XRPL Sidechain is Compatible with Ethereum Smart Contracts: Will XRP Surge?
- The Ethereum Virtual Machine Sidechain is now live on the XRP Devnet allowing developers to choose between Ethereum (ETH) and Ripple (XRP) blockchains.
- Ripple has also introduced an EVM-compatible chain and the XRPl Devnet.
Ripple has launched the first phase of an Ethereum Virtual Machine (EVM) sidechain for the XRP Ledger. This will allow Ripple users to interact with both Ripple (XRP) and Ethereum (ETH) compatible decentralized applications (dApps).
The EVM sidechain was developed by Ripple’s technology partner, Peersyst Technologies. It is a custom-built sidechain that uses the tendermint protocol. The network aims to process 1000 transactions per second (TPS).
The first phase of the EVM sidechain is now available for testing on the XRPL Devnet. The second phase of the project is to be released in early 2023. This phase will connect a permissionless EVM sidechain to the XRPL Devnet to expand participation and test scalability.
The launch of the EVM sidechain is a major development for Ripple. It will allow the company to tap into the growing dApp ecosystem on Ethereum. This could help to boost adoption of XRP and the XRP Ledger.
However, it is worth noting that the XRP price has not yet reacted positively to the news of the EVM sidechain launch. At the time of writing, XRP is trading at $0.4707. This is 87.73% below its all-time high of $3.84.
It is possible that the XRP price will eventually react positively to the EVM sidechain launch. However, it is also possible that the market will remain skeptical until the second phase of the project is released in early 2023.
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