Peersyt Technology has launched a sidechain that integrates Ethereum Virtual Machine (EVM) into Ripple’s XRP Ledger (XRPL). The sidechain is available on XRPL Devnet for developers to start testing before it goes live.
This #Devnet version with its #Explorer and #Bridge is the first step to open a world of gigantic possibilities to all developers and businesses that put their trust in @Ripple @RippleXDev 🔐 pic.twitter.com/9BumdUbBp7
— Peersyst Technology (@Peersyst) October 17, 2022
According to the announcement, a bridge has been created between an EVM-compatible chain and the XRPL Devnet, so developers do not have to choose between either network. This development means developers could easily access XRPL’s speed and cheap transactions feature while introducing smart contract capability to XRPL.
It also means developers could create smart contracts and access DeFi protocols while using XRP as the native token. The sidechain would run 1000 transactions per second (TPS) and would be compatible with Ethereum (ETH) applications like Metamask, Remix, and Truffle.
Meanwhile, this is just the first stage of the project. The second stage will commence in early 2023 when the EVM sidechain becomes permissionless and more testing will be carried out in a controlled environment. The project’s third stage would see the sidechain deployed on the XRPL mainnet.
The developers did not state when the third stage would begin.