The XRP Ledger is broadening its functionality with the EVM sidechain for the XRP Ledger (XRPL) available on a new version of Devnet (v2). This is a major feat for Ripple and Ethereum and their communities with developers now encouraged to test and develop between the XRP Ledger and EVM sidechain.
The new version offers a decentralized bridge design using the XLS-38d specification and supports XRP, IOU, and ERC-20 token transfers in the XRPL and EVM sidechain.
The initial version was released last year in October in collaboration with Ripple and Peersyst using a proof-of-authority (PoA) consensus method. According to the team, this original version will be around for about a month before being retired. Developers are now encouraged to use the new version for their applications.
The new version released at the start of the week allows developers to ute projects and functions faster and utilize popular smart contract languages like Solidity while having access to XRP liquidity and a bridge to XRP Ledger. More developers on XRP Ledger will utilize tools on Ethereum while the Ethereum eco developers such as those involved in DeFi will enjoy expansive liquidity offered by the XRP Ledger.
Additional features also include faster scalability by reducing block time from 5.4 to 3.5 seconds, better chain performance after switching from the Tendermint consensus algorithm to Comet Byzantine Fault Tolerant (BFT), and Implemented PoA validator election mechanism.
The team reveals that there will be an audit of the EVM sidechain and the results published for the community to review. Peersyst and Ripple will address any issues and share the same with the community. On the launch on the mainnet, the team notes;
The EVM sidechain is expected to go live on mainnet following the approval of the XLS-38d bridge amendment. The bridge is dependent on the proposal of the amendment, followed by at least 80% of the XRPL validator community accepting the proposal and holding their vote for at least two weeks.
This will bring together two of the best and most popular projects, giving developers broader functionality and driving adoption across the two networks. Since their respective launches, Ethereum and Ripple have been in competition, challenging developers to pick and choose between them. With the EVM sidechain, developers can get the best of both. Ultimately, this will drive ETH and XRP prices higher.
