Ripple users may be able to interact with Ethereum-enabled decentralized applications (DApps) in the future, following the launch of a test phase of Ripple’s new Ledger XRP sidechain.
The sidechain was launched share in a tweet by blockchain development firm Peersyst Technologies on October 17, noting that the new sidechain is compatible with the Ethereum Virtual Machine (EVM).
This means that Ripple users could access decentralized apps like Uniswap (if they are being carried), and web3 wallets like Metamask and XUMM Wallet.
The new sidechain also has a cross-chain bridge to transfer XRP and other assets between the EVM-backed sidechain and the Devnet XRP Ledger.
According to Mayukha Vadari, a software engineer at RippleX, this release means that “developers no longer have to choose between an XRPL or EVM-compatible blockchain”.
Developers will also be able to access XRPL’s fast and low-cost transactions, and bring Solidity-based smart contracts to XRPL, he said.
The XRP-based EVM sidechain is made by the Tendermint protocol, and aims to process 1000 transactions per second (TPS).
Tomorrow we will publish a user guide for everyone #XRPLcommunity to use and test the #EVMsidechain and theirs $XRP accounts of @MetaMask
— Peersyst Technology (@Peersyst) October 17, 2022
Tomorrow we will publish a user guide for the entire #XRPL community so they can use and test the #EVMsidechain, and create their $XRP accounts on @MetaMask. — Peersyst Technology (@Peersyst) October 17, 2022
Vadari reported that the first stage of the EVM sidechain is currently available for testing on Devnet XRPL. During the second phase, the EVM-enabled sidechain will move to a “permissionless” platform, offering better scalability.
According to Vadari, the goal is to achieve block times similar to the XRP Ledger for the second phase, which is expected to launch in early 2023.
“The ultimate goal is phase three: a permissionless EVM sidechain and a bridge available on the XRPL Mainnet. “, she said.
Also read: Evolution or Death: How Smart Contracts are Changing the Balance of Power in the Cryptocurrency Industry
The news did not seem to have too much of an impact on the price of Ripple’s XRP token, which is currently valued at $0.476, and is up 23.86% for the month.
The latest announcement comes amid a nearly two-year lawsuit filed against Ripple by the US Securities Exchange Commission (SEC), which arguably influenced the adoption and development of the global settlement network.
Ripple also continues to make progress in central bank digital currency (CBDC) since it piloted a private CBDC ledger for banks in March 2021, and the company recently formed a partnership with the Royal Monetary Authority of Bhutan in September 2022.