- The Ethereum Virtual Machine (EVM) sidechain developed by Perrsyst and Ripple enters its second phase, approaching its mainnet launch.
- This development may enable XRP users to access Ethereum dapps and web3 wallets, while the Ethereum ecosystem could utilize XRP for its DeFi applications.
Ripple, in partnership with blockchain software company Perrsyst, continues to make strides with its Ethereum-compatible sidechain. The first phase of the Ethereum Virtual Machine (EVM) sidechain for the XRP Ledger (XRPL) was launched on the XRPL devnet last year in October.
This major step allowed developers to tap into XRPL’s features and roll out Solidity-based smart contracts on the XRPL. Additionally, it established a bridge between an EVM-compatible chain and the XRPL devnet. The sidechain, built with a focus on the Tendermint protocol, could handle up to 1,000 transactions per second (TPS).
Recently, the EVM sidechain project marked the start of its second phase, now available in a revamped version of the devnet (v2). This update presents a decentralized bridge design per the XLS-38d specification. It supports XRP, IOU, and ERC-20 token transfers in both directions between the XRP ledger and the EVM sidechain.
The updated EVM sidechain operates using a Proof of Authority (PoA) consensus mechanism. Other enhancements include improved scalability by reducing block time from 5.4 to 3.5 seconds per block, heightened chain performance by switching from the Tendermint consensus algorithm to Comet Byzantine Fault Tolerant (BFT), and an implemented PoA validator election mechanism.
Moreover, testnet users will have access to a more refined sidechain block explorer capable of executing smart contract verification. The previous version of the EVM sidechain will be available for one more month before it’s discontinued.
The project moves ever closer to the mainnet launch with the second phase. The third and final phase implies implementation on the mainnet, preceded by a security audit of the EVM sidechain scheduled for July. Any identified issues will be rectified by Perrsyst and Ripple.
As per RippleX’s announcement, the EVM sidechain is expected to be live after the XLS-38d bridge change receives approval on the mainnet. The XRP Ledger employs a consensus process to sanction all changes.
This development is critical as it potentially allows XRP users to tap into dapps like Uniswap and web3 wallets such as MetaMask, while the Ethereum ecosystem could utilize the XRP token for its decentralized finance applications. At the time of writing, XRP’s value stands at $0.4805, continuing to consolidate below the significant resistance level of $0.50.