On September 3, Ripple, the company behind the XRP cryptocurrency, announced its plans to integrate Ethereum-compatible smart contracts into the XRP Ledger (XRPL). This strategic move aims to enhance the blockchain’s capabilities and attract a wider base of developers, potentially reshaping the XRPL ecosystem.
2/ Ripple and the broader XRP community are committed to bringing new programmability, including smart contracts, to the XRPL dev ecosystem in 2025 – through the XRPL EVM sidechain (already in the works) as well as exploring native capabilities on XRPL Mainnet.…
— Ripple (@Ripple) September 3, 2024
Expanding XRPL’s Ecosystem and Developer Base
The introduction of smart contracts to the XRPL is expected to bring new functionalities, expanding its appeal to developers. This initiative positions Ripple to compete more directly with established platforms like Ethereum, BNB Chain, Avalanche, and Solana. The move could open up opportunities across various sectors, including decentralized finance (DeFi) applications and supply chain management.
1/ AI & Metaverse tech company @futureverse is partnering with Ripple Custody to securely custody its assets. Futureverse has already adopted the XRPL NFT standard, uses XRP as the gas token on the Root Network and is integrated with the XRPL DEX to supply network liquidity.…
— Ripple (@Ripple) September 3, 2024
Dual-Phase Implementation of Smart Contracts
Ripple’s approach to implementing smart contracts involves a two-phase process. Initially, smart contracts will be deployed on the XRPL Ethereum Virtual Machine (EVM) sidechain, which is being developed in collaboration with blockchain firm Peersyst. This sidechain will offer a familiar environment for developers used to Ethereum-based smart contracts, supporting the Solidity programming language.
The second phase will involve the integration of smart contracts into the XRPL mainnet. However, this stage is still in the research phase, and Ripple has not yet provided a specific timeline for its deployment. The company has indicated that efforts to increase the programmability of XRPL are expected to gain momentum in 2025, reflecting a long-term commitment to enhancing the platform.
3/ Ripple’s University Blockchain Research Initiative added Korea’s Yonsei University as our 58th global partner! With $60M+ committed to #UBRI, this program is driving academic excellence and best-in-class research through strategic support, technical resources, and grants.… pic.twitter.com/JJjJUEq0TM
— Ripple (@Ripple) September 3, 2024
Strategic Partnerships and Academic Collaborations
Beyond smart contract integration, Ripple is also broadening its influence through strategic partnerships and academic collaborations.
One significant partnership is with Futureverse, a company specializing in artificial intelligence (AI) and the metaverse. This collaboration will provide KYC-verified access to DeFi through Futureverse’s Ottó blockchain, with Ripple Custody managing the assets.
On the academic side, Ripple’s University Blockchain Research Initiative (UBRI) continues to grow, recently adding Korea’s Yonsei University as its 58th global partner. This partnership aims to advance research in AI, finance, and information systems while also supporting hackathons and launching an XRPL validator at the university, further extending Ripple’s academic and research presence.
