Ripple is set to enhance its XRP Ledger (XRPL) ecosystem by introducing smart contracts, which will provide new use cases for users, developers, and entrepreneurs. The developers aim to capitalize on XRPL’s widened capabilities, with the smart contracts feature expected to become active on the XRPL Ethereum Virtual Machine (EVM) sidechain in the upcoming months.
Ripple’s XRPL Initiative: What’s New?
Ripple revealed that smart contracts will also be available on the XRPL mainnet. However, the firm is still in the research phase and has not set a definite timeline for their deployment. These self-executing contracts, stored on the blockchain, progress automatically when specified conditions are met, enabling transactions and agreements without intermediaries.
The potential applications of smart contracts are extensive, ranging from decentralized finance (DeFi) to supply chain management. They are instrumental in developing decentralized applications (DApps) on prominent blockchain platforms such as Ethereum, BNB Chain, Avalanche, and Solana.
Why Is Ripple Focusing on Smart Contracts Now?
Ripple is keen to collaborate with DeFi developers and has called on community members to contribute to the design features. The organization is inviting programmers experienced in EVM languages to explore the new possibilities on the sidechain. This sidechain offers a familiar environment for deploying DApps, allowing developers to use Solidity, a popular programming language for creating smart contracts on Ethereum.
Key Inferences
- The introduction of smart contracts to XRPL is designed to attract a wider developer community.
- Developers can use familiar tools and programming languages due to EVM compatibility.
- This move aims to boost XRPL’s appeal and expand its use cases across various sectors.
According to Ripple, smart contracts will become part of the XRPL ecosystem via a sidechain developed with Peersyst. The firm believes this initiative will enhance XRPL’s programmability and attract more developers globally. The momentum is expected to pick up further in 2025 as the organization aims to integrate smart contracts into the mainnet.