Perrsyst, a blockchain software company, has been working with Ripple to develop an Ethereum-compatible sidechain. The first phase of this project was released last year, allowing developers to access features of the XRP Ledger and deploy Solidity-based smart contracts. The new version, entering its second phase, features a decentralized bridge design and uses a Proof of Authority consensus mechanism. It also includes improvements in scalability and chain performance. The EVM sidechain will undergo a security audit in July before its implementation on the mainnet. This development is significant as it enables XRP users to access dapps and web3 wallets while allowing the Ethereum ecosystem to utilize the XRP token for decentralized finance applications.
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