Ripple, operating through its development arm RippleX, has recently introduced two substantial technological advancements aimed at bolstering the XRP Ledger (XRPL). These developments comprise the introduction of a new version for the Ethereum Virtual Machine (EVM) sidechain within the development network (devnet) and updates to the XRPL’s Automated Market Maker (AMM) functionality.
These advancements hold profound significance within Ripple’s overarching strategy to augment the XRPL’s capabilities, particularly in the realms of cross-border payments and decentralized finance (DeFi). By integrating the Ethereum Virtual Machine (EVM) sidechain, Ripple aims to enhance interoperability with the Ethereum ecosystem, thereby facilitating seamless interaction between the XRP Ledger and Ethereum-based decentralized applications (DApps). This interoperability is anticipated to broaden the utility and adoption of XRP while fostering innovation within the DeFi space.
Furthermore, the enhancements to the XRPL’s Automated Market Maker (AMM) functionality signify Ripple’s commitment to bolstering liquidity and efficiency within the XRPL ecosystem. AMMs play a critical role in facilitating decentralized trading by enabling users to swap digital assets without relying on traditional order book models. The updated AMM functionality is expected to enhance the liquidity and user experience for decentralized exchanges (DEXs) and other decentralized financial applications built on the XRPL.
Overall, these technological advancements underscore Ripple’s dedication to advancing the capabilities of the XRP Ledger, positioning it as a leading platform for facilitating cross-border payments and supporting the burgeoning decentralized finance (DeFi) ecosystem.
Ripple and Peersyst unveil a new EVM Bridge.
The unveiling of the EVM sidechain, a collaborative venture between Peersyst Technology and Ripple, stands as a momentous achievement in the evolution of the XRPL. In a statement shared by Peersyst Technology on X (formerly Twitter), the companies celebrated the completion of a significant update for the EVM sidechain. “Exciting milestone reached on the EVM Sidechain! We are very excited to release the new version of the bridge with a new scalable interface for future #XRPLedger interoperability,” Peersyst Technology announced.
This development heralds the introduction of a scalable interface poised to substantially bolster the XRPL’s interoperability capabilities. The innovative interface promises to facilitate seamless interaction between the XRPL and external systems, laying the groundwork for enhanced integration and collaboration across diverse blockchain ecosystems.
📢 Exciting milestone reached on the #EVMSidechain!
We are very excited to release the new version of the bridge ↕️ with a new scalable interface for future #XRPLedger interoperability 🌐
🛜 Adapted for multiple networks
💳 Adapted for multiple wallets (for each network)
🪙… pic.twitter.com/uUu5OPThyp— Peersyst Technology (@Peersyst) March 28, 2024
The design encompasses the accommodation of multiple networks, with dedicated wallets for each network and various tokens for each network pair. Furthermore, it introduces the capability for users to dynamically create bridges for any ERC20/IOU token, thereby enabling permissionless cross-chain applications with any asset. “This will allow us to add to the portal all the networks that have bridges with #XRPL and list multiple wallets for all these networks.”
The development of the XRPL EVM sidechain is structured into three phases, commencing with its launch on the XRPL devnet in October 2022 and culminating in the introduction of a permissionless EVM sidechain connected to the XRPL mainnet, with further details to be announced. This phased approach ensures comprehensive testing and scalability assessments, laying the groundwork for a robust framework that fosters increased participation and interoperability with other blockchain networks.
The activation of the XRP Ledger AMM feature is scheduled for April 11th.
In another significant development, RippleX has communicated a crucial update concerning the XRPL AMM feature. An amendment aimed at addressing a discovered bug has garnered over 80% consensus for activation, with the implementation set to come into effect on April 11th. RippleX has issued a call to action to node and validator operators, urging them to update their infrastructure to rippled version 2.1.1. The emphasis on this update underscores its critical importance for ensuring the seamless operation of the XRPL AMM feature going forward. This proactive approach highlights RippleX’s commitment to maintaining the stability and functionality of the XRP Ledger ecosystem.
PSA: the AMM bug fix amendment has reached over 80% consensus for activation (expected on April 11). Node & validator operators – please update your infra to rippled 2.1.1 as soon as possible to ensure you are not amendment blocked. pic.twitter.com/6vDwiHaqCw
— RippleX (@RippleXDev) March 28, 2024
In a recent blog post, Brad Chase, a developer at RippleX, provided a detailed account of the events leading up to the discovery and resolution of a critical bug. “Last Friday marked a significant milestone with the deployment of XLS-30, the Automated Market Maker (AMM) amendment, on the XRP Ledger mainnet after more than two years of development. However, the following day, a bug affecting the AMM functionality came to light,” he explained.
The bug, identified with the assistance of community members Tequ and Orchestra Finance, centered around an inconsistency in the interaction between the payment engine and order books, as well as AMM pools. This inconsistency resulted in incorrect liquidity extraction from an AMM pool under certain circumstances.
The resolution process entailed a comprehensive approach, which included developing a fix, conducting extensive testing, and preparing the network for the activation of the amendment. RippleX demonstrated a commitment to transparency and collaboration throughout the bug resolution process, evident in their communications and the mobilization of the XRPL community to mitigate the bug’s impact and ensure a prompt resolution.
At the time of reporting, XRP was trading at $0.62843.
The XRP price appears poised for a breakout, as indicated by the 1-week chart.
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