- The EVM-compatible XRPL side chain meant to mark XRP’s foray into the world of DeFi and smart contracts is the biggest letdown for the community, says one XRPL Foundation executive.
- He argues that the sidechain was an admission by the XRP community that its ecosystem has failed, and it’s now turning to every other project and integrating Ethereum’s EVM for survival.
When Ripple started testing an XRPL sidechain that would be compatible with the Ethereum Virtual Machine (EVM) in October 2022, it was deemed the genesis of XRPL’s entry into the thriving Ethereum ecosystem of DeFi and smart contracts. However, after its launch, one of the most highly-placed officials in the XRPL ecosystem has slammed the project, saying it signals a departure from the foundational ethos that have guided the XRP ecosystem into the success it is today.
As the name suggests, the EVM-compatible side chain runs parallel to the main XRPL chain and is compatible with EVM, the software on which the Ethereum ecosystem builds. It allows, at least in theory, any smart contract or dApp built on Ethereum to be plugged into the XRPL network without any code changes. Conversely, the XRPL ecosystem could now access the vast Ethereum network.
However, the side chain holds XRP as the native token, with fees paid in XRP and validators getting rewarded in the token.
While some in the ecosystem have praised the initiative, Thomas Silkjær says it signals a resignation by the XRPL community—an “if we can’t beat them, join them” mentality.
In a scathing review of the initiative, Silkjær, who is the Head of Analytics and Compliance at the XRPL Foundation, described the side chain as “the single biggest direct attack on the XRPL protocol, pushed by those that should be defending and working for the protocol.”
In my personal opinion, the EVM sidechain is the single biggest direct attack on the XRPL protocol, pushed by those that should be defending and working for the protocol.
It does nothing for rippled. It does nothing that makes the XRPL more attractive to new devs. It has little…
— Thomas Silkjær (@Silkjaer) February 10, 2024
He commented:
It does nothing for rippled. It does nothing that makes the XRPL more attractive to new devs. It has little to no similarities in dev stack and interaction.
Silkjær added that the side chain signifies a community that has resigned to the fact that it can’t attract utility on XRPL. To prevent the complete death of XRP, it then turns to the same old trick every other chain uses while “selling the story that the new chain is still the XRPL.”
Has Ripple Failed the XRPL Ecosystem with the EVM Side Chain?
Silkjær continued with his teardown of the EVM side chain, saying it has veered off the spirit that built one of the industry’s strongest crypto and blockchain communities.
He quoted David Schwartz, the Ripple Chief Technological Officer, who broke down what made XRPL successful in a speech last year. Schwartz noted that his team set out determined not to copy Bitcoin.
“We rethought things from the ground up. We thought about decentralization. We thought about performance,” the Ripple CTO told attendees at an event last year.
And yet, with the EVM side chain, XRPL is becoming just like every other ecosystem.
According to Silkjær, in recent times, Ripple seems to be pushing XRP, not the technology, despite the cost this has on the overall growth and adoption in the long term. He stated:
It’s not very reassuring when the stewards of the technology pivot away from the core or, at the very least, have a hard time telling the difference anymore.