The EVM-compatible XRP Ledger sidechain will enter its second phase in early 2023, making the chain permissionless and increasing scalability.
In the future following the launch of a test phase of Ripple's new XRP Ledger sidechain.
On Oct. 17, blockchain development firm Peersyst Technologies announced the debut of the sidechain in a Tweet, saying that the new sidechain is compatible with the Ethereum Virtual Machine (EVM).
This implies that Ripple users may eventually be able to utilize DApps like Uniswap and Web3 wallets like Metamask and XUMM Wallet.
The new sidechain also includes a cross-chain bridge that allows XRP and other assets to be transferred between the EVM-supported sidechain and the XRP Ledger Devnet.
According to Mayukha Vadari, a RippleX software engineer, “the release eliminates the need for developers to select between XRPL and EVM-compatible blockchains.”
Developers will also be able to use XRPL's fast, low-cost transactions and introduce Solidity-based smart contracts to the platform, he said.
The XRP-based EVM-compatible sidechain was custom-built by the Tendermint protocol, which intends to perform 1000 transactions per second (TPS).
According to Vadari, the first step of the EVM sidechain is now ready for testing on the XRPL Devnet. The EVM-compatible sidechain will convert to a "permissionless" chain with increased scalability in phase two.
Vadari stated that the goal for the second phase, which is expected to launch in early 2023, is to attain block times equivalent to those of the XRP Ledger.
The news did not appear to have a significant impact on the price of Ripple's XRP token, which is currently trading at $0.4748 and is up 33% for the month.
The latest statement comes during the US SEC's nearly two-year-long litigation against Ripple, which has likely hampered the global settlement network's acceptance and development.
Ripple has also been engaged in the Central Bank Digital Currency (CBDC) space since piloting a CBDC Private Ledger for banks in March 2021, most recently partnering with The Royal Monetary Authority of Bhutan in September 2022.
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