- Impact of Ethereum’s EVM on XRP Ledger’s utility and developer attraction.
- Evaluation of Ripple’s integration efforts and user activity on XRPL.
- Assessment of the discrepancy between initial expectations and current realities.
Thomas Silkjær, the head of compliance for XRP Ledger (XRPL), expressed concern over the impact of the Ethereum Virtual Machine (EVM) on the XRPL protocol, suggesting it as a significant threat. His remarks came in response to criticism regarding the underutilization of XRP on the ledger, with XRP being the native token of Ripple.
XRPL serves as a decentralized public blockchain facilitating various functionalities such as XRP transactions, smart contract development, and cross-border payments.
Silkjær argued that XRP held on the EVM sidechain didn’t differ substantially from XRP wrapped on another chain, indicating that the integration hasn’t yielded significant benefits.
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
While acknowledging the EVM sidechain’s facilitation of Ethereum operations through XRPL bridging, Silkjær emphasized that it hasn’t substantially contributed to XRPL’s utility or attracted new developers to Ripple’s ecosystem.
Silkjær clarified that his perspective was personal and might not align with Ripple’s development team’s stance. He cited potential discrepancies between initial expectations and the current reality, suggesting that XRPL’s integration with the EVM hasn’t achieved the anticipated goals of enhancing developer-friendliness and easing access to DeFi for XRP users.
Despite Silkjær’s reservations, recent data suggests increasing activity on XRPL, with rising XRP issuances and the creation of new XRP trustlines, indicating active network participation.
While Silkjær’s concerns may not fully align with observed user activity, they raise questions about development progress and the efficacy of the EVM integration. However, it remains uncertain whether the EVM integration is indeed the root cause of XRPL’s perceived challenges.
Disclaimer: Please note that the viewpoints and perspectives expressed by the author, as well as any individuals referenced in this article, are intended solely for informational purposes. They should not be construed as financial or investment advice. It’s important to acknowledge that investing in or trading cryptoassets carries inherent financial risks.