- Ripple, in cooperation with Perrsyst, is progressing towards the mainnet launch of an Ethereum-compatible sidechain.
- The second phase of the sidechain project features a decentralised bridge design and supports XRP, IOU, and ERC-20 token transfers.
Blockchain software firm Perrsyst, in collaboration with Ripple, has been steadily advancing their Ethereum-compatible sidechain development project. Last October, the initial phase of the Ethereum Virtual Machine (EVM) sidechain was introduced on the XRP Ledger (XRPL) devnet. This marked a significant step forward, allowing developers to deploy Solidity-based smart contracts on the XRPL and introducing a bridge between an EVM-compatible chain and the XRPL devnet.
The XRP-based EVM-compatible sidechain, fine-tuned for the Tendermint protocol, boasted an impressive 1,000 transactions per second (TPS) processing capacity.
The project is now stepping into its second phase. A new version of the devnet (v2) went live yesterday, showcasing a decentralised bridge design built on the XLS-38d specification. This new iteration supports transfers of XRP, IOU, and ERC-20 tokens in both directions between the XRP ledger and the EVM sidechain.
Notably, the EVM sidechain employs a Proof of Authority (PoA) consensus mechanism, a protocol that grants one or multiple nodes the right to validate transactions based on their identity. Moreover, the updated version presents enhanced scalability and performance. It cuts down the block time from 5.4 seconds to 3.5 seconds, improves chain performance by transitioning from the Tendermint consensus algorithm to Comet Byzantine Fault Tolerant (BFT), and has implemented a PoA validator election mechanism.
For testnet users, a refurbished sidechain block explorer is now available, capable of performing smart contract verification. The previous version of the EVM sidechain will remain accessible for the next month before being phased out.
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As the second phase of the project continues to evolve, the mainnet launch is in sight. But before proceeding to the final phase – the mainnet implementation – a comprehensive security audit of the EVM sidechain will take place in July. This will allow the community to review the results and enable Perrsyst and Ripple to address any identified issues.
Following the approval of the XLS-38d bridge change on the mainnet, the EVM sidechain is expected to go live. It’s noteworthy that the XRP Ledger uses a consensus process to green-light all changes. Changes to the transaction process are introduced as amendments and are subject to a vote by the validators. Once an amendment gains more than 80% support over a two-week period, it is permanently accepted and applies to all future ledger versions.
This development bears significance as it could grant XRP users access to decentralized applications like Uniswap and web3 wallets such as MetaMask. Simultaneously, the Ethereum ecosystem could benefit by leveraging the XRP token for its decentralized finance applications. As of writing, XRP trades at $0.4805, persistently below the critical $0.50 resistance level.
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