RippleX (the development arm of Ripple Labs) and Peersyst technology have moved closer to launching the highly anticipated ethereum Virtual Machine (EVM) sidechain for XRP Ledger (XRPL). This initiative is intended to combine ethereum's strong smart contract capabilities with XRPL, heralding a new era of cross-chain functionality and scalability.
XRP Ledger X ethereum getting closer
RippleX set the tone with a advertisement on X, urging the community to participate with the latest updates. “What is the latest news on EVM Sidechain for XRPL? Check out the Peersyst update! they shared, directing the community to the comprehensive progress report provided by Peersyst.
Peersyst's communication It was full of optimism and detailed information about the project's milestones. “We have already started 2024 closer than ever to the launch of the long-awaited #EVMSidechain for #XRPLedger that we are building with RippleX,” they announced.
The initial steps involve the public amendment of XChainBridge, which is already live and awaiting votes from validators. “The XChainBridge public amendment has already been published by the RippleX team and is available for voting. “This is an essential prerequisite for the launch of EVM Sidechain,” they noted, confirming the achievement of 7 of the 28 necessary validation votes.
To activate, the amendments require constant support, maintaining the support of more than 80% of trusted validators for a continuous two-week period. If the level of support falls below the 80% threshold at any point, the amendment faces provisional rejection, restoring the two-week deadline to obtain the required approval.
Advances in EVM Sidechain
Peersyst highlighted the development and security approach and shared: “Sidechain is more advanced than ever. After the audit with Bishop Fox, a second one has been carried out with a recognized supplier that we will publish soon.”
They also detailed the technical advances made, including blockchain updates facilitated by the Cosmos SDK and support from Evmos, preparing for the upcoming integration of Cosmos version 0.47 and ethereum's EIP3855.
In terms of functional improvements, the XChain Bridge emerged as a critical feature. Peersyst explained its capabilities and stated: “A new version of the bridge is about to arrive. It will now allow you to automatically and dynamically connect any existing tokens on #EVMSidechain with #XRPLedger.” This feature positions EVM Sidechain as a vital nexus for EVMs, streamlining asset transactions and XRPL Mainnet functionalities.
The user experience will also be overhauled with the introduction of a new user interface and Bridge SDK, aimed at simplifying interactions and helping developers. “A new user interface has also been enabled to facilitate usability and enable dynamic bridging between any sidechain, wallet and token,” Peersyst highlighted.
Additionally, the imminent release of the updated Blockscout Explorer was announced, ready to offer rich UX/UI, advanced smart contract functionalities and dynamic visualization of dApps. “We are preparing the latest version of Blockscout.com Explorer that is better than ever!” Peersyst enthused.
In line with these advancements, recent XRPL developments, particularly the launch of Ripple 2.0, have underscored a concerted push toward a more interconnected and versatile blockchain landscape. Meanwhile, Ripple's automated market maker (AMM) proposal is still pending and has not received enough “Yes” votes from validators so far.
At press time, XRP was trading at $0.51410.
Featured image from Shutterstock, chart from TradingView.com
