Ripple Inches Closer To Supplanting Ethereum With Latest Announcement

October 18, 2022 9:11 am Comments

It’s no secret that Ethereum is the current smart contract platform of choice.

Despite the plethora of smart contracts and decentralized applications running on the platform, concerns with centralization and censorship persist—particularly post-merge.

The Ethereum network is also notoriously slow and suffers from incredibly high costs, especially during times of network congestion.

For all of these reasons, Peersyst, a blockchain tech firm, is working on an EVM sidechain solution for the XRP ledger and recently announced that the first round of dev testing is live.

The sidechain is officially live on the XRPL developer network, with hopes that users will soon be able to cut and paste Ethereum contracts seamlessly onto the XRPL.

This may potentially put a major dent into Ethereum’s market share, as yet another crypto platform seeks an EVM solution as an alternative to a slow and costly layer 1 protocol in the crypto space.

Investors cheered the recent announcement:

Coin Telegraph explains:

The new sidechain also comes with a cross-chain bridge built to transfer XRP and other assets between the EVM-supported sidechain and the XRP Ledger Devnet.

According to RippleX software engineer Mayukha Vadari, the release “means developers no longer have to choose between XRPL or EVM-compatible blockchains.”


Despite the recent announcement, XRP’s price action remained flat and is currently trading in a fairly tight range around $0.47. XRP’s price action has kept pace withe the broader market, trading horizontally since June 2022:

According to Coindesk :

The announcement Monday is just the first step of a three-part process. The second phase will go live in early 2023, when the EVM sidechain will become permissionless, meaning anyone can join it. The third phase is slated for the second quarter, when Ripple will fully deploy the software.

Join the conversation!

We have no tolerance for comments containing violence, racism, profanity, vulgarity, doxing, or discourteous behavior. If a comment is spam, instead of replying to it please click the icon below and to the right of that comment. Thank you for partnering with us to maintain fruitful conversation.