Ripple’s XRP Ledger (XRPL), a key player in the global payments landscape, is gearing up for a game-changing evolution. The blockchain technology that powers Ripple’s global payments network is set to undergo significant upgrades aimed at enhancing its functionality and broadening its appeal to developers and users alike.
EVM Sidechain – Bridging XRPL and Ethereum
In a recent announcement on X, Ripple revealed its plan to integrate the Ethereum Virtual Machine (EVM) with the XRP Ledger through an upcoming EVM Sidechain. This integration, anticipated to launch in early 2024, is designed to create a bridge between XRPL and Ethereum’s ecosystem. For developers, this means the opportunity to deploy decentralized applications (dApps) that harness the strengths of both platforms.
The EVM Sidechain promises a seamless experience for those already familiar with Ethereum. Developers can port their existing dApps to the XRPL, benefiting from the ledger’s faster transaction speeds and lower fees. On the flip side, XRPL developers will gain access to a wealth of dApps and a larger developer community, further enriching the XRPL ecosystem.
XRPL Hooks – The Future of Smart Contracts
Another exciting development on the horizon is the introduction of XRPL Hooks, a foundational technology aimed at embedding smart contracts directly into the XRPL’s mainnet. Currently in the research stage, the smart contracts are expected to be rolled out as early as next year.
Ripple is committed to making these smart contracts permissionless and user-friendly. This means anyone will be able to deploy smart contracts, regardless of their technical expertise. Moreover, customization options will allow developers to tailor these contracts to meet specific needs, enhancing their flexibility and utility.
Ripple’s Vision and Market Impact
Ripple CEO Brad Garlinghouse has expressed enthusiasm about these advancements, highlighting their potential to fortify crypto infrastructure for real-world applications. “The foundations of crypto infrastructure serving real-world use cases are steadily becoming more robust by the day,” he noted.
These upgrades follow the recent addition of Automated Market Maker (AMM) functionality to the XRP Ledger, a feature that aims to bolster XRPL’s position within the Decentralized Finance (DeFi) sector. By automating token exchanges, AMMs enhance transaction efficiency and user experience, further positioning XRPL as a key player in the DeFi space.
Also Read: XRP Price Flat Despite Ripple’s RLUSD Stablecoin & 16% Monthly Surge – What’s Next?
As Ripple continues to innovate with the EVM Sidechain and smart contracts, the XRP Ledger is poised to attract a broader range of users and applications. These developments not only signify a leap forward in blockchain technology but also enhance XRPL’s competitive edge in the ever-evolving world of cryptocurrency and decentralized finance.
With these enhancements on the horizon, the XRP Ledger is set to become a pivotal hub for dApps and smart contracts, driving adoption and growth in the blockchain space.
Disclaimer: The information in this article is for general purposes only and does not constitute financial advice. The author’s views are personal and may not reflect the views of Chain Affairs. Before making any investment decisions, you should always conduct your own research. Chain Affairs is not responsible for any financial losses.
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