🧵1/9: What is #WXRP ? A Thread for Beginners 🚀 The XLS-38d proposal is an initiative to bring an EVM sidechain to the XRPL. If you've heard of Ether, you've probably heard of Wrapped Ether (WETH). But what exactly is WETH and WXRP, and why should you care? Let's dive in.👇

2/9: The Problem with Native EVM XRP 💡 Native EVM XRP is great for its intended use cases, but it's not compatible with Ethereum's ERC20 token standard. This means it can't interact seamlessly with the EVM sidechain ecosystem of decentralized apps and smart contracts.

3/9: The Role of WXRP 🛠️ #WXRP acts as a ERC20 token wrapper on the EVM sidechain. It's Native EVM XRP, but "wrapped" to conform to Ethereum's ERC20 standard. This makes it more interoperable within the sidechain network.

4/9: Why "9"? 🤔 Sometimes you might see a reference to WETH9 or WXRP9. The "9" refers to the specific smart contract version handling the wrapping process. It's essential to know which version you're dealing with for compatibility and security reasons.

5/9: How Does It Work? ⚙️ You deposit XRP into a smart contract, which then mints an equal amount of WXRP. This WXRP can then be used in the sidechain ecosystem, just like any other ERC20 token.

6/9: Why Is This Important? 🌍 With #WXRP , dApp builders can use ERC20 features for EVM XRP! (Native EVM XRP is being referred to as eXRP, but I prefer just "XRP" as I find it redundant to include the "e".)

7/9: How to Convert Back? 🔄 Whenever you wish, you can convert your WXRP back to native EVM XRP. Just interact with the WXRP smart contract to redeem your original XRP tokens.

8/9: Risks Involved 🚨 As with any crypto asset, always exercise due diligence. Smart contract bugs or regulatory changes can all pose risks. Always research before diving in. But I will say, WXRP is based on WETH9, and WETH9 is pretty OG.

9/9: The Future is Interoperable 🌐 #WXRP on the EVM sidechain is a foundational building block to any EVM-based platform. The wrapped version can now be interoperable with any other ERC20 token.