Despite the bearish market, the leaders of the biggest crypto projects are not idle. Yesterday, the Dev.to platform announced the launch of the first phase of sidechain deployment. A sidechain designed to get the best of both worlds between XRP and Ethereum, via EVM.
Sidechain to take advantage of the best of XRP and Ethereum!
Through an announcement, the Dev.to platform which has almost a million developers, released the news. Through a partnership with Peersyst, Ripple has launched its build site for a sidechain capable of deploying Ethereum smart contracts through its XRP Ledger network. The actual launch is just the first step that will require two more.
In detail and according to the announcement made by Mayukha Vadari, a software engineer at Ripple, a bridge would be created between the EVM compatible chain and the Devnet XRPL. The purpose of the maneuver? That developers don’t have to choose one network over the other. But the interest is above all to get the best of all parts. So, through that, developers will be able to access the speed and reasonable transaction fees of XRPL by introducing smart contracts into it. Let us recall in passing that EVM (Ethereum Virtual Machine) is the software that makes it possible to execute smart contracts on the Ethereum blockchain.
Good to know: Last September, David Schwartz, CTO of Ripple, presented his first ideas for establishing a sidechain to integrate smart contracts with the XRP Ledger. Today, the first phase of this plan is launched!
XRPL: Sidechain capable of processing 1,000 transactions per second!
For now, the sidechain is available on XPRL Devnet, the company’s test network. Therefore, developers will be able to test the solution before it goes live. This compatibility therefore means that developers can create smart contracts using XRP as a native token. The sidechain is also possible Processing 1,000 transactions per second. In addition, it is compatible with Ethereum applications such as Metamask or Truffle.
But this deployment is only the first step in a much larger project. From the first quarter of 2023, the second phase will be launched. It will then be a matter of conducting further tests in a controlled environment. After validating this new checkpoint, the sidechain can be deployed on the XRPL mainnet. But so far, there is no refined date for the implementation of this third and final stage.
For developers who want to test, the post shows how to do it:
Developers can test the new EVM sidechain today by connecting XRPL Devnet to the XUMM wallet, connecting Metamask to the EVM sidechain, then transferring XRP from XRPL Devnet to the EVM sidechain and vice versa.
Name: EVM Sidechain – Devnet
RPC URL: https://rpc-evm-sidechain.xrpl.org
Network ID: 1440001
Digital asset: eXRP
EVM Block Explorer URL: https://evm-sidechain.xrpl.org
Bridge URL: https://bridge.devnet.xrpl.org
Impact on the price of Ethereum and Ripple?
This announcement had little impact on the price of Ethereum and the price of the XRP token. For almost a month, Ethereum remains anchored in a price range between $1,200 and $1,400. For its part, the XRP token is still outperforming the market. But this is mainly because of the expected verdict in his lawsuit against the SEC. As a reminder, the company Ripple has fought a lawsuit with the American financial police who accuses it of selling the token without authorization. In the background, the question is asked about the quality of the asset.
In the last 30 days, Ripple still shows a gain of more than 25%. At the same time, Bitcoin is posting losses of around 2%. If we look at Ethereum, the losses are close to 7% over the same horizon.
