- The XRPL’s EVM sidechain has received a bridge upgrade, enabling smoother connections.
- Users are now able to create dynamic bridges for permissionless applications across blockchains.
- This update has increased liquidity and utility for XRP, solidifying its position in cross-border transactions.
The XRP Ledger (XRPL), a blockchain platform known for its fast and secure cross-border payments, is making strides towards greater interoperability by releasing a new bridge version for its Ethereum Virtual Machine (EVM) sidechain. This development, a collaboration between Peersyst and Ripple, is a significant milestone for the XRPL ecosystem.
XRP Ledger Bridge Gets Major Upgrade
The new bridge version boasts a scalable interface designed to handle future interoperability needs of the XRP Ledger. This means the XRPL will be able to seamlessly connect with various networks, wallets specific to each network, and a wider range of tokens across different network pairings.
For instance, with the update, all networks with existing bridges to the XRPL can be incorporated into the EVM portal, along with the ability to list multiple wallets for these networks.
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More importantly, users will have the flexibility to create dynamic bridges for any ERC20/IOU token, facilitating permissionless applications that can work with various assets across different blockchains.
This innovative bridge will increase liquidity and utility for the XRP Ledger, solidifying its position as a frontrunner in the world of cross-border payments and asset transfers. The EVM sidechain is part of a three-phase development project initiated by Peersyst and Ripple.
XRPL EVM Sidechain Development Progresses
The first phase, launched on the XRPL devnet in October 2022, laid the groundwork for the sidechain. Phase two introduced a permissionless EVM sidechain with a unique bridge design connected to the XRPL devnet. This phase allows for broader participation and scalability testing in a controlled environment.
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The ultimate goal is phase three, which will see the launch of a permissionless EVM sidechain and bridge on the XRPL mainnet. This will mark the complete integration of the sidechain and open the doors for a wider range of functionalities on the XRP Ledger.
In January of this year, Peersyst reported the successful completion of audits and the delivery of new features and updates for the XRPL EVM sidechain, indicating that the launch on the mainnet is drawing closer. With the new bridge version in place, the project is well on its way to achieving its goals.
On the Flipside
- The success of the bridge relies on the continued adoption and stability of the Ethereum Virtual Machine (EVM) ecosystem.
- While phase two allows for broader participation, the bridge hasn’t been battle-tested on the XRP Ledger mainnet yet. Its performance under real-world conditions remains to be seen.
Why This Matters
This new bridge version for the XRP Ledger’s EVM sidechain goes beyond just Ethereum compatibility. It creates a dynamic system for connecting to various networks and tokens, enabling smoother cross-chain communication and potentially boosting the XRPL’s role as a central hub for diverse blockchain assets and applications.
An update to the XRP Ledger is expected to improve security and save billions of dollars in crypto losses. To learn more about the update, read here:
How XRP’s Ledger Update Could Save Billions in Crypto Losses
Ripple developers are warning users about technical issues with a new feature on the XRP Ledger. To learn more about the issue, read here:
