The post Ripple To Enhance Programmability On XRPL Through 2 Key Developments appeared first on Coinpedia Fintech News
Ripple in a statement release has disclosed that there will be enhanced programmability on the XRP Ledger through two key developments: the introduction of native smart contract capabilities on the XRP Ledger Mainnet, which is currently in the research phase, as well as the introduction of the XRPL EVM Sidechain, which is expected to go live in the coming months.
These advancements will complement each other to create a robust, versatile ecosystem capable of supporting a wide range of applications.
Smart Contract Programmability on XRP Ledger Mainnet And EVM Sidechain
Ripple will shortly add Ethereum-compatible smart contracts to the XRP Ledger using sidechain networks that will boost the fundamentals of the closely related XRP token.
This development includes the use of the Axelar network for cross-chain token transfers. Wrapped XRP (eXRP), serves as the primary token on this sidechain, enabling broader interoperability and developer engagement.
Smart contracts are programs that automate the actions required in a blockchain transaction, which allows for features beyond mere transactions, such as issuing tokens, processing trades, and creating decentralized exchanges and financial applications.
Ripple stressed that “A key feature of the XRPL EVM Sidechain is its ability to leverage Axelar as the bridge, facilitating seamless transactions between the XRPL EVM Sidechain, the XRP Ledger, and over 55 other blockchains.”
Progress Underway!
Ripple in a release on Monday highlighted that “Progress towards smart contract functionality is already underway in the XRP Ledger ecosystem with the XRPL EVM sidechain, This sidechain will bring Ethereum Virtual Machine (EVM) compatibility to the XRP community, allowing developers to employ familiar tools and programming languages, thereby broadening the XRP Ledger’s appeal to a global developer community.”
Ripple has emphasized that these dual advancements address the common needs of institutional DeFi users and developers while empowering them to tailor solutions to their specific business or dApp requirements. It has also ensured its commitment to fostering a platform that not only advances in technology but also empowers developers and businesses to create revolutionary applications.