The latest development aims to unlock many opportunities for users, developers, and entrepreneurs within the DeFi sector.
Ripple, the blockchain company behind the XRP Ledger (XRPL), has announced plans to integrate smart contracts into its platform.
In a recent announcement on social media platform X, Ripple revealed that the initiative is designed to unlock many opportunities for users, developers, and entrepreneurs. The goal is to draw in developers eager to leverage the enhanced features of the XRPL. The company also mentioned that the smart contracts functionality will launch on the XRPL Ethereum Virtual Machine (EVM) sidechain in the coming months.
Making Blockchain Appeal to Developers
A smart contract is a computer program or transaction protocol intended to automatically execute, control, or document events and actions according to the terms of a contract or agreement. These programs manage transactions and enforce terms without relying on third-party intermediaries.
According to Ripple, smart contracts will be introduced to the XRPL ecosystem via a sidechain developed in collaboration with the blockchain company Peersyst. The firm believes this advancement will make the blockchain more attractive to developers.
The payment firm also noted that smart contracts will be available on the XRPL mainnet. However, the company, known for its cross-border payment solutions, said that the feature is still under research, and no specific timeline for its deployment has been provided.
Partnership with DeFi Developers
Smart contracts serve numerous purposes and have a range of applications, from decentralized finance (DeFi) to managing supply chains. They are vital in creating decentralized applications (dApps) on popular blockchain platforms like Ethereum, BNB Chain, Avalanche, and Solana.
Introducing smart contracts into the Ripple ecosystem means users can access DeFi products. The blockchain payment firm expressed enthusiasm for partnering with DeFi developers and encouraged community members to share feedback on design details. The company also invited developers skilled in EVM languages to explore opportunities on its sidechain.
Ripple also said the sidechain was designed for developers of Ethereum-based smart contracts. It offers a familiar environment for deploying DApps, enabling them to utilize Solidity, the programming language commonly used for creating smart contracts on Ethereum.
The company added that the push to enhance XRPL’s programmability is expected to gain significant momentum in 2025 as the organization advances towards integrating smart contracts into the mainnet.
