XRPL’s Ethereum Virtual Machine [EVM] compatible sidechain is released on testnet, RippleX, the team behind the project announced via Tweet.
The latest introduction is deemed to be a secure and fast public blockchain that brings all kinds of web3 applications to the XRP Ledger community.
According to the blog, the EVM sidechain will support up to 1000 transactions per second, thus handling large loads and throughput.
It is touted to provide full Ethereum Virtual Machine [EVM] compatibility, allowing users to connect their wallet and interact or deploy smart contracts written in Solidity.
As previously reported by TronWeekly, blockchain firm Ripple launched the first phase of the EVM sidechain to the XRP Ledger last Oct, in partnership with software firm Peersyst Technology.
This paved the way for ETH smart contracts on XRPL as well as enabling developers to build DApps with “cross-chain interoperability”.
As per the announcement post, the release came with three phases with phase 1 featuring a “bridge” between an EVM-compatible chain and the XRP Ledger Devnet.
Phase two of the project which is currently ongoing includes a permissionless EVM sidechain and bridge that connects to the XRPL devnet to increase participation and test scalability in a controlled environment. This was scheduled to begin in early 2023.
The third and final phase is a permissionless EVM sidechain and bridge that will be made available on the XRPL Mainnet.
It’s important to note that David Schwartz, the CTO of Ripple, originally revealed in a Twitter thread that developers had started development on an EVM sidechain in September 2021.
At the time, Schwartz thought adding support for Ethereum smart contracts to the ledger may make it easier for developers to create decentralized applications [DApps] with cross-chain compatibility.
Meanwhile, Matt Hamilton, a former director of Ripple, asserted in a weekend Twitter thread that the XRP Ledger was the first blockchain to enable stablecoins.
“XRPL Was The First Blockchain To Allow Stablecoins”
Hamilton tweeted in response to complaints from Joe Weisenthal, co-host of the Odd Lots podcast
The senior executive’s comments come amid recent increased concern for dollar-pegged stablecoins. Initially, the United States SEC took enforcement action against Paxos by designating its Binance dollar stablecoin offering, Binance USD [BUSD], as an unregistered security.
Now, a string of bank failures that supported cryptocurrencies has further spooked investors.