Ripple wants to bring Ethereum smart contracts to the XRP Ledger

Ripple users may be able to interact with Ethereum-compatible decentralized applications (DApps) in the future. All of this may be possible after the launch of a test phase of Ripple’s new XRP Ledger sidechain.

‘Phase two’

The launch of the sidechain was announced on October 17 in a tweet by blockchain development company Peersyst Technologies, noting that the new sidechain is compatible with Ethereum Virtual Machine (EVM). This means that Ripple users could access DApps like Uniswap and Web3 wallets like MetaMask and XUMM Wallet.

The new sidechain includes a cross-chain bridge built to transfer XRP and other assets between the EVM-supported sidechain and the XRP Ledger Devnet.

According to RippleX software engineer Mayukha Vadari, the release means developers no longer have to choose between XRPL- or EVM-compatible blockchains. In addition, the developers will be able to access XRPL’s fast low-cost trades. In addition, they can bring Solidity-based smart contracts to XRPL.

The XRP-based EVM-compatible sidechain aims to process 1000 transactions per second (TPS). Vadari indicated that the first phase of the EVM sidechain is now available on the XRPL Devnet. Phase two heralds the transition to a “permissionless” chain with enhanced scalability.

In addition, Vadari said the goal is to achieve block times comparable to those of the XRP Ledger before the second phase. It is expected to be rolled out in early 2023.

The ultimate goal is phase three, a permissionless EVM sidechain and bridge that will become available on the XRPL mainnet.

– Vadari

The value of XRP

The news had little to do with the price of Ripple’s XRP token. XRP is currently worth $0.476 and is up 23.86% this month. The latest announcement comes amid a nearly two-year lawsuit between Ripple and the US Securities Exchange Commission (SEC).

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In addition, Ripple continues to make strides in the world of central bank digital currencies (CBDC) since it first tested a CBDC Private Ledger for banks in March 2021. Ripple recently, September 2022, entered into a partnership with The Royal Monetary Authority of Bhutan.

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