RippleX Validation of EVM Testnet Triggers Reaction in XRP
On March 14th, RippleX validated its EVM Testnet, which triggered a reaction in the XRP market.
RippleX is an open platform of the ripple network. They announced on the 14th that their new sidechain launched is now available on its testnet.
This new side chain is built on the ripple XRP Ledger (XRPL) and uses the Ethereum Virtual Machine (EVM) technology. This technology will allow 1000 transactions on the network per second, which is great. Ripple’s developers created this public blockchain XRPL to enable users to make global transfers.
Moreover, with the new EVM sidechain, through cross-chain bridging, the network could improve after the mainnet launches.
David Schwartz the Chief Technology Officer at Ripple passed the proposal for integrating EVM sidechain to the Ripple community, in September 2021. He supported the proposal by highlighting that smart contracts would enable developers to construct their own blockchain on the XRPL Mainnet.
In October 2022, blockchain technology firm Peersyst introduced the first phase of its Ethereum Virtual Machine (EVM) sidechain to the public. Besides at that time, there were only a few compatible bridges.
“Phase two of the project, on track for early 2023, will feature a permissionless EVM sidechain and bridge with a unique design that connects to the XRPL Devnet to expand participation and test scalability within a controlled environment”CTO David Schwartz
Furthermore, at the time of the latest update, data available on the XRP Ledger (XRPL) showed that there were 2,476,468 blocks on the EVM sidechain. Which is an indicator of many transactions taking place on the network.
In addition, there were 16,079 transactions that occurred among 179,045 addresses on the ledger, which suggests that there is significant usage and adoption of the EVM sidechain technology.
Despite challenges, the Ripple developers are responding
During the period in between two events or time periods, the development activity of XRP increased instead of decreasing. The development activity is measured by counting the number of contributions of developers to the project for upgrades. At the time of writing, this metric was at 2.52, indicating that the developers were actively working on the project.
However, on the contrary, the Network Growth was unlikely. It did not represent the same strength. This metric measured the number of new addresses transacting on the XRP network which indicated its behavioral bias. The drop in the metric to 774 suggested XRP was facing difficulties despite investors’ interest in the token.
The CEO of Ripple Brad Garlinghouse made it pretty clear in his tweet. He said that the network remains unaffected by the collapse of the Silicon Valley Bank. Further adding that the operations of the network will also work smoothly. The recent development of the EVM sidechain is proof of their development despite the SVB crisis.