Ripple development lab RippleX and blockchain technology company Peersyst have edged closer to launching the hotly-awaited Ethereum Virtual Machine (EVM) sidechain for the XRP Ledger (XRPL) mainnet. This project is set to allow Ethereum developers to access and build on the XRPL, ushering in a new era of cross-chain interoperability and network utility.
XRP Ledger-Ethereum Sidechain Coming Closer
RippleX has shared an important update regarding the XRP Ledger EVM sidechain, which is compatible with Ethereum smart contracts and is being developed by Peersyst in partnership with Ripple.
In a recent detailed post on X, Peersyst proclaimed that the sidechain is “more advanced than ever” and has already been audited by Bishop Fox. A second audit with a “recognized supplier” has been carried out, and the details will be published soon.
“We have already started 2024 closer than ever to the launch of the long-awaited #EVMSidechain for #XRPLedger that we are building with RippleX,” Peersyst posited.
XRPL stands to benefit from the EVM sidechain because the work developers have already put into creating Ethereum smart contracts could be leveraged in the completely distinct Ripple ecosystem.
Notably, RippleX has already published the XChainBridge public amendment, which is now open for voting. This is an important requirement for the roll-out of the EVM sidechain, with Peersyst confirming the achievement of 7 out of the required 28 validator votes.
Advancements Of The EVM-Compatible Sidechain
The development firm also highlighted the imminent release of the latest version of blockchain explorer Blockscout, primed to offer an enriched UX/UI, advanced smart contract capabilities, and a dynamic display of dApps. “We are preparing the latest version of the Blockscout.com Explorer that is better than ever!” Peersyst gushed.
The Peersyst team also said validators will be able to vote on the upgrade soon, which will incorporate Cosmos version 0.47 and Ethereum’s EIP3855.
The user experience is also set for a revamp with the introduction of a new UI and a Bridge SDK, seeking to simplify interactions and help developers. “A new UI has also been enabled to facilitate usability and allow dynamic bridging between any sidechain, wallet, and token,” Peersyst pointed out.
Moreover, a new version of the bridge is just around the corner, enabling users to “automatically and dynamically bridge any existing token in the #EVMSidechain to the #XRPLedger.” This feature positions the EVM sidechain as a gateway and connection to the rest of the sidechains, streamlining asset transactions and all XRPL Mainnet functionalities.
It shall be recalled that earlier this month, XRPL developers announced the deployment of rippled 2.0, which entails two significant feature amendments: XLS-38 Cross-Chain Bridge and XLS-40 Decentralized Identity. All these developments could increase the number of use cases and the adoption of the XRP Ledger.
XRPL’s XRP token was issued in 2013 and has a market cap of around $28.2 billion at the time of publication. It is changing hands for $0.51, a 2.20% rise over the last 24 hours.