XRP News Today: XRP Ledger's EVM Sidechain Sees 1,400 Smart Contracts Deployed in First Week

The XRP Ledger's Ethereum Virtual Machine (EVM) sidechain has marked a significant achievement with the deployment of nearly 1,400 smart contracts within just one week of its mainnet launch on June 30. This rapid adoption highlights the growing interest in the XRP Ledger's ecosystem and its potential to support a wide range of decentralized applications (dApps).

The EVM sidechain, developed by Peersyst and Ripple, enables Ethereum-based dApps to integrate seamlessly with the XRP Ledger. This compatibility allows developers to leverage the low fees and high speed of the XRP Ledger while maintaining the familiarity of Ethereum's tools, such as MetaMask, Solidity, and Hardhat. The sidechain is designed to offer high throughput with 3.4-second block times and the capacity to process up to 1,000 transactions per second, making it an attractive option for developers seeking efficient and cost-effective solutions.

Developer activity surged immediately following the launch, with nearly 1,400 smart contracts deployed in the first week. This high demand for smart contract capabilities indicates a strong interest in the XRP Ledger's potential within decentralized finance (DeFi) ecosystems. The use of XRP as gas for transactions adds a new utility layer for the native token, further enhancing its value within the ecosystem.

The compatibility of the sidechain with Ethereum opens up new possibilities for cross-chain applications that can leverage the strengths of both Ethereum and the XRP Ledger. This innovation allows for a wider variety of applications, including tokenization, lending, and on-chain payments. The development follows the recent upgrade of the Ripple protocol to version 2.5.0, which introduced new functionalities on the mainnet.

At launch, the EVM sidechain was supported by 25 independent validators, signaling growing institutional interest in the XRP Ledger ecosystem. Additionally, the XRP Ledger has integrated with Wormhole, a multi-chain messaging protocol, and is collaborating with Axelar Network, which handles a significant volume of daily cross-chain transactions. These integrations further enhance the XRP Ledger's functionality and its potential as a versatile blockchain infrastructure for Web3 development.

The introduction of the EVM sidechain represents a strategic move by Ripple to expand the XRP Ledger's functionality beyond traditional payments. With enhanced smart contract capabilities and growing cross-chain connections, the XRP Ledger is positioning itself as a more versatile platform for Web3 development. This development underscores the growing interest in the XRP Ledger and its potential to support a wide range of decentralized applications, further cementing its position as a leading blockchain platform.