Ripple Launches EVM-Compatible Sidechain on XRP Ledger for Enhanced Interoperability
Ripple Expands XRP Utility with EVM-Compatible Sidechain
Ripple has introduced a significant advancement in blockchain technology by launching an EVM-compatible sidechain on the XRP Ledger (XRPL). This innovation allows developers to deploy Ethereum-based smart contracts directly on the XRPL, fostering greater interoperability between the two networks.
Key Features of the EVM Sidechain
The newly launched sidechain operates in parallel with the main XRPL, initially on the devnet for testing. It is designed to process up to 1,000 transactions per second (TPS), ensuring high performance. This development is the first phase of a three-part strategy to achieve a fully permissionless EVM-compatible sidechain.
Phased Rollout Plan
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Phase One (Completed): The EVM-compatible sidechain is now live on the XRPL devnet, enabling developers to test and refine implementations before mainnet deployment.
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Phase Two (Early 2023): The sidechain will transition to a permissionless model, allowing any participant to join and contribute without restrictions.
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Phase Three (Q2 2023): The final phase will see the full launch of the RippleX software, completing the ecosystem's integration with Ethereum's EVM.
Strategic Benefits for XRP Ecosystem
This initiative positions the XRP ecosystem to leverage Ethereum's extensive library of smart contracts, enhancing its utility and appeal. By bridging the gap between XRP and Ethereum, Ripple strengthens its competitive edge in the blockchain space, offering developers a seamless environment for building decentralized applications.
Why This Matters
The integration of an EVM-compatible sidechain on XRPL signifies a major step forward in blockchain interoperability. It opens new opportunities for cross-chain collaborations, expands the use cases for XRP, and solidifies Ripple's position as a leader in innovative blockchain solutions. Investors and developers should closely monitor these developments, as they could significantly impact XRP's value and adoption in the cryptocurrency market.
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