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Ripple EVM Sidechain Activates New XRP Amendment: Details

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Wed, 8/05/2024 – 15:53

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In a significant move, Ripple partner Peersyst announces that new amendments to the XRPL EVMSidechain have been activated following community approval. The two amendments that have been applied will enable new transaction fees in XRP and the activation of Cosmos IBC.

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On May 1, Peersyst launched two new key proposals, 33 and 34, to upgrade the network, to adjust XRP fees and enable IBC and Cosmos tokens, respectively. 

Amendment 33 would allow updating the network’s gas price to make the configuration more similar to production environments. This step is critical for network security and scalability. Transaction fees should be minimal, comparable to Binance Smart Chain or Polygon.

Amendment 34 will activate IBC channels, connecting the network to the Cosmos ecosystem and enabling cross-chain applications.

The community approved the amendments ,which are now in effect following a seven-day voting period that ended on Monday, May 6. 

The Ripple EVM sidechain, a proof of concept extension to the XRPL protocol, is designed to bring full programmability to the XRPL ecosystem. It enables developers to deploy EVM applications on the XRPL with few changes, eliminating the requirement for network votes for each application.

The EVM sidechain uses a proof of authority (PoA) consensus method and is directly connected to the XRP Ledger via the XRPL bridge. The core technology for the XRPL sidechain consensus is CometBFT, a fork of Tendermint that is a Byzantine fault-tolerant engine for blockchain development.

With the new update, the XRPL EVM sidechain might become more appealing to developers who wish to test it for their applications as it is not yet available on the production Mainnet.

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