Ripple to Add Ethereum-Compatible Smart Contracts to XRP Ledger

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Jimmy Aki

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Jimmy Aki

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Jimmy has nearly 10 years of experience as a journalist and writer in the blockchain industry. He has worked with well-known publications such as Bitcoin Magazine, CCN, Business2Community, and…

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Last updated:

September 3, 2024 11:58 EDT

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Ripple, the company behind the XRP cryptocurrency, announced plans on September 3 to integrate Ethereum-compatible smart contracts into the XRP Ledger (XRPL), seeking to enhance the blockchain’s capabilities and attract a broader developer base.

This move is expected to reshape the XRPL ecosystem by introducing new functionalities and expanding its appeal to developers.

Ripple’s Smart Contract Implementation into the XRPL Ecosystem and Developer Collaboration

A September 3 press release reveals that the integration of Ripple smart contracts into the XRPL ecosystem marks a strategic shift for Ripple, positioning it to compete more directly with established platforms like Ethereum, BNB Chain, Avalanche, and Solana.

This strategic enhancement intends to create new opportunities for users, builders, and entrepreneurs, ranging from decentralized finance (DeFi) applications to supply chain management solutions.

Ripple’s approach to implementing smart contracts is two-pronged. Initially, the feature will be deployed on the XRPL Ethereum Virtual Machine (EVM) sidechain, developed in collaboration with blockchain firm Peersyst.

This sidechain will provide a familiar environment for developers who are accustomed to Ethereum-based smart contracts, permitting the use of the Solidity programming language.

The second phase of the implementation will introduce smart contracts to the XRPL mainnet. However, this stage is still in the research phase, and Ripple has not provided a definite timeline for its deployment.

The company has indicated that the momentum for increasing the programmability of XRPL will accelerate in 2025, suggesting a long-term commitment to evolving the platform’s capabilities.

Strategic Partnerships and Academic Initiatives

In addition to the smart contract integration, Ripple is also expanding its influence through strategic partnerships and academic initiatives.

A key development is the recent alliance with Futureverse, a company known for its work in artificial intelligence (AI) and the metaverse.

This collaboration provides KYC-verified access to DeFi through Futureverse’s Ottó blockchain, using Ripple Custody for asset management.

On the academic front, Ripple’s University Blockchain Research Initiative (UBRI) has expanded its reach by adding Korea’s Yonsei University as its 58th global partner.

This collaboration seeks to advance research across various fields, including AI, finance, and information systems.

The partnership will also facilitate hackathons and fund the launch of an XRPL validator at the university, further expanding Ripple’s academic and research footprint.