- Ripple is developing a new EVM-compatible sidechain that will enable cross-chain transfers between XRPL and Ethereum.
- Axelar will play a key role in connecting the new sidechain with over 55 blockchains.
- Ripple is eager to work with DeFi developers to provide input into the functionality of these new smart contracts.
Cross-border payment company Ripple has announced the integration of Ethereum-compatible smart contracts into the XRP Ledger (XRPL), Ripple’s decentralised blockchain ecosystem.
Related: Rumour: UAE, India May Use XRP For Oil Trade Amid New Ripple Partnership in Middle East
The integration of these EVM-compatible smart contracts will be carried out through the XRPL EVM Sidechain, which was developed in partnership with Peersyst, a blockchain technology firm. The new protocol is expected to go live in a few months, the company said.
Connecting XRPL To Dozens of Networks
The Axelar network will play a fundamental role in facilitating cross-chain token transfers for the new sidechain.
More specifically, the sidechain will leverage Axelar’s crypto-bridging services to connect the XRPL EVM sidechain with over 55 other blockchains to provide extensive cross-chain functionality. This development is part of Ripple’s ongoing efforts to expand the functionality of the XRP Ledger, which began testing Ethereum-compatible smart contracts back in 2022.
Further, Wrapped XRP (eXRP) — a representation of XRP on other networks — will serve as the primary token on this new sidechain. All in all, the setup aims to enhance interoperability and attract a broader developer community by allowing the use of Ethereum’s tools and programming languages on the XRP Ledger.
Mainnet Launch
Ripple said it’s eager to collaborate with DeFi developers and has invited community members to provide input on the design and functionality of these smart contracts. The sidechain was specifically developed to cater to those familiar with Ethereum-based smart contracts, offering a familiar environment for deploying decentralised applications (dApps) using Solidity, Ethereum’s programming language.
In addition to the sidechain launch, Ripple is also exploring deploying smart contracts on the XRPL mainnet — which remains in the research phase, and Ripple has not provided a specific timeline for its release. This has caused discontent among the XRP community, with one user claiming they’ve “heard it all before”.
Related: SEC Takes Loss as Court Orders Ripple to Pay US$125 Million, XRP Explodes to Almost 30% for Brief Period
XRP is currently trading at US$0.56 (AU$0.83), a 12% increase in the last 30 days. The coin’s price saw an uptick after the Securities and Exchange Commission (SEC) took a loss after a judge ordered Ripple to pay US$125M (AU$186M) instead of the nearly US$1.9B (AU$2.83B) the US agency initially requested.
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