Ripple’s XRP Ledger (XRPL) has expanded its functionality with the introduction of the EVM sidechain for the XRPL, now available on Devnet (v2). This development is a significant achievement for both Ripple and Ethereum, opening up opportunities for developers to test and build applications between the XRP Ledger and the EVM sidechain.
The new version of the EVM sidechain, built with the XLS-38d specification, allows for seamless transfers of XRP, IOU, and ERC-20 tokens between the XRP Ledger and the EVM sidechain. The initial version of the EVM sidechain was launched in collaboration with Ripple and Peersyst last year, using a proof-of-authority (PoA) consensus method. This original version will be retired after approximately a month, and developers are encouraged to use the new version for their applications.
The latest release of the EVM sidechain, introduced at the beginning of this week, offers several additional features and improvements. The decentralized bridge design using the XLS-38d specification enables developers to execute projects and functions more efficiently, utilizing popular smart contract languages like Solidity. Moreover, developers on the XRP Ledger can now access XRP liquidity and benefit from the bridge to the Ethereum ecosystem, while Ethereum developers, especially those involved in DeFi, can tap into the expansive liquidity offered by the XRP Ledger.
In addition to the enhanced functionality, the new version boasts faster scalability, with a block time reduced from 5.4 to 3.5 seconds. The switch from the Tendermint consensus algorithm to Comet Byzantine Fault Tolerant (BFT) has also improved the chain’s performance. Another notable improvement is the implementation of a proof-of-authority (PoA) validator election mechanism.
To ensure transparency and security, an audit of the EVM sidechain will be conducted, with the results published for the community to review. Any identified issues will be addressed by Peersyst and Ripple, and the solutions will be shared with the community. Once the XLS-38d bridge amendment is approved and accepted by at least 80% of the XRPL validator community, the EVM sidechain is expected to go live on the XRPL mainnet.
The integration of the EVM sidechain with the XRPL brings together two prominent projects, providing developers with broader functionality and driving adoption across both networks. Previously, developers had to choose between Ethereum and Ripple, but now with the EVM sidechain, they can leverage the best of both worlds. This integration is expected to have a positive impact on the prices of both ETH and XRP.
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In conclusion, the introduction of the EVM sidechain for the XRPL on Devnet (v2) is a significant development for both Ripple and Ethereum. This integration allows developers to test and build applications seamlessly between the XRP Ledger and the EVM sidechain, expanding functionality and driving adoption across both networks. With improved scalability, performance, and liquidity access, the EVM sidechain is poised to provide developers with exciting opportunities and contribute to the growth of both the XRP Ledger and the Ethereum ecosystem.
