This groundbreaking development, announced by Ripple and its developers, will enable smart contracts to operate on the XRP Ledger.
This will significantly enhance its functionality and appeal within the blockchain ecosystem. Let’s explore more about this important news for Ripple.
Ethereum-Compatible Smart Contracts on XRPL
ETH-compatible smart contracts on XRP Ledger mark a key milestone in expanding Ripple’s blockchain utility. Ripple’s developers announced that these smart contracts will be hosted on a sidechain built on the XRPL. The sidechain is designed to be compatible with the Ethereum Virtual Machine (EVM), which powers Ethereum’s smart contracts.
To facilitate seamless cross-chain token transfers, Ripple will leverage the Axelar network. This integration will enable assets to move freely between XRPL and other blockchains, enhancing interoperability in the DeFi ecosystem. Wrapped XRP, known as eXRP, will serve as the primary token on this sidechain. This setup will enable users to interact with Ethereum-based smart contracts while still benefiting from XRP’s liquidity and speed.
Source: X
Broadening the XRP Ledger’s Appeal
Ripple’s addition of EVM compatibility to the XRP Ledger aims to attract a broader developer community. This familiarity lowers barriers for developers used to the Ethereum ecosystem.
Source: X
The XRPL EVM sidechain is progressing well towards full smart contract functionality within the XRP Ledger ecosystem. This initiative is expected to significantly enhance the XRPL’s capabilities. It will make the ledger more versatile and attractive for a broader range of applications, including DeFi projects.
Disclaimer
The information discussed by Altcoin Buzz is not financial advice. This is for educational, entertainment, and informational purposes only. Any information or strategies are thoughts and opinions relevant to the accepted levels of risk tolerance of the writer/reviewers and their risk tolerance may be different than yours. We are not responsible for any losses that you may incur as a result of any investments directly or indirectly related to the information provided. Bitcoin and other cryptocurrencies are high-risk investments so please do your due diligence. Copyright Altcoin Buzz Pte Ltd.
