Ripple said last month that it was working on integrating smart contracts into its XRPL distributed ledger. The network aimed to use Federated Sidechains to make this a reality on the blockchain, according to CTO David Schwartz. Developers would be able to create solutions on Ripple’s blockchain as a result of this. Decentralized finance (DeFi) will be introduced to the network over time.
The San Francisco-based company’s development arm, RippleX, has released an engineering preview of federated side chains on the XRP Ledger.
Ripple CTO David Schwartz stated earlier today at the virtual Apex Dev Summit that Ethereum Virtual Machine (EVM) chains would be one of the first deployments of the new capability. He noted that the ability to move tokens makes them federated.
The creator of the XRP Ledger went on to say that federated sidechains allow for the development of a slew of new applications that weren’t previously conceivable. Decentralized finance, according to Schwartz, is the most exciting.
The Ripple CTO believes that moving Ethereum smart contracts to the XRP Ledger will lower the barrier to entry for DeFi developers.
The hefty costs charged by Ethereum, according to Schwartz, are not something the community should be proud of:
I’m sure many of you have heard the narrative that Ethereum fees mean that it’s very useful, it’s very popular…But it’s important to keep in mind that fees are residual friction that have not been removed by the system.
XRP Price Analysis:
As the crypto market is rallying, XRP Price has surged around 8% today, printing two massive green candles in the past hour. Over the past week, the altcoin has rallied by more than 13%.
XRP price successfully surged above the $0.980 and $1.0 resistance levels. The next major obstacle lies at $1.05 and $1.08, above which the bulls might test the $1.20 level. If the altcoin fails to hold these levels, the price may test the $0.980 support level.