XRP Ledger begin testing the first EVM-compatible sidechain

The public testing phase will be launched in early 2023

18.10.2022 - 11:45

423

2 min

What’s new? The developers of the XRP Ledger blockchain, owned by Ripple Labs, have begun testing the first sidechain compatible with the Ethereum Virtual Machine (EVM). According to the platform’s blog, this upgrade should extend the network’s functionality as well as open access to new smart contracts and decentralized finance (DeFi) applications. Peersyst, a Barcelona-based IT company, is developing the sidechain.

🥁Introducing the first phase of bringing an Ethereum Virtual Machine (EVM) sidechain to the #XRPLedger. EVM developers, we invite you to experiment with the functionality on Devnet and enjoy the best of Ethereum and XRPL for your #DeFi applications. https://t.co/gdBG8d5Xvl— RippleX (@RippleXDev) October 17, 2022

More details about the sidechain. The development is in its early stages and not yet available to ordinary users. The sidechain can only be used on the Devnet test network. The second public testing phase is scheduled for early 2023. The developers note that the sidechain will support the native token of Ripple (XRP).

Ripple is a payment protocol for exchanging currencies and making transactions. It is used by government financial institutions in Australia, Canada, and Israel. The XRP Ledger is a decentralized, open-source public blockchain. The XRP token ranks sixth in the ranking of cryptocurrencies by market capitalization with a figure of $23,36 billion. The asset is trading at $0,4687, having lost 1,3% in 24 hours, according to Binance.

Earlier, Ripple entered into an agreement to provide its On-Demand Liquidity (ODL) service to companies in France and Sweden. With ODL, Lemonway and Xbaht payment providers will be able to make instant transfers using the XRP token, backed by Singapore’s cross-border payment center Tranglo.

Author: