Because it uses Proof of Authority (PoA) consensus, the EVM sidechain allows developers to iterate their projects and applications faster and use popular smart contract languages like Solidity while having access to XRP liquidity and a bridge to XRP Ledger.
RippleX, the team behind XRPL development and support, announced on June 26 that the EVM sidechain is now available on the new devnet version (v2).
This new version includes a decentralized bridge design based on the XLS-38d standard that supports the transfer of XRP, IOU and ERC-20 tokens in both directions between the XRP ledger and the sidechain EVM.
Other changes include reducing block time from 5.4 to 3.5 seconds per block, improving chain performance by updating Tendermint to the Comet BFT consensus algorithm, and implementing a PoA validator selection mechanism.
Others include: support for faucets to ease onboarding (for XRP and tokens), adding support for bridging ERC-20 tokens and IOUs, and implementing Witness Bridge to use XChain transactions to natively secure bridging between XRPL and sidechain with XLS- 38d.
According to blog post the first version of the EVM sidechain will be removed within the next month.
An EVM sidechain security audit is scheduled for July, the results of which will be made public for community review. Peersyst and Ripple will take appropriate steps to resolve any issues and this information will be shared with the community.
Once the XLS-38d Bridge Amendment is approved, the sidechain EVM is likely to go live on the mainnet. The bridge is subject to the proposed amendment, after which at least 80% of the XRPL validator community will accept the proposal and support their vote for at least two weeks.