Ripple users may be able to interact with Ethereum-compatible decentralized applications (DApps) in the future following the launch of a test phase of Ripples new XRP (XRP) Ledger sidechain.<\/p>\n
The launch of the sidechain was shared in a Tweet by blockchain development firm Peersyst Technologies on Oct. 17, noting that the new sidechain is compatible with Ethereum Virtual Machine (EVM).<\/p>\n
This means that Ripple users could eventually have access to DApps like Uniswap (should it port over) and Web3 wallets such as MetaMask and XUMM Wallet. <\/p>\n
The new sidechain also comes with a cross-chain bridge built to transfer XRP and other assets between the EVM-supported sidechain and the XRP Ledger Devnet.<\/p>\n
According to RippleX software engineer Mayukha Vadari, the release means developers no longer have to choose between XRPL or EVM-compatible blockchains.<\/p>\n
Developers will also be able to access XRPLs fast low-cost transactions and bring Solidity-based smart contracts onto XRPL, he said. <\/p>\n
The XRP-based EVM-compatible sidechain was custom-built by the Tendermint protocol and aims to process 1000 transactions per second (TPS). <\/p>\n
Vadari noted that the first phase of the EVM sidechain is now currently available for testing on the XRPL Devnet. Phase two will see the EVM-compatible sidechain transition to a permissionless chain with improved scalability.<\/p>\n
Vadari said the aim is to achieve block times similar to that of the XRP Ledger for the second phase, which looks set to roll out in early 2023.<\/p>\n
The end goal is phase three: a permissionless EVM sidechain and bridge available on the XRPL Mainnet, she added.<\/p>\n
Related: Evolve or die: How smart contracts are shifting the crypto sectors balance of power<\/p>\n
The news didnt appear to affect the price of Ripples XRP token too much, which is currently priced at $0.476 and is up 23.86% for the month.<\/p>\n
The latest announcement comes amid a nearly two-year-long lawsuit against Ripple by the U.S. Securities Exchange Commission (SEC), which has arguably affected the adoption and development of the global settlement network. <\/p>\n
Ripple also continues to make moves in the central bank digital currency(CBDC) spacesince it first piloted a CBDC Private Ledger for banks in March 2021, having most recently partnered with The Royal Monetary Authority of Bhutan in Sept. 2022.<\/p>\n
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Ripple wants to bring Ethereum smart contracts to the XRP Ledger - Cointelegraph<\/a><\/p>\n","protected":false},"excerpt":{"rendered":" Ripple users may be able to interact with Ethereum-compatible decentralized applications (DApps) in the future following the launch of a test phase of Ripples new XRP (XRP) Ledger sidechain. The launch of the sidechain was shared in a Tweet by blockchain development firm Peersyst Technologies on Oct. 17, noting that the new sidechain is compatible with Ethereum Virtual Machine (EVM). Continue reading