Top Highlights
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EVM-Compatible Sidechain Launch: Ripple Labs will launch an Ethereum Virtual Machine (EVM)-compatible sidechain for the XRP Ledger (XRPL) by the end of Q2, enhancing user and project onboarding.
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Growing Ecosystem: The sidechain initiative has rapidly attracted 87 entities, including DeFi applications and auditors, showing strong growth within two months of its testnet operation.
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Decentralized Application Support: Developers will be able to run Ethereum-based dApps and smart contracts on the XRPL, potentially increasing demand for XRP and expanding its ecosystem.
- Legal Context and XRP Recovery: The news coincides with a pivotal date in Ripple’s legal battles with the SEC, while XRP has rebounded significantly, up over 370% in a year.
Ripple’s XRPL EVM-Compatible Sidechain Set to Launch Soon
Ripple Labs, the company behind the XRP Ledger (XRPL), is on track to launch an Ethereum Virtual Machine (EVM)-compatible sidechain by the end of this quarter. This exciting announcement took place during the XRPL Apex event in Singapore, a three-day summit that brings together developers and innovators in blockchain technology.
The launch aims to enhance the XRPL ecosystem. Jaazi Cooper, Ripple’s Director of Product Management, and David Schwartz, the Chief Technology Officer, revealed the details during the summit’s opening day. Peersyst Technology, a key validator for the XRPL, reports that the EVM sidechain will incorporate 87 entities, including decentralized finance (DeFi) applications and oracles. This diverse participation signals significant interest and new opportunities for the XRPL.
Additionally, the sidechain has shown impressive growth since launching its testnet on March 31. Developers have taken the initiative to move projects from the devnet, fostering a vibrant environment for innovation. Once operational, the EVM sidechain will enable users to run Ethereum-based decentralized applications and smart contracts within the XRPL framework. This development could attract more users and projects to XRP, potentially increasing its value and utility.
“Exciting times ahead for XRPL EVM – and this is just the beginning,” said Unity Nodes, a contributor to the EVM initiative. The expected launch in the coming weeks could mark a pivotal moment for Ripple and its community.
As Ripple gears up for this milestone, the company also prepares for a crucial legal deadline. The U.S. Securities and Exchange Commission must report a $50 million settlement agreement related to Ripple by June 16. The outcome may influence XRP’s future trajectory.
Encouragingly, XRP has rebounded considerably, climbing over 370% in the past year. This resurgence highlights the ongoing interest in the cryptocurrency and the broader XRPL ecosystem as they evolve amid legal and market dynamics.
Ripple continues to innovate, and the upcoming sidechain exemplifies this commitment. With new applications and partnerships on the horizon, the XRP community eagerly anticipates the impact of these advancements.
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