general proposed programmability, right?
So we are not close at anything.
We are providing this capability to XRP and the XRP Ledger ecosystem.
But one of the biggest opportunities
that I think people will focus a lot on is DeFi.
XRP, it's one of the top blue chip assets,
one of the most liquid ones, if not the one of the top blue chip assets uh one of the most liquid ones if not the the
the one of the most um but if you compare the defy um tbl versus market cap uh which is a good
metric to see how uh profound is the the defy ecosystem on on on one. You see that on the XRP ledger, the TBL versus market cap is below 0.05%. It's in the order of 60 million in a chain that it's, you know, 150 billion or something like that.
I think about 60 billion.
So it's about 20%.
In Solana, it's about 10%.
And in XRP, it's like 0.0 something percent.
So this essentially seems that there is a big untapped opportunity to use XRP in DeFi.
And one topic or one term that has been adopted recently is XRP XRP5, which is super hot on the XRP
ledger community.
Everyone is trying to essentially provide yield for XRP holders because XRP doesn't
have a staking.
And XRP holders, which is a big amount of users, are essentially in centralized exchange
because there is no way to earn yield for XRP.
So I expect that apart for
providing general purpose programmability there will be a lot and i'm aware that there will be a
lot of people from both cosmos ethereum xrp ledger that are trying to use this new layer of
programmability and interoperability to essentially uh bring defy XRP and bring yield to XRP holders.
Yeah, that's tremendously exciting.
It's great that you see it as both like the birth of a more native ecosystem, right?
XRP holders just moving on to the sidechain itself and then the exposure to all the DeFi
that exist here at Cosmos, now helping and serving that market
and connecting more closely different use cases that were not available before.
It's kind of similar to the situation with BTC and how over IVC, Eureka, BTC, and through
Babylon and those partners, it started to gain access to a lot of use cases in a more native way, right?
Like yield, restaking, offered security that before were not as native or close, let's
say.
At that level of volume, of course, there are so many products in BDC, but not at that
level of volume or state assets. So for XRP and a market, as you say,
I think we tweeted the other day,
127 billion a couple of days ago,
probably now a little bit higher again.
It's a tremendous possibility.
And an ecosystem that's super eager,
that's one of the overlaps as well,
that I usually try to tell other people,
cost monouts and the XRP army are very, That's one of the overlaps as well that I usually try to tell other people.
Cosmonauts and the XRP army are very familiar in eagerness.
I'm not sure if you've shared here a little bit, but from what you say on when it hints at that, for sure I see 100%. What's now shifting a little bit towards France, of course,
and we're going to be meeting up on the ground there
for sovereign EVM day.
Could you tell us a little bit of what XRP, Ripple,
and Pierce's have going on?
I know you're not just attending our event,
but you're hosting a couple that will be joining as well.
Yeah, actually, I think ECC for us will have a lot of Cosmos feeling because, yeah, we are participating in Sovereign Day. I will be there. I think some Ripple directors will be there as well.
So then the same day in the afternoon, if you guys want to join, there is an XRPL meetup where we also, we did invite Cosmos team.
But not only that, but most of the other speakers in the room will be also Cosmos chains.
So essentially Cosmos everywhere, even Axelar that is going to also be there with us.
Essentially Axelar is also a Cosmos chain.
So there will be a lot of Cosmos everywhere.
The full day of Cosmos, I will say.
And yeah, I think, you know,
there is many things we want to share, announce updates.
Last week we were at Singapore at XRPL Apex.
We shared a fair amount of updates on the XRPL EVM.
We hope to be able to announce much more new updates on these events,
but also for people to understand who is utilizing or positioning themselves
on this XRP5 narrative and with EVM sidechain, right?
As I was mentioning, there is different Cosmos protocols,
also XRPL and Ethereum protocols that are there
that are working hard and putting plans to put different
strategies to use XRP to make some defiant yield.
They are.
I'm super aware that a lot of these teams are bringing liquidity.
There will be different DEXs.
Yesterday I announced that there will be at least 10 projects ready
for day one when we decide to launch the chain.
So essentially there's different strategies.
And I think the overlap of all this is there is another strategy
which is arbitrage, right?
That I see there is a you know, a pheromone of DEXs.
There is the connections with Osmosis.
There is also the native DEX of XRP Ledger.
So a lot of tokens will flow in and out.
XRP Ledger essentially had XRP and a few other ecosystem tokens.
Now Ethereum, Bitcoin, USDC, all these assets will flow in and out between XRP,
the sidechain, and the Cosmos ecosystem. And I think there will be a lot of opportunities for
liquidity, providers, market makers, bots, arbitrage, etc. to essentially make this entire new market,
right? Yeah, things like the focus on DeFi for us
has been very strong for this summer
and we're seeing it across the board.
Again, we went from Bitcoin flowing
and now the BBC summer as well.
We shared a little bit earlier
to this with XRP,
the work of Telegram
inserting DeFi into Tone with TAC.
I think right now it's for people building in the intersection of IBC, RECA, the Hub,
and Cosmos in general with teams like you all. The opportunity is there at the center,
all these assets that were underserved, under exposed as well.
There's a lot of platforms that now can be built
in around them, of course, to serve them.
And then there's a lot of new opportunities
for DeFi across boundaries
that were a little bit unexplored before, let's say.
Something exciting that we've been discussing,
I think a little bit offline as well,
it's like the native aspect of this, right?
Like it's no longer the ADL having these assets
flow in a rapid manner, right?
But more so we'll start seeing native XRP permeate
across ETH and the Cosmos ecosystem,
which is super exciting.
To add a little...
Oh, sorry.
Go for it.
I just wanted to say that, yes, we've been
opening, I think
we have like five IBC channels
now planning to
open and probably much more.
Also, one will be
Cosmos Hub. So, yeah, I think
through all these connections uh essentially and
there are some teams that are also involved i think we will put a fair amount of xrp uh to flow
and to be used on on the entire cosmos ecosystem so i think that that will be uh no surprise for
many people of course super exciting let me give this a second try to see sebb if i can hear you or
if it's just the rest of the world but me how are you doing
hey i'm here okay faran you can hear you for me because i definitely do not hear
but i gather he is there this is so weird i mean maybe can other people raise their hand if they can read if they can hear me
Yeah, okay, I see a flying up
But are there other all you want to explain a little bit of the cosmos CBM a
Event it's already that we're having and more or less how the agenda is shaping up
You just give me a thumbs up.
Meet yourself when you're good.
I'll let you roll.
Yeah, sure.
This is very strange because I can hear you, but you can't hear me.
So I'm going to give you a thumbs up and, yeah,
talk a little bit about the agenda, which is shaping up quite nicely.
We've been working for weeks
and we've got a pretty tight schedule for Sovereign EVM Day.
You know, we'll get started around noon.
People can come in, get registered, get some food and drinks.
And then we've got content all afternoon until 5 o'clock.
So, you know, we'll have a fireside chat with
Barry and Magnus
asking the question,
is Cosmos the best place
to build an EVM chain?
Which,
if you asked me that question three years ago,
I would have definitely
had a second thought about it.
But now I think with all the work that's been happening,
that question does become very legitimate.
And of course, we mentioned we'll have Marco Monaco from TAC giving a talk.
We couldn't have a Cosmos event without an interprobability panel.
So we'll chat about interrobability and all the different flavors of IBC.
So we'll chat about interprobability, all the different flavors of IBC.
Also, we'll have some app chain protocols talking about their use of the Cosmos stack.
And, of course, Farhan, Fireside, and also Bitcoin.
So we will have some Bitcoin content as well.
So looking to be a pretty packed day with really high signals and noise content.
And just briefly talking about the venue. So that's happening at L'Hotel Belplage,
which is a beautiful rooftop restaurant overlooking the sea.
So expect good vibes, good people, and great content.
Awesome. I can hear you now.
Welcome back to my headphones.
So nice to hear you. Glad
that you landed safe as well. And super excited for the event. We're only 10 days away, 10
days away. And if people saw the product from plugging them back, they'd be even more excited,
I think, with the agenda and the speakers coming up. So stay tuned in. We'll be in person soon. We'll get the talks recorded and streamed as well then, the day after most likely.
And we'll continue to share more news across that week.
We'll have the team, of course, from Interchain Labs speaking, Matt, Gary, and the rest,
attending to share news on Cosmos, the EBM stack as well, and next steps there.
So it's going to be a packed week overall.
Very excited for it.
Very excited to have you all join us as well, Ferran and team.
So really cannot wait.
For us, being a time, usually we do a short for these ones as a recap of things coming up for the event.
We can wrap it up, hiccups aside from connection.
Otherwise, it wouldn't be another space or another Friday, of course.
So thank you, Seb, so much.
Thank you, Ferran, for coming in and sharing a little bit of what you all have been working on for quite a while now.
We're super excited for you to come to creation and have those
ecosystems overlap.
Again, solve them
we say better together, which is very
exciting for us. But yeah,
see you soon and thank you so
much for coming.
Cheers. Have a good weekend.
Take care. Bye-bye.
