2024-9-4 21:31 |
Ripple has sent a jolt through the cryptosphere after announcing significant forthcoming developments in the programmability of the XRP Ledger (XRPL). According to a Monday blog post, Ripple said these developments will dramatically increase the utility of the XRPL via integrating Ethereum-compatible smart contracts through a sidechain and enhanced developer tools.
The blockchain-based payments startup revealed the smart contracts feature will be launched “in the coming months” in the XRPL Ethereum Virtual Machine (EVM) sidechain.
Native Ripple Smart Contracts In The WorksRipple has unveiled its plans to boost the programmability of the XRP Ledger.
This initiative entails two key developments, starting with the addition of native smart contract capabilities to the XRP Ledger using sidechain networks. This particular capability marks a notable foundational transformation in the XRPL’s architecture as it extends its functionality beyond mere transactions. While this feature is still in its research phase, Ripple anticipates its rollout as soon as next year.
The native smart contract functionality on XRPL is supported by the ledger’s intrinsic features, including Escrows, non-fungible tokens, authorized trustlines, payment channels, the decentralized exchange (DEX), and Automated Market Maker (AMM). “This growing suite of layer-1 enhancements is designed to optimize the pace of innovation and facilitate widespread adoption among developers,” Ripple stated in the post.
Bringing Ethereum Virtual Machine Compatibility To XRPLNotably, Ripple is set to launch the XRPL Ethereum Virtual Machine (EVM) sidechain in partnership with blockchain software company Peersyst. The sidechain is expected to go live on XRPL’s devnet soon, and the company promises further acceleration of programmability features in 2025.
“Progress towards smart contract functionality is already underway in the XRP Ledger ecosystem with the XRPL EVM sidechain,” Ripple wrote. “This sidechain will bring Ethereum Virtual Machine (EVM) compatibility to the XRP community, allowing developers to employ familiar tools and programming languages, thereby broadening the XRP Ledger’s appeal to a global developer community.”
The XRPL EVM Sidechain aims to be a game-changer. It leverages the cryptocurrency bridging platform Axelar to allow users to transfer assets seamlessly between itself and over 55 other blockchains. This development enhances XRP’s utility and improves its functionality across numerous chains. Wrapped XRP (eXRP) will serve as the native asset and gas token within the sidechain.
In a post on X, Ripple CEO Brad Garlinghouse highlighted the strategic importance of these developments:
“With new programmability in the works for the XRP Ledger (something the XRP community has rightly been asking for) and the growing opportunity for Ripple’s enterprise products to serve crypto-native customers — the foundations of crypto infrastructure serving real-world use cases are steadily becoming more robust by the day.”
As of publication time, XRP was valued at $0.56, reflecting a paltry 0.8 percent gain on the day.
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