Ripple EVM Sidechain Hits Epic Milestone, What It Concerns

Fri, 29/03/2024 – 10:55

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The XRP Ledger EVM sidechain developed by Peersyst in collaboration with Ripple has marked an exciting milestone with the release of a new bridge version. One of the standout features of this milestone is the introduction of a scalable interface designed to accommodate future XRP Ledger interoperability.

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The new bridge version would bring significant benefits to XRP Ledger by enhancing interoperability as it is adapted for multiple networks, wallets (for each network) and tokens (for each pair of networks).

Also, the update will allow the addition to the EVM portal all the networks that have bridges with XRPL and list multiple wallets for all these networks. It would also allow dynamic bridge creation for any ERC20/IOU token by the user to enable permissionless cross-chain applications with any asset.

With this positive milestone, XRP Ledger stands to gain increased liquidity and utility, further solidifying its position as a leading blockchain platform for cross-border payments and asset transfer.

Peersyst and Ripple partnered to create an EVM sidechain connected to the main XRPL, and its development was divided into three phases at the initial start.

In October 2022, Peersyst announced the release of the first phase of the XRPL EVM sidechain with the launch on the XRPL devnet.

The second phase of the project features a permissionless EVM sidechain and bridge with a unique design that connects to the XRPL devnet, allowing for increased involvement and scalability testing in a controlled setting. The final goal is phase three, which will include a permissionless EVM sidechain and bridge on the XRPL mainnet.

As reported in January, Peersyst provided an update on the XRP Ledger EVM sidechain, highlighting the successful completion of audits and the delivery of features and updates, while also stating that the sidechain’s launch was getting closer.

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