Blockchain firm Ripple has launched the first phase of the EVM sidechain to the XRP Ledger or XRPL teaming up with blockchain software firm Peersyst Technology, paving the way for ETH smart contracts on XRPL as well as enabling developers to build DApps with “cross-chain interoperability”.
The software that powers Ethereum’s smart contracts is referred to as the EVM, or Ethereum Virtual Machine. According to Ripple, developers can test implementations before they go live on the main network.
There are three phases to the new addition, with phase 1 currently featuring a “bridge” between an EVM-compatible chain and the XRP Ledger Devnet.
Phase two of the project will include a permissionless EVM sidechain and bridge that connects to the XRPL devnet to increase participation and test scalability in a controlled environment. This is scheduled to begin in early 2023.
The final phase is a permissionless EVM sidechain and bridge that will be made available on the XRPL Mainnet.
The EVM sidechain will offer block and finality times similar to the XRPL Mainnet throughout all three phases and support Ethereum smart contracts and third-party applications like Metamask, Remix, and Truffle, the blog stated.
Partner firm Peersyst also informed that it will soon publish a user guide for the community to use and test the EVMsidechain and create their XRP accounts on MetaMask.
That said, XRPL labs recently launched their on/off-ramp service in In the Netherlands, Germany, and Belgium.
XRPL Labs Launch On/Off-Ramp Service In Europe
On-ramps are a way to enable users to exchange their fiat money for cryptocurrencies, While Off-ramps let users cash out their earnings from crypto by enabling them to sell their digital assets for fiat money.
XRPL Labs, in a tweet, announced that the much-awaited on/off-ramp service has gone live in the Netherlands, with plans to expand to other parts of Europe and possibly the UK.
“We launched our own on-ramp/off-ramp service,” tweeted the firm. “Starting with a pilot in The Netherlands, we’re aiming for EU+UK coverage in due time.”
It is important to note that the new service is available only to XUMM Pro wallet users, as informed by XRPL Labs developer Wietse Wind in a long thread.
Although there are plans to launch outside the Eurozone, the developer thinks the rates may not be as favorable since they will probably launch the service with the help of a third party.