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Peersyst Technology has unveiled the latest update in its ongoing efforts with Ripple Developers to launch an EVM Sidechain for the XRP Ledger (XRPL).
Per the update, Peersyst Technology, a blockchain development firm, noted that the development work leading to the release of XChainBridge is in its advanced stages and will go live soon.
Achieving EVM compatibility remains a key element in the evolution of many blockchain protocols. With Ethereum maintaining the rank as the largest liquidity hub for Decentralized Finance (DeFi), creating a channel to access this liquidity is important.
Before the move by the XRP Ledger to explore this path, other major networks like Solana (SOL), Fantom (FTM) and Cardano (ADA) have integrated EVM compatibilities.
The Peersyst Technology Update
Peersyst Technology noted that the XChainBridge public amendment has been published by Ripple Developers for voting.
The blockchain firm stressed that passing this vote is necessary for the eventual launch of the EVM Sidechain. Per the update, the proposal has received the 8 yea votes, with 22.8% consensus. At this stage, the amendment is not passing yet.
🥇First things first!(🧵2/6)
🛠️The XChainBridge public amendment has already been published by the @RippleXDev team and is available for voting.
This is an essential prerequisite for the launch of the #EVMSidechain, it currently has 7/28 votes needed from validators.
You can… pic.twitter.com/6TGuMJUwhM
— Peersyst Technology (@Peersyst) January 23, 2024
Recall that the EVM Sidechain has also undergone a comprehensive audit from Bishop Fox, complementing its advanced status.
Peersyst Technology also confirmed that a new version of the XChainBridge will soon go live. This ultimate update will enhance the functionalities of the XRP Ledger which will make it compatible with all EVMs.
To polish the bridge, a new User Interface has been enabled while developer Bridge SDK has been implemented. Ultimately, the update noted that a brand new explorer will be introduced to help users and developers get the best out of the EVM Sidechain.
XRP Ledger Encompassing Functionality
The XRP Ledger is notably undergoing an intensive evolution that is seeing diversity in its expansionary drives. Independent of the EVM Sidechain under development, SBI Holdings is building a Non-Fungible Token (NFT) collection on the XRPL to showcase the network’s versatility.
The XRP Ledger has been undergoing a series of comprehensive upgrades to help enhance its usability across the board. Two of these upgrades are the FixReducedOffersV1 and FixNFTokenRemint to cater to AMM and digital collectibles built on the XRPL.