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According to an announcement by Ripple’s core development team Ripplex, developers have introduced the first step towards Ethereum Virtual Machine (EVM) compatibility with the XRP-based sidechain XRPL. XRPL is now live on Devnet and developers can “evaluate available technologies,” alongside deploying “existing Solidity apps on the EVM sidechain.”
Monday 17 October, Ripplex announced the introduction of the XRP-based and EVM-compatible sidechain XRPL. The XRP distributed ledger project is the sixth largest crypto project by market capitalization, and XRP core developers have long wanted to make the project compatible with smart contract processes. Some accounts XRP developer David Schwartz conceived the idea back in 1988. According to Ripplex, the XRPL chain is the first phase of the EVM sidechain and it is introduced by Peersyst technology.
“This first phase of the EVM sidechain is currently available for testing on the XRPL Deevnet,” the announcement detailed. “Using a bridge, developers can test the exchange of Devnet XRP between the EVM sidechain and the XRP Ledger to: (1) assess available technologies. (2) Deploy their existing Solidity apps on the EVM sidechain and access the XRPL Devnet- user base.”
Compatibility with Ethereum’s virtual machine has been addressed by a handful of alternative blockchain networks over the past few years. Phase two of the XRPL will start in early 2023, and it will “feature a permissionless EVM sidechain and bridge,” detailed the blog post written by Ripplex developer Mayukha Vadari. “The end goal is phase three: a permissionless EVM sidechain and bridge available on the XRPL Mainnet that is planned to follow,” Vadari’s blog post explains. Vadari’s blog post further adds:
Throughout all three phases, the EVM sidechain will have block and finality times comparable to the XRPL Mainnet and support Ethereum smart contracts and applications such as Metamask, Remix and Truffle.
Following the announcement, the native crypto asset xrp (XRP) is down 0.6% in the last 24 hours and 10.6% in seven days against the US dollar. Despite recent losses, two-week statistics show that XRP is up 6%, and in the last month, XRP is up 33.7%. However, so far this year, XRP has lost 58.1% in value against the US dollar.
What do you think about Ripple’s XRPL sidechain? Let us know what you think about this topic in the comments section below.
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