XRP Ledger’s EVM sidechain went live June 30, with 1,400+ smart contracts deployed in its first week, marking a significant milestone for XRPL.
The long-awaited EVM-compatible sidechain of the XRP Ledger (XRPL) officially launched on the mainnet on June 30, marking a significant milestone.
Almost 1,400 smart contracts have been implemented in the first week alone.
New EVM Sidechain Of XRP Ledger Documents 1,400 Smart Contract Implementations
Paul Barron revealed in a recent X post that more than 1,400 smart contracts have been added to the EVM sidechain of the XRP Ledger.
This indicates that developers are keen to utilize the quick and affordable blockchain offered by XRPL.
Developers may now directly move current Ethereum-based decentralized applications (dApps) into the XRP ecosystem thanks to the June 30 launch of the new Ethereum Virtual Machine (EVM) sidechain, as CoinGape reported.
In doing so, it blends the speed, low fees, and inherent liquidity of XRPL with the flexibility of Ethereum.
The EVM sidechain, created by Peersyst and Ripple, integrates with Ethereum tools such as Solidity, MetaMask, and Hardhat.
It uses XRP for gas fees and operates quickly, handling up to 1,000 transactions per second with block timings of 3.4 seconds.
Within days of the release of XRPL version 2.5.0, Ripple has introduced additional functionalities.
This release demonstrates how far Ripple has come in improving XRPL’s technology.
This launch’s ability to enable cross-chain dApps is a significant advantage. Developers can now design programs that utilize both XRP and Ethereum features thanks to the advent of Ethereum interoperability.
This creates new possibilities for tokenization, lending, payments, and decentralized finance (DeFi).
Peersyst Technology emphasized developer demand as they hailed the success:
The company wrote in a post that “the need for smart contracts on XRP is crystal clear.”
“Only Day 1—nearly 1,400 contracts on the mainnet in a week.”
Implications For XRP
Launching the EVM sidechain is a significant step forward for Ripple.
This advancement aids Ripple in achieving its objective of expanding the applications of the XRP Ledger beyond payments and making XRP more practical in daily life.
Furthermore, recent partnerships demonstrate Ripple’s dedication to cross-chain growth.
Wormhole, a well-known multi-chain messaging system, has been merged with the XRP Ledger.
This phase increases the XRPL’s attractiveness in domains like cross-chain payments and real-world assets by allowing developers to create apps that span different blockchains.
In the meantime, more than $100 million in cross-chain transactions were recorded daily by Axelar Network, the partner for connecting with XRPL.
This indicates that the XRP ecosystem is receiving more liquidity.
The EVM sidechain has already received support from a strong validator network and smart contract deployment.
Twenty-five separate businesses were operating nodes at launch, indicating that institutions were becoming more interested in XRPL’s developing ecosystem.
