In a significant move for the cryptocurrency community, blockchain firm Peersyst Technology has announced the successful launch of their live testnet, an Ethereum-compatible sidechain for the XRP Ledger. This monumental achievement reflects the synergistic efforts of various key players in the crypto ecosystem, including RippleX, Ripple’s research and development arm, and the blockchain science company Common Prefix. Additionally, the web3 interoperability platform Axelar Network lent their expertise to the endeavor. Together, these technology leaders are ushering in a new era of interconnectivity and programmability for XRP.
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Peersyst’s Ethereum-Compatible Sidechain Now Live on Testnet
Peersyst Technology broke the exciting news on X, declaring enthusiastically that the XRPL EVM Sidechain has gone live on Testnet. They enthusiastically stated that “A new era of interoperability and programmability for XRP is upon us”, indicating the doors this development has opened for the future of cryptocurrency. To facilitate the integration of the EVM Testnet into MetaMask, a new website (xrplevm.org) has been set up where developers can avail of this service. The site also allows users to obtain tokens on the EVM testnet conveniently using a faucet. An additional faucet is also made available via a Discord community.
The highlight of the announcement was a new bridge, developed by Squid Router, enabling cross-chain transfers between the XRPL and the EVM sidechain. The Peersyst team subsequently invited the developer community to start migrating projects from Devnet to Testnet as a part of the announcement.
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Ethereum Smart Contracts Meet the XRP Ledger
As the official documentation explains, the EVM is an enhanced space crafted on the Cosmos SDK, programmed to operate Ethereum Virtual Machine (EVM) smart contracts. The sidechain operates with a Proof-of-Authority (PoA) consensus model, focusing on low latency and high performance while preserving the security features of the XRPL. What the Axelar Network brings to the plate is the seamless transfer of assets and messages between the XRPL and other blockchains, making the token bridged from the main ledger the native currency on the sidechain.
Furthermore, with sub-four-second transaction finality and relatively lower fees compared to Ethereum, this development presents a cost-effective environment for decentralized app (dApp) development. The seamless asset movement between XRPL, the EVM sidechain, and other networks, made possible by the Axelar integration and dedicated EVM bridge, paves the way for advanced DeFi and NFT use cases.
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Ethereum and XRP Ledger: A Versatile Union
The EVM sidechain has been designed to integrate XRPL’s reputable speed and cost-efficiency with Ethereum’s multifunctional smart contract ecosystem. The fusion of these two powerful entities unlocks several avenues, from cost-effective dApp development to cross-chain DeFi protocols and NFT platforms.
Peersyst, RippleX, Axelar Network, and Common Prefix are standing on the brink of further announcements regarding new infrastructure integrations and further validator partnerships. Developers are being urged to commence porting their Ethereum-compatible projects to the EVM sidechain, with a mainnet launch imminent.
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FAQs
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What are the implications of this development for developers?
This development provides developers with the opportunity to automate settlement processes, manage assets across multiple blockchains, and devise new financial tools leveraging XRP’s liquidity and low transaction costs.
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What is the XRPL EVM sidechain’s main purpose?
The XRPL EVM sidechain aims to merge the speed and affordability of the XRPL with Ethereum’s dynamic smart contract ecosystem, thereby democratizing decentralized application (dApp) development and endorsing cross-chain DeFi protocols and NFT platforms.
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How does the EVM sidechain uphold security features?
The EVM sidechain uses a Proof-of-Authority (PoA) consensus model, which emphasizes low latency and high performance while still retaining the security features of the XRPL.
