Ripple is taking significant steps to enhance the XRP Ledger (XRPL) by adding smart contract functionality and developing an EVM-compatible sidechain.
These innovations aim to broaden XRPL’s use cases, attract more developers, and pave the way for a thriving DeFi ecosystem.
Learn how Ripple’s latest moves could transform the future of XRPL and decentralized applications.
Contents
Ripple's Plan to Enhance XRP Ledger (XRPL)
On September 2, 2024, Ripple announced its plan to introduce smart contract functionality and an XRPL EVM sidechain to the XRP Ledger (XRPL).
The XRP Ledger is a decentralized blockchain network with XRP as its native currency, known for its fast and low-cost transactions. The aim of this initiative is to enhance XRPL’s functionality, fostering innovation and attracting more developers to the platform.
Ripple emphasizes that this move will "improve the customizability of XRPL for developers, entrepreneurs, and users."
Introduction of Smart Contracts to XRPL
Smart contracts are programs that automatically execute contract terms without the need for third-party intervention, making them a cornerstone technology for decentralized finance (DeFi) and other blockchain services.
Ripple plans to introduce smart contract functionality to XRPL’s mainnet, allowing for broader applications on the platform.
Currently in the research phase, the integration of smart contracts is expected to significantly expand XRPL’s use cases.
Once implemented, it will offer users more opportunities to utilize XRP across various applications, further strengthening its position in the blockchain ecosystem.
Implementation of XRPL EVM Sidechain
The EVM sidechain refers to a sidechain compatible with the Ethereum Virtual Machine (EVM), an execution environment used for running smart contracts on Ethereum’s blockchain.
Ripple’s XRPL EVM sidechain, being developed in collaboration with Peersyst, is scheduled to go live in the coming months.
This sidechain will enable EVM compatibility within the XRP community, potentially attracting developers from around the world to build on XRPL.
The sidechain will also use Axelar as a bridge, allowing for seamless transactions between XRPL and over 55 different blockchains.
This setup will enable decentralized applications (dApps) to take advantage of both XRPL’s capabilities and EVM smart contracts.
In addition, the sidechain will feature Wrapped XRP (eXRP) as its native token and gas token. Ripple aims to combine these two features to create a robust and versatile ecosystem that supports a wide range of applications.
This initiative could pave the way for a large-scale DeFi ecosystem on XRPL in the near future.
>> Click here for the latest XRP-related news
-
Ripple USD (RLUSD) Mainnet Testing Begins: Plans for Expansion to Other Blockchains and DeFi
Ripple begins beta testing of its USD-pegged stablecoin, Ripple USD (RLUSD), on the mainnet, with plans to expand to other blockchains and DeFi protocols. Learn more about RLUSD and Ripple's vision.
続きを見る