Ripple Set to Expand XRP Ledger with New Smart Contract Capabilities, Attracting Developers

• Ripple plans to introduce smart contracts on the XRP Ledger, enhancing programmability and attracting developers to create custom applications.
• Developers can deploy smart contracts on the XRP Ledger without needing formal approval, supported by the new XLS standard.
• Ripple is also working on an EVM sidechain to allow developers to use Ethereum tools on the XRP Ledger, enhancing cross-chain capabilities.

Ripple has announced its plans to introduce smart contracts to the XRP Ledger mainnet. This development aims to significantly enhance the platform’s programmability, opening the door for developers to create custom applications. Since its launch in 2012, the XRP Ledger has been primarily used by banks and financial institutions for cross-border payments. However, this new functionality is set to diversify its utility.

Expanding Layer-1 Functionality

The introduction of smart contracts will expand the XRP Ledger’s layer-1 functionality, attracting more developers to the ecosystem. Smart contracts are self-executing agreements where the terms are directly written into code. On the XRP Ledger, these contracts are expected to enhance the platform’s flexibility. Developers will be able to creatively utilize foundational components such as escrows, NFTs, trust lines, payment channels, and decentralized exchange features to build new decentralized applications.

One of the significant advantages of this new functionality is that developers can deploy smart contracts on the XRP Ledger without needing a formal amendment process or requiring any external approval. Ripple will implement an XLS standard to ensure that these contracts are secure, efficient, and easy to deploy. According to Ripple CEO Brad Garlinghouse, the programmability of the XRP Ledger has been a feature that the XRP community has eagerly anticipated.

Ripple has also revealed plans to deploy the XRPL EVM Sidechain in collaboration with blockchain infrastructure provider Peersyst. This sidechain will allow developers to use Ethereum Virtual Machine (EVM) tools and programming languages on the XRP Ledger. Additionally, the XRPL EVM will utilize Axelar’s cross-chain bridge, enabling transactions between the XRPL EVM Sidechain, the XRP Ledger, and over 55 other blockchains.

Ripple USD and Further Enhancements

Earlier this year, Ripple introduced its fiat-pegged stablecoin, Ripple USD (RLUSD), on the XRP Ledger and Ethereum mainnet. This stablecoin is designed to maintain a 1:1 value with the US dollar, further boosting the liquidity of the XRP Ledger. As Ripple continues to expand its ecosystem, the introduction of smart contracts and the EVM sidechain marks a significant step forward in enhancing the functionality and appeal of the XRP Ledger to developers.