- Ripple is set to enhance the XRP Ledger (XRPL) by introducing smart contracts through an Ethereum Virtual Machine (EVM) sidechain, expanding its capabilities for developers.
- This update aims to attract more developers by providing familiar tools and languages, with further integration into the XRPL mainnet expected by 2025.
Cross-border payments giant Ripple is set to revolutionize the XRP Ledger (XRPL) developer ecosystem by introducing smart contracts. This move aims to unlock a myriad of new use cases for users, developers, and entrepreneurs. According to Ripple, the smart contracts feature will be available “in the coming months” on the XRPL Ethereum Virtual Machine (EVM) sidechain. In addition, the company plans to integrate smart contracts into the XRPL mainnet, although this is still in the research phase with no definitive timeline provided.
The Power of Smart Contracts
Smart contracts are self-executing agreements with the terms of the contract directly written into code. These contracts automatically execute when predefined conditions are met, eliminating the need for intermediaries. They have a wide range of applications, from decentralized finance (DeFi) to supply chain management, and are already integral to platforms like Ethereum, BNB Chain, Avalanche, and Solana.
Ripple’s integration of smart contracts is set to significantly broaden the scope of XRPL’s capabilities. The introduction of these contracts on the XRPL EVM sidechain will offer a familiar environment for developers, who can use Solidity—a programming language commonly used on Ethereum. This compatibility aims to attract developers by providing them with a well-known framework for deploying decentralized applications (DApps).
EVM Compatibility: A Strategic Move
Ripple’s strategy includes partnering with blockchain firm Peersyst to develop the EVM sidechain, which will enhance the XRP community’s appeal to a global developer base. The sidechain will allow for the use of existing Ethereum tools and programming languages, making it easier for developers to transition or expand their projects onto the XRPL.
Ripple believes that this initiative will significantly boost XRPL’s attractiveness to developers, potentially accelerating its adoption in 2025 as smart contracts are further integrated into the mainnet. By aligning with Ethereum’s established ecosystem, Ripple is positioning XRPL to capture a larger share of the burgeoning smart contract market.
Ripple’s move to incorporate smart contracts into XRPL signals a new chapter for the platform. With the promise of enhanced functionality and developer engagement, XRPL is set to become a more versatile tool in the blockchain space. As Ripple continues to evolve its offerings, the introduction of smart contracts could mark a pivotal shift in the landscape of cross-border payments and decentralized applications.
