Despite the bear market, the leaders of the biggest crypto projects are not idle. Yesterday, the Dev.to platform announced the launch of the first phase of a sidechain deployment. A sidechain supposed to get the best of both worlds between XRP and Ethereum, via EVM.
A sidechain to exploit the best of XRP and Ethereum!
Through a announcement, the Dev.to platform, which has nearly a million developers, published the news. By partnering with Peersyst, Ripple has launched its construction site for a sidechain capable of deploying Ethereum smart contracts via its XRP Ledger network. The actual launch is only a first phase which will call for two others.
In detail and according to the announcement made by Mayukha Vadari, software engineer at Ripple, a bridge would have been created between an EVM compatible chain and the Devnet XRPL. Objective of the maneuver? That developers don’t have to choose one network over the other. But the interest is above all to get the best out of each part. Thus, through this, developers will be able to access the speed and reasonable transaction fees of XRPL by introducing smart contracts into it. Let us recall in passing that EVM (Ethereum Virtual Machine) is the software that makes it possible to execute smart-contracts on the Ethereum blockchain.
Good to know : Last September, David Schwartz, CTO of Ripple, presented his first thoughts on setting up a sidechain to integrate smart contracts with the XRP Ledger. Today, the first phase of this plan is launched!
XRPL: A sidechain capable of processing 1,000 transactions per second!
For now, the sidechain is available on XPRL Devnet, the company’s test network. Developers will thus be able to start testing the solution before it goes live. This compatibility therefore means that developers can create smart contracts using XRP as a native token. The sidechain is also capable of process 1,000 transactions per second. Also, it is compatible with Ethereum apps like Metamask or Truffle.
But this deployment is only a first step in a much larger project. From the first quarter of 2023, the second phase will be launched. It will then be a question of launching additional tests in a controlled environment. After validation of this new checkpoint, the sidechain can be deployed on the XRPL mainnet. But for now, no date has filtered on the implementation of this third and final step.
For developers who want to test, the post shows how to do it:
Developers can test out the new EVM sidechain today by connecting XRPL Devnet to a XUMM wallet, connecting Metamask to the EVM sidechain, then transferring XRP from XRPL Devnet to the EVM sidechain and vice versa.
Nom : EVM Sidechain – Devnet
URL RPC : https://rpc-evm-sidechain.xrpl.org
Network ID: 1440001
Digital asset: eXRP
EVM Block Explorer URL: https://evm-sidechain.xrpl.org
Bridge URL: https://bridge.devnet.xrpl.org
An impact on the price of Ethereum and Ripple?
This announcement had very little impact on the ethereum price and on that of token XRP. For almost a month, Ethereum has remained anchored in a price range between $1,200 and $1,400. For its part, the XRP token continues to outperform the market. But this is mainly due to the expected verdict in his lawsuit against the SEC. As a reminder, the Ripple company is mired in a lawsuit with the American financial policeman who accuses it of having sold the token without authorization. In the background, the question of the qualification of the asset is posed.
Over the last 30 days, Ripple still shows a gain of more than 25%. At the same time, Bitcoin is posting losses of around 2%. If we look at Ethereum, the losses are close to 7% over the same horizon.
