Ripple will add EVM-based smart contracts to its XRPL blockchain

Earlier, the company introduced a new token standard to the blockchain

03.09.2024 - 14:40

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2 min

What’s new? Fintech company Ripple, which developed the payment protocol of the same name and the $32 billion XRP token, will add smart contracts to the XRP Ledger (XRPL) blockchain developer ecosystem. The feature will be launched in the coming months in the XRPL sidechain with support for the Ethereum Virtual Machine (EVM).

Source: X.com

What else is known? Smart contracts will also become available on the mainnet, but Ripple has not specified a timeline for implementation.

Smart contracts are programs that process transactions and agreements without the involvement of intermediaries, they are automatically executed when certain conditions are met.

Smart contracts have various use cases and potential applications ranging from decentralized finance (DeFi) to supply chains. They are used to develop decentralized applications (dApps) on popular blockchain platforms such as Ethereum, BNB Chain, Avalanche, and Solana.

Ripple said it is “eager” to collaborate with deFi protocol developers and wants community members to contribute to the development. The organization invited programmers familiar with EVM languages to explore the capabilities of the XRPL sidechain, which Ripple developed with blockchain firm Peersyst.

It was created for developers using Ethereum-based smart contracts. It creates a familiar environment for deploying dApps by allowing the Solidity programming language used to create Ethereum-based smart contracts. This increases the appeal of XRPL to the global developer community.

Earlier, Ripple announced the launch of a new token standard on the XRPL network aimed at tokenized real-world assets (RWAs). MTP tokens will allow metadata to be stored along with the asset, increasing the scalability and flexibility of the network and attracting institutions.

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