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- Onwards, DeFi and Dapps developers will not need to worry about XRPL and Ethereum compatibility.
- David Schwartz, Ripple’s CTO, has significantly shaped the future of XRPL and Ethererum’s compatibility.
The XRP Ledger (XRPL) ecosystem is readying to welcome Ethererum Dapps through an Ethereum Virtual Machine (EVM) sidechain. Ripple has worked closely with Peersyst, a blockchain-developing company, to build the EVM infrastructure accordingly. Notably, Peersyst announced that it had released the first phase of the EVM sidechain for the XRPL, which is now live on XRPL Devnet.
“This milestone means more developers can easily access the XRPL’s feature set (such as its speed, sustainability, and low-cost transactions) and bring Solidity-based smart contracts to the XRPL. As part of the phase 1 launch, we’re also introducing a bridge between an EVM-compatible chain and the XRP Ledger Devnet,” the announcement noted.
Onwards, DeFi and Dapps developers will not need to worry about XRPL or Ethereum compatibility. Furthermore, Ethereum-based smart contracts will be seamlessly available on the XRPL ecosystem.
The persistent and urgent question is whether the XRP price will go to the moon following the EVM compatibility. According to our data, the cryptocurrency is trading at around $0.46, down approximately 3 percent in the past 24 hours.
Ethereum and XRPL Molds Multi-chain Future
David Schwartz, Ripple’s CTO, has significantly shaped the future of XRPL and Ethererum’s compatibility. Moreover, Schwartz began talking about the EVM on XRPL years ago.
Having completed the project’s first phase, the developers have announced that the second phase is on track for early 2023. Reportedly, the second phase will feature a permissionless EVM sidechain and bridge with a unique design that connects to the XRPL Devnet to expand participation and test scalability within a controlled environment. The end goal is phase three, which involves a permissionless EVM sidechain and bridge available on the XRPL Mainnet slated to follow.
Throughout all three phases, the EVM sidechain will feature block and finality times comparable to the XRPL Mainnet and support Ethereum smart contracts and applications like Metamask, Remix, and Truffle.
According to market data provided by DefiLlama, Ethereum is the leading blockchain with the highest TVL. As such, Ripple saw it prudent to connect with the Ethereum network for future growth prospects.
XRP Price to the Moon?
The ongoing SEC-Ripple lawsuit currently throttles the XRP price. Although a ruling may be around the corner, the last two years have not been easy for XRP hodlers. Furthermore, some cryptocurrency exchanges delisted the asset following the SEC lawsuit.
From a technical standpoint, the XRP price may record major volatility in the coming years after a multi-year possible wedge consolidation. Meanwhile, the XRP price remains highly bolstered by the Ripplenet development, which has partnerships with worldwide banks.