XRP Poised for Major Advancements with Ripple’s Ethereum Smart Contracts Integration on XRPL
Ripple has created a stir in the world of cryptocurrencies by revealing significant upcoming advancements in the programmability of the XRP Ledger (XRPL). In a recent blog post, Ripple announced plans to enhance the utility of the XRPL by integrating Ethereum-compatible smart contracts through a sidechain and introducing improved developer tools.
The introduction of smart contracts on the XRPL is expected to occur in the near future through the XRPL Ethereum Virtual Machine (EVM) sidechain. This move is part of Ripple’s broader strategy to enhance the programmability of the XRP Ledger.
One of the key elements of this initiative is the incorporation of native smart contract capabilities into the XRP Ledger using sidechain networks. This enhancement represents a significant shift in the XRPL’s architecture, expanding its capabilities beyond simple transactions. While still in the research phase, Ripple aims to roll out this feature as early as next year.
The native smart contract functionality on XRPL will leverage existing features such as Escrows, non-fungible tokens, authorized trustlines, payment channels, the decentralized exchange (DEX), and Automated Market Maker (AMM). Ripple stated that these enhancements are designed to accelerate innovation and promote adoption among developers.
Additionally, Ripple is working on bringing Ethereum Virtual Machine (EVM) compatibility to the XRPL through a partnership with blockchain software company Peersyst. The XRPL EVM sidechain is set to launch on XRPL’s devnet soon, with plans for further enhancements in 2025. This move will enable developers to utilize familiar tools and programming languages, expanding the appeal of the XRP Ledger to a global developer community.
The XRPL EVM Sidechain is expected to revolutionize the ecosystem by allowing seamless asset transfers between itself and over 55 other blockchains through the cryptocurrency bridging platform Axelar. This development will enhance XRP’s utility and interoperability across multiple chains, with Wrapped XRP (eXRP) serving as the native asset and gas token within the sidechain.
Ripple CEO Brad Garlinghouse emphasized the strategic significance of these developments, highlighting the growing potential for Ripple’s enterprise products to cater to crypto-native customers and strengthen the foundations of crypto infrastructure for real-world applications.
At the time of writing, XRP was trading at $0.56, reflecting a modest 0.8 percent increase for the day.
