All news is rigorously fact-checked and reviewed by leading blockchain experts and seasoned industry insiders.
- XRP Ledger developers have revealed that the blockchain is close to achieving Ethereum compatibility.
- The project could help accelerate the adoption of the XRP Ledger as it ushers in a wave of Ethereum developers working with Solidity.
The XRP Ledger is close to hosting Ethereum developers, a new update from the team working on the project has revealed. The groundbreaking upgrade will see the XRP Ledger achieve Ethereum compatibility with the EVM sidechain. Ethereum developers, deploying their smart contracts with Solidity, will be able to access and build on the XRPL network.
Development firm Peersyst Technologies, which is involved with the project, has revealed that progress is good and the long-waited update is near, with a few details remaining to be fixed. One of the prerequisites for the launch of the EVM Sidechain is the XChainBridge public amendment that has already been published by the Ripple development team and is available for voting.
The team further reveals that Sidechain is more advanced than ever.
🧬The #EVMSidechain for #XRPLedger (🧵3/6)
The sidechain is more advanced than ever. After the audit with @bishopfox, a second one has been carried out with a recognized supplier that we will soon publish.
The latest changes are being applied and a blockchain update has been… pic.twitter.com/QA7pESWQ6x
— Peersyst Technology (@Peersyst) January 23, 2024
The upgrade will usher in a new era for the XRP ledger, which has in the past had a lot of market share to Ethereum for its smart contract capabilities. The new sidechain will allow developers to automatically bridge any token from the sidechain onto the XRPL.
Furthermore, the new bridge has a new UI that has also been enabled to facilitate usability and allow dynamic bridging between any sidechain, wallet, and token. Developers will further enjoy a bridge SDK implemented to facilitate the development of applications that use the bridge to take advantage of both networks. A new version of blockchain explorer Blockscout is also being built, according to the team.
Some highlights shared by Ripple of the EVM sidechain include Support for 1000 transactions per second, low transaction confirmation times, 1 block finalization time, and Full Ethereum Virtual Machine (EVM) compatibility.
Although the sidechain is seemingly close to launch, there have been no updates on the expected date of release.
At the time of press, XRP ledger’s native token XRP is down by nearly 1%, extending its weekly losses by nearly 10%. Trading at $0.5115, the token’s losses are part of a wider bearish trend sweeping the market.
Once the new sidechain is launched, the network could witness unprecedented growth as more developers and users opt into building on the XRP Ledger. This could drive demand for XRP and catalyze the token to rally. But as some investors look to network development, some are eyeing the ongoing SEC v. Ripple case, which has in the past had a great influence on the XRP price direction.
As CNF recently reported, the U.S. Securities and Exchange Commission (SEC) has filed a reply brief supporting its motion to compel Ripple to produce crucial documents.
