Thomas Daniels
Blockchain payments firm Ripple has announced plans to introduce smart contract capabilities to the XRP Ledger mainnet, aiming to enhance programmability and enable developers to create customized applications.
In a statement on September 2, Ripple disclosed its intention to bring smart contracts to the XRP Ledger mainnet, thereby expanding its layer-1 functionality and attracting a broader developer base. Launched in 2012, the XRP Ledger has traditionally been used by banks and financial institutions for cross-border payments.
Smart contracts, which are self-executing agreements with terms directly written into code, will be built upon existing standards such as Hooks. This new functionality on the XRP Ledger is expected to increase the platform’s flexibility, enabling developers to leverage foundational components like escrows, NFTs, trust lines, payment channels, and decentralized exchange features to create innovative decentralized applications.
The announcement also highlighted that developers would be able to deploy smart contracts without a formal amendment process or the need for approval. Nevertheless, an XLS standard will be implemented to ensure smart contracts are secure, efficient, and easy to deploy.
Brad Garlinghouse, CEO of Ripple, emphasized the significance of this development, noting that the programmability of the XRP Ledger is “something the XRP community has rightly been asking for.”
XRPL Eyes EVM Support with Sidechains
In addition to smart contract integration, Ripple is set to launch the XRPL EVM Sidechain early next year in collaboration with blockchain infrastructure provider Peersyst. This sidechain will allow developers to utilize Ethereum Virtual Machine (EVM) tools and programming languages, broadening the range of applications that can be built on the XRP Ledger.
As previously reported, the XRPL EVM will use Axelar’s cross-chain bridge to facilitate transactions between the XRPL EVM Sidechain, the XRP Ledger, and over 55 other blockchains through wrapped XRP (eXRP), which will also serve as the gas token for the sidechain.
This move comes on the heels of Ripple’s partnership with Cosmos-based evmOS, another EVM-compatible XRPL sidechain, and the recent introduction of Ripple USD (RLUSD), a fiat-pegged stablecoin. RLUSD, which began beta testing on both the XRP Ledger and Ethereum mainnet earlier this year, aims to maintain a 1:1 value with the US dollar, backed by a reserve of cash and cash equivalents, potentially enhancing XRPL’s liquidity.
