Ripple just took a major step towards boosting XRP’s capabilities. In a recent post on X, RippleX, an extension of Ripple, shared progress updates on the highly anticipated EVM sidechain built by Peersyst.
This sidechain is essentially an add-on to the XRP Ledger that unlocks the power of Ethereum Virtual Machine (EVM) – the engine behind popular smart contracts. With it, XRP will be able to host a universe of services previously unavailable on the network.
What's the latest on #EVMSidechain for #XRPL?
Check out @peersyst's update.🧵👇 https://t.co/PleEw9g2YJ— RippleX (@RippleXDev) January 23, 2024
The news is particularly exciting because 2024 marks a pivotal year for the project, according to Peersyst. They highlighted that the launch is closer than ever, bringing the world of smart contracts to XRP within reach.
This development is a game-changer for the XRP ecosystem. It has the potential to attract new users and developers, expand the network’s functionality, and boost XRP’s overall value proposition.
The XChainBridge public amendment, essential for the sidechain’s launch, is now open for validators to vote. With 8 votes already cast in favor of the amendment out of the 28 required.
The development team, Peersyst, assures that the sidechain is in peak condition. Following a rigorous audit by Bishop Fox, a second audit has been carried out, with Peersyst promising to share the results soon.
Under the hood, things are humming. The latest upgrades are deployed, including a Cosmos SDK blockchain update and integration with Ethereum’s EIP3855.
Introducing Smart Contracts to XRPL
The upcoming EVM sidechain goes beyond simply introducing smart contracts to XRP. It is forging a pathway to a realm of cross-blockchain token interaction. With trouble brewing in the crypto space as the XRP lawsuit intensifies, the XRP needs positive developments like these to stay confident.
A cutting-edge bridge is under development, enabling users to transfer any existing token from the EVM sidechain directly to the XRP Ledger. This transformation turns the sidechain into a potent gateway, linking XRP with the expansive EVM ecosystem.
We are on twitter, follow us to connect with us :- @TimesTabloid1
— TimesTabloid (@TimesTabloid1) July 15, 2023
Token bridging between sidechains, wallets, and networks no longer needs to be cumbersome. This will let the community seamlessly utilize any EVM token while enjoying the perks of the XRPL Mainnet like swift transactions, minimal fees, and a resilient network. This bridge unlocks a future where transaction processes are streamlined and hassle-free.
In a noteworthy move, developers of the XRP Ledger introduced rippled 2.0, featuring the groundbreaking XLS-38 Cross-Chain Bridge and XLS-40 Decentralized Identity. These enhancements streamline the smooth transfer of both XRP and tokens across the XRPL Mainnet, sidechains, and the eagerly anticipated EVM sidechain.
Ripple is once again at the forefront of blockchain development, and with the U.S. market opening up, many expect the company to do more.
Follow us on Twitter, Facebook, Telegram, and Google News
