The EVM sidechain of XRP Ledger was launched on June 30, and in its first week of existence, it demonstrated significant developer interest with nearly 1400 smart contracts deployed.
Achievements in the First Week
Since the launch of the EVM sidechain on the XRP Ledger, developers have deployed nearly 1400 smart contracts. This activity indicates a strong interest in the smart contract functionality within the XRPL ecosystem. The sidechain facilitates compatibility with Ethereum’s development tools like Solidity and MetaMask, which lowers the barriers for developers wishing to leverage XRP Ledger's capabilities.
Ripple's Vision for the Future
Ripple aims for a long-term goal of evolving XRPL into a complete blockchain operating system rather than just a payment network. The launch of the EVM sidechain is part of this strategy, allowing decentralized applications (dApps) to integrate with both Ethereum and XRPL ecosystems to create new financial services and enhance global payments.
Support and Integrations of the EVM Sidechain
The success of the EVM sidechain is also supported by a number of validators and partners. At launch, 25 independent firms had already spun up validator nodes to support the network. The sidechain collaborates with Axelar Network, ensuring a high level of liquidity and increasing cross-chain transaction volumes. This, in turn, helps XRP compete with more established smart contract ecosystems like Ethereum.
The EVM sidechain of XRP Ledger shows active growth and support, indicating its potential in the area of decentralized applications and other financial technologies. XRP, beyond its initial functions, can become a multifaceted platform for new developments.
