- The EVM sidechain project has recently unveiled a new devnet (v2) version.
- The EVM sidechain will go live once the XLS-38d bridge change receives approval on the mainnet.
For an extended period, the blockchain software company Perrsyst has collaborated with Ripple to develop a sidechain compatible with Ethereum. Last year in October, both firms successfully launched the initial phase of an Ethereum Virtual Machine (EVM) sidechain on the XRPL devnet, which operates on the XRP Ledger (XRPL).
This significant achievement gave developers access to the XRPL’s functionalities and the ability to deploy Solidity-based smart contracts on the XRPL platform. Additionally, it established a connection between an EVM-compatible chain and the XRPL devnet. The XRP-based sidechain, built specifically for the Tendermint protocol, exhibited an impressive processing capacity of 1,000 transactions per second (TPS).
Moving Into The Second Phase: Ripple and Peersyst’s Ongoing Collaboration
Entering its latest phase, the EVM sidechain project has recently unveiled a new version of the devnet (v2). Noteworthy enhancements in this version include a decentralized bridge design based on the XLS-38d specification, facilitating seamless transfers of XRP, IOU, and ERC-20 tokens between the XRP ledger and the EVM sidechain in both directions.
🚨 The EVM sidechain for the #XRPL is available now on Devnet (v2).
Using the XLS-38d specification, this version adds support for XRP, IOU, and ERC-20 token transfers in both directions between the XRP Ledger and EVM sidechain. @Peersyst
Learn more: https://t.co/tHZ526FZfS
— RippleX (@RippleXDev) June 26, 2023
Furthermore, the EVM sidechain utilizes a Proof of Authority (PoA) consensus mechanism. Other updates in the new version encompass improved scalability through a reduced block time of 3.5 seconds per block (down from 5.4 seconds), enhanced chain performance achieved by transitioning from the Tendermint consensus algorithm to Comet Byzantine Fault Tolerant (BFT), and the implementation of a PoA validator election mechanism. These advancements pave the way for more efficient and secure operations within the EVM sidechain ecosystem.
Additionally, testnet users will benefit from an enhanced sidechain block explorer, which now includes the capability to conduct smart contract verification. The initial version of the EVM sidechain, initially introduced in October of the previous year, will remain accessible for the upcoming month exclusively before being phased out.
Notably, the project’s second phase brings the mainnet launch of the EVM sidechain one step closer. Following this phase, the third and final phase will involve implementing the sidechain on the mainnet. However, before proceeding, a thorough security audit of the EVM sidechain is scheduled for July. Additionally, Peersyst and Ripple will share the results of this audit with the community for review and address any identified issues.
According to RippleX’s announcement, the EVM sidechain will go live once the XLS-38d bridge change receives approval on the mainnet. It is important to note that the XRP Ledger follows a consensus process to validate all modifications.
The transaction process undergoes significant modifications through introduced amendments, ensuring its full functionality. Validators are responsible for voting on these changes. The significance of this process lies in the fact that Ripple’s EVM sidechain opens up possibilities for XRP users to access decentralized applications (dapps) such as Uniswap and web3 wallets like MetaMask.
Conversely, the Ethereum ecosystem can leverage the XRP token for its decentralized finance (DeFi) applications, leading to increased interoperability and expanded opportunities for both platforms.
