Blockchain payments firm Ripple has disclosed plans to bring smart contracts to the XRP Ledger mainnet, enhancing programmability and enabling developers to create customized applications.
In a Sep. 2 announcement, Ripple revealed it is working to introduce smart contracts to the XRP Ledger mainnet, aiming to expand its layer-1 functionality and attract more developers to the ecosystem. The XRP Ledger, launched in 2012, has been primarily leveraged by banks and financial institutions to facilitate cross-border payments.
Smart contracts are self-executing agreements in which the terms of the agreement are written into code. The upcoming smart contract functionality will build upon existing standards like Hooks.
On XRPL, smart contracts are expected to enhance the platform’s flexibility by allowing developers to creatively utilize its foundational components—like escrows, NFTs, trust lines, payment channels, and decentralized exchange features—to build new decentralized applications.
Further, the announcement adds that developers can deploy smart contracts without a formal amendment process or requiring any approval. However, an XLS standard would be implemented to ensure that smart contracts are secure, efficient, and easy to deploy.
According to Ripple CEO Brad Garlinghouse, the programmability of the XRP Ledger is “something the XRP community has rightly been asking for.”
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XRPL eyeing EVM support via sidechains
Ripple also expects to deploy the XRPL EVM Sidechain early next year in collaboration with blockchain infrastructure provider Peersyst. The sidechain would allow XRPL developers to use Ethereum Virtual Machine tools and programming languages.
As previously reported by crypto.news, the XRPL EVM will leverage Axelar’s cross-chain bridge to enable transactions between the XRPL EVM Sidechain, the XRP Ledger, and over 55 other blockchains via wrapped XRP (eXRP), which would also serve as the gas token for sidechain.
Ripple has previously partnered with Cosmos-based evmOS, an XRPL sidechain that is also EVM compatible,
The recent development follows the introduction of Ripple’s fiat-pegged stablecoin, Ripple USD (RLUSD), which began beta testing on the XRP Ledger and Ethereum mainnet earlier this year. RLUSD is designed to maintain a 1:1 value with the US dollar, backed by a reserve of cash and cash equivalents, and could further boost XRPL’s liquidity.
Read more: Ripple begins testing RLUSD stablecoin on Ethereum and XRP
