TL;DR
- Amendments 33 and 34 have been applied to the XRPL EVMSidechain, implying new transaction costs in XRP and the activation of the Cosmos IBC.
- Amendment 33 establishes new transaction prices in XRP, while Amendment 34 activates cross-chain communication with Cosmos.
- These changes represent significant advancements in the functionality and connectivity of the ecosystem.
In a major update, Ripple partner Peersyst has announced that new amendments have been activated for the XRPL EVMSidechain following community approval.
The implemented amendments involve the application of new transaction costs in XRP and the activation of the Cosmos IBC.
✅🗳️Amendments 33 and 34 for the #XRPL #EVMSidechain are now applied!
3⃣3⃣New tx fees in $XRP are set 💰
3⃣4⃣@cosmos #IBC is now activated! 🌐 @interchain_io
Check it out all governance updates here 👉https://t.co/IySpsDICin
Don't miss it! Join Discord now!… pic.twitter.com/vkAsneiYxv
— Peersyst Technology (@Peersyst) May 8, 2024
Amendment 33 establishes the updating of network gas prices to improve security and scalability, seeking to maintain minimum transaction fees, comparable to those of Binance Smart Chain or Polygon.
On the other hand, Amendment 34 activates IBC channels, thus connecting the sidechain to the Cosmos ecosystem and enabling cross-chain applications.
These changes were approved by the community after a seven-day voting period that ended on May 6, meaning they are now in effect.
The XRPL EVMSidechain, a trial extension to the XRPL protocol, is designed to bring full programmability to the XRPL ecosystem, allowing developers to deploy EVM applications with ease and without the need for network votes for each application.
Technological Advancements and Future Potential of XRPL
These amendments mark an important milestone in the evolution of the XRPL EVMSidechain, highlighting the commitment of the community and developers to continually improve the platform.
With the update of transaction costs in XRP and the activation of interchain communication with Cosmos, new possibilities open up for more complex applications and more efficient transactions in the XRPL ecosystem.
The focus on maintaining minimal transaction fees and improving network security and scalability shows a commitment to the accessibility and long-term viability of the platform.
Furthermore, the integration with Cosmos through IBC opens doors for greater interoperability with other blockchains, which can encourage the adoption and development of innovative solutions in the blockchain space.
Going forward, these updates are expected to further drive developer and enterprise interest in exploring and using the XRPL EVMSidechain for a wide range of applications, from decentralized finance (DeFi) to enterprise solutions.
This could lead to an increase in activity and value within the Ripple ecosystem, cementing its position as a leading platform in the blockchain space.
