Ethereum Sidechain For The XRP Ledger Gets Close To Launch

RippleX (the developer arm of Ripple Labs) and Peersyst Technology have edged closer to launching the highly anticipated Ethereum Virtual Machine (EVM) Sidechain for the XRP Ledger (XRPL). This initiative is set to blend the robust smart contract capabilities of Ethereum with the XRPL, heralding a new era of cross-chain functionality and scalability.

XRP Ledger X Ethereum Coming Closer

RippleX set the tone with an announcement on X, urging the community to engage with the latest updates. “What’s the latest on the EVM Sidechain for XRPL? Check out Peersyst’s update!” they shared, pointing the community towards the comprehensive progress report provided by Peersyst.

Peersyst’s communication was laden with optimism and detailed insights into the project’s milestones. “We have already started 2024 closer than ever to the launch of the long-awaited #EVMSidechain for #XRPLedger that we are building with RippleX,” they announced.

The initial steps involve the XChainBridge public amendment, now live and awaiting validator votes. “The XChainBridge public amendment has already been published by the RippleX team and is available for voting. This is an essential prerequisite for the launch of the EVM Sidechain,” they noted, confirming the achievement of 7 out of the needed 28 validator votes.

To become activated, amendments require consistent endorsement, maintaining support from over 80% of trusted validators for a continuous duration of two weeks. Should the support level fall beneath the 80% threshold at any point, the amendment faces a provisional rejection, resetting the two-week timeframe for gaining the requisite approval.

Advancements On The EVM Sidechain

Highlighting the approach to development and security, Peersyst shared, “The sidechain is more advanced than ever. After the audit with Bishop Fox, a second one has been carried out with a recognized supplier that we will soon publish.”

They also detailed the technical strides made, including updates to the blockchain facilitated by the Cosmos SDK and Evmos support, gearing up for the upcoming integration of Cosmos version 0.47 and Ethereum’s EIP3855.

In terms of functional enhancements, the XChain Bridge emerged as a cornerstone feature. Peersyst elaborated on its capabilities, stating, “A new version of the bridge is about to arrive. It will now allow you to automatically and dynamically bridge any existing token in the #EVMSidechain to the #XRPLedger.” This feature positions the EVM Sidechain as a vital nexus for the EVMs, streamlining asset transactions and XRPL Mainnet functionalities.

The user experience is also set for an overhaul with the introduction of a new UI and a Bridge SDK, aimed at simplifying interactions and aiding developers. “A new UI has also been enabled to facilitate usability and allow dynamic bridging between any sidechain, wallet, and token,” Peersyst highlighted.

Moreover, the impending release of the updated Blockscout Explorer was announced, poised to offer an enriched UX/UI, advanced smart contract functionalities, and a dynamic display of dApps. “We are preparing the latest version of the Blockscout.com Explorer that is better than ever!” Peersyst enthused.

Aligning with these advancements, the XRPL’s recent developments, particularly the release of rippled 2.0, have underscored a concerted push towards a more interconnected and versatile blockchain landscape. Meanwhile, Ripple’s Automated Market Maker (AMM) proposal is still pending, not receiving enough “Yes” votes from the validators so far.

At press time, XRP traded at $0.51410.

Featured image from Shutterstock, chart from TradingView.com