XRP Ledger (XRPL) EVM Sidechain Hits 1,400 Smart Contracts in First Week
The XRP Ledger (XRPL) has hit a crucial milestone with the official mainnet launch of its long-awaited EVM-compatible sidechain on June 30th. Within the first week, approximately 1,400 smart contracts had been implemented.
Rapid Developer Adoption
Paul Barron revealed in a recent X article that the EVM sidechain of the XRP Ledger already has more than 1,400 smart contracts. This indicates how keen developers are to adopt XRPL’s quick and affordable blockchain.
As CoinGape reported, the new Ethereum Virtual Machine (EVM) sidechain was released on June 30, allowing developers to move current Ethereum-based decentralized apps (dApps) straight into the XRP ecosystem.
Technology and Performance
The EVM sidechain was developed by Peersyst and Ripple and works with Ethereum tools like Solidity, MetaMask, and Hardhat. Gas costs are paid for in XRP, and it can process up to 1,000 transactions per second with block times of 3.4 seconds.
XRPL 2.5.0 and Cross-Chain dApps
Ripple has introduced new functionality just days after launching XRPL 2.5.0. This new update indicates Ripple’s work in upgrading XRPL technology. The biggest benefit of this launch is that it enables cross-chain dApps to function. With Ethereum interoperability, developers can now construct apps that incorporate both Ethereum and XRP functionality.
Peersyst Technology celebrated its achievement by stressing developer demand. “The need for smart contracts on XRP is crystal clear,” the business wrote in a post. “Almost 1,400 contracts on mainnet in just one week; it’s just Day 1.”
Ripple’s Strategic Vision
Ripple has taken a huge step ahead by introducing the EVM sidechain. This breakthrough contributes to Ripple’s objective of making XRP more useful in everyday life and widening the XRP Ledger’s applications beyond payments.
Furthermore, recent partnerships show how committed Ripple is to cross-chain growth. The XRP Ledger has been connected to Wormhole, a well-known multi-chain messaging system.
Growing Ecosystem and Institutional Interest
The XRPL’s appeal in domains like real-world assets and cross-chain payments is increased by this stage, which enables developers to construct apps that span many blockchains. Meanwhile, Axelar Network, the company that connects with XRPL, reported over $100 million in daily cross-chain transactions.
In addition to smart contract deployment, the EVM sidechain has already received backing from a strong validator network. At launch, 25 separate firms were already running nodes, indicating increased institutional interest in XRPL’s expanding ecosystem.
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