Ripple Looking To Introduce Ether Smart Contracts To XRP Ledger

Pretty soon, Ripple holders may get access to Ethereum-compatible DApps in the future. Once Ripple launches the pilot phase for its upcoming XRP ledger sidechain, users will be able to access the decentralized applications.

The EVM-compatible sidechain based on the XRP ledger was built using the Tendermint protocol. It will offer a processing speed of 1000 TPs, which stands for transactions per second.

New Sidechain Will Offer EVM Compatibility

Peersyst, a blockchain development firm, announced the upcoming launch of the sidechain via a Tweet on October 17. In the announcement, it mentioned that the sidechain will have Ethereum Virtual Machine compatibility.

This would allow Ripple holders to gain access to decentralized applications such as Uniswap. They can also use Web3 wallets, which include options like XUMM Wallet and MetaMask.

Aside from this feature, the new XRP ledger side chain is accompanied by a cross-chain bridge. This is built to send XRP and similar assets between the Devnet XRP Ledger and the EVM-supported chain.

The benefit of this, according to Mayukha Vadari, a software engineer at RippleX, is that developers won’t have to choose between an EVM-compatible and XRPL blockchains.

First Phase Testing Available for EVM Sidechain

Vadari elaborated that developers can now test the initial phase of the EVM sidechain via the XRP ledger Devnet.

In phase 2, the EVM-compatible sidechain will move to a permissionless structure will higher scalability.

This will help in achieving faster block times, which will be similar to that of the XRP ledger, by the second phase that’s set to launch early next year.

The desired outcome is to have access to a permissionless EVM sidechain and bridge via the XRPL mainnet.

News of Upcoming Sidechain Fails To Impact XRP Prices

Despite the scale of the announcement, it didn’t seem to have an effect on XRP’s prices. Currently, the token is trading at $0.476 and grew by 23.86 percent this month.

This latest development was announced as proceedings for the lawsuit filed against Ripple continue. The SEC filed the lawsuit two years ago, and Ripple’s CEO expects that they’ll hear a result by early 2023.

Accused by the US Securities and Exchange Commission of offering unregistered security, Ripple has taken a major hit because of the lawsuit.

As one of the biggest legal battles in the crypto world, it has had a negative impact on the adoption of Ripple’s settlement network. In addition, it can have wide-ranging implications for the entire industry.

Nevertheless, Ripple continues to gather achievements in the CBDC domain since it first developed a private CBDC ledger to serve banks in early 2021. Its most recent collaborative endeavor is the partnership with the Royal Monetary Authority of Bhutan, which took place in September.