Blockchain development firm Peersyst Technology has announced the official launch of the much anticipated XRPL EVM Sidechain on the testnet.
According to the report, this milestone was achieved in a great collaborative effort with Web3 interoperability platform Axelar, Ripple’s development arm RippleX, and blockchain science firm Common Prefix.
Source: Peersyst
The Background of the Story
In October 2022, Peersyst released the first phase of the EVM Sidechain for XRPL on the XRPL Dev. According to our research, this was after Ripple’s David Schwartz had provided a clear overview of how such an initiative could introduce Ethereum Smart Contracts to the blockchain.
Phase two of the project was scheduled for early 2023, while phase three was reported to be the end goal where permissionless EVM sidechains and bridges would be featured on the XRPL mainnet.
In June 2024, RippleX disclosed that the XRPL EVM Sidechain would connect the mainnet using the Axelar bridge to ensure smooth transfers of assets and unlock interoperability across networks. Meanwhile, the official testnet launch implies that the team is on the verge of unveiling new partners and validators. According to Peersyst, there is still more to announce, however, they would take it step by step.
Just recently, RippleX suggested WebAssembly (WASM) integration for smart contracts on the XRPL. As mentioned in our previous news brief, this was to ensure that the system takes significant steps towards enhanced programmability. In the midst of this, the XRPL community has introduced a series of updates to prepare the network for this grand transition to the mainnet, as noted in our earlier post.
What to Expect from the XRPL EVM Sidechain
Peersyst has highlighted on its official website that the integration of the Sidechain would basically leverage the speed, low cost, and liquidity of XRPL while capitalizing on the capabilities of the Ethereum Smart contract to expand its utility and appeal. While this provides an incredible avenue for developers to excel, this initiative would also attract several applications and development opportunities.
In the context of XRPL, EVM compatibility means integrating Ethereum’s rich development ecosystem with XRPL’s distinct features, like its high transaction speed and efficiency. This integration aims to expand the capabilities and reach of XRPL, rather than solely extolling Ethereum’s strengths.
Reviewing the company’s description of the project, we found that it has adopted the Proof of Authority (PoA) consensus to ensure that it has the same philosophy as the XRPL and maintains its efficiency with the 1000 Transaction Per Second capacity and 3.5-second block.
Outlining some of the benefits, it was stated that the XRPL EVM Sidechain would facilitate swift connection and interoperability, encourage portability, lower costs, and appeal to wider developers and users.
According to Peersyst, DApps on other EVM chains would have the chance to integrate with XRPL and access XRP’s liquidity as a native token. Developers on XRPL would also be able to replicate DApps that are deemed successful on other EVM platforms while taking advantage of the large user base by potentially reaching more than 100 million users.
For XRPL users, it is reported that they could engage in a wide array of DApps. In all, this development aligns with Ripple’s expectations of increasing momentum and greater focus on real-world utility, as indicated in our earlier discussion.