Ripple, the company known for the XRP cryptocurrency, announced on September 3 its plans to integrate Ethereum-compatible smart contracts into the XRP Ledger (XRPL). This move is aimed at enhancing the capabilities of the blockchain and attracting a broader developer base. The integration of smart contracts into the XRPL ecosystem is expected to bring new functionalities and expand the platform’s appeal to developers. Ripple’s strategic shift towards smart contracts positions it to compete more directly with established platforms like Ethereum, BNB Chain, Avalanche, and Solana. This move is set to reshape the XRPL ecosystem and create new opportunities for users, builders, and entrepreneurs.
Ripple’s approach to implementing smart contracts involves a two-pronged strategy. 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 used to Ethereum-based smart contracts, allowing the use of the Solidity programming language. The second phase of the implementation will introduce smart contracts to the XRPL mainnet, although this phase is still in the research stage, and Ripple has not provided a specific timeline for its deployment. The company has indicated that there will be a push towards increasing the programmability of XRPL in 2025, showing a long-term commitment to evolving the platform’s capabilities.
In addition to the smart contract integration, Ripple is expanding its influence through strategic partnerships and academic initiatives. One key development is the partnership with Futureverse, a company specializing in artificial intelligence (AI) and the metaverse. This collaboration allows KYC-verified access to DeFi through Futureverse’s Ottó blockchain, utilizing Ripple Custody for asset management. On the academic front, Ripple’s University Blockchain Research Initiative (UBRI) has welcomed Korea’s Yonsei University as its 58th global partner. This collaboration aims to advance research in AI, finance, and information systems, as well as facilitate hackathons and fund the launch of an XRPL validator at the university, expanding Ripple’s academic and research presence.
Ripple’s strategic partnerships and academic initiatives complement its efforts to enhance the XRPL ecosystem through smart contract integration. By collaborating with companies like Futureverse and academic institutions like Yonsei University, Ripple is broadening its reach and establishing itself as a key player in the blockchain industry. The integration of smart contracts into the XRPL ecosystem is set to bring new opportunities for innovation, with applications ranging from decentralized finance (DeFi) to supply chain management solutions. This strategic shift towards smart contracts underscores Ripple’s commitment to evolving the XRPL platform and staying competitive in the rapidly changing digital asset landscape.
The introduction of Ethereum-compatible smart contracts into the XRP Ledger (XRPL) by Ripple represents a significant milestone in the evolution of the platform. By integrating smart contracts, Ripple aims to enhance the capabilities of the XRPL ecosystem and attract a wider audience of developers. The strategic shift towards smart contracts positions Ripple to compete with established platforms like Ethereum, BNB Chain, Avalanche, and Solana, signaling the company’s commitment to innovation and growth in the blockchain industry. The implementation of smart contracts on the XRPL Ethereum Virtual Machine (EVM) sidechain and the future deployment on the mainnet demonstrate Ripple’s dedication to expanding the platform’s programmability and exploring new use cases for blockchain technology.
Ripple’s collaboration with companies like Futureverse and academic institutions like Yonsei University further strengthens its position in the blockchain industry and highlights its commitment to fostering innovation and research. The partnership with Futureverse provides access to DeFi through the Ottó blockchain and utilizes Ripple Custody for asset management, enhancing the security and efficiency of digital asset transactions. On the academic front, Ripple’s University Blockchain Research Initiative (UBRI) continues to expand its global reach by partnering with leading universities like Yonsei University, driving academic excellence and supporting research in emerging technologies. By engaging with industry partners and academic institutions, Ripple is building a strong foundation for the future of blockchain technology and driving towards a more decentralized and interconnected digital economy.
