Ripple, the company behind the XRP cryptocurrency, announced plans on September 3 to integrate Ethereum-compatible smart contracts into the XRP Ledger (XRPL), seeking to enhance the blockchain’s capabilities and attract a broader developer base.
This move is expected to reshape the XRPL ecosystem by introducing new functionalities and expanding its appeal to developers.
Ripple’s Smart Contract Implementation into the XRPL Ecosystem and Developer Collaboration
A September 3 press release reveals that the integration of Ripple smart contracts into the XRPL ecosystem marks a strategic shift for Ripple, positioning it to compete more directly with established platforms like Ethereum, BNB Chain, Avalanche, and Solana.
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
This strategic enhancement intends to create new opportunities for users, builders, and entrepreneurs, ranging from decentralized finance (DeFi) applications to supply chain management solutions.
Ripple’s approach to implementing smart contracts is two-pronged. 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 accustomed to Ethereum-based smart contracts, permitting the use of the Solidity programming language.
The second phase of the implementation will introduce smart contracts to the XRPL mainnet. However, this stage is still in the research phase, and Ripple has not provided a definite timeline for its deployment.
The company has indicated that the momentum for increasing the programmability of XRPL will accelerate in 2025, suggesting a long-term commitment to evolving the platform’s capabilities.
Strategic Partnerships and Academic Initiatives
In addition to the smart contract integration, Ripple is also expanding its influence through strategic partnerships and academic initiatives.
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
A key development is the recent alliance with Futureverse, a company known for its work in artificial intelligence (AI) and the metaverse.
This collaboration provides KYC-verified access to DeFi through Futureverse’s Ottó blockchain, using Ripple Custody for asset management.
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
On the academic front, Ripple’s University Blockchain Research Initiative (UBRI) has expanded its reach by adding Korea’s Yonsei University as its 58th global partner.
This collaboration seeks to advance research across various fields, including AI, finance, and information systems.
The partnership will also facilitate hackathons and fund the launch of an XRPL validator at the university, further expanding Ripple’s academic and research footprint.
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