While Ripple (XRP) draws attention with its innovative steps, it announced that it will introduce Ethereum (ETH) compatible smart contracts on XRP Ledger.
Ripple has reportedly improved its XRP Ledger by integrating Ethereum-compatible smart contracts via a new sidechain that enables complex applications such as decentralized exchanges and token issuance, CoinDesk reported.
The new XRPL EVM sidechain will use crypto bridging service Axelar to allow users to transfer their tokens between itself and 55 other blockchains.
The new sidechain will use Wrapped XRP (eXRP) as the native token.
Ripple said in a statement:
“Progress towards smart contract functionality in the XRP Ledger ecosystem is already underway with the XRPL EVM sidechain.
“This sidechain will bring Ethereum Virtual Machine (EVM) compatibility to the XRP community, allowing developers to use familiar tools and programming languages, thereby expanding the appeal of XRP Ledger to a global developer community.”
XRP Ledger is an open-source blockchain network that uses XRP tokens to process and record financial transactions.
*This is not investment advice.