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- Peersyst launches XRPL-Ethereum EVM-compatible testnet, enabling Ethereum smart contracts on XRP’s blockchain via cross-chain bridges.
- Partnerships with RippleX and Axelar integrate MetaMask and Squidrouter for seamless XRPL-Ethereum asset transfers and DeFi tools.
Blockchain infrastructure firm Peersyst Technology has launched a public testnet of its new Ethereum-compatible sidechain tailored specifically for the XRP Ledger (XRPL). The sidechain’s testnet deployment signifies concrete progress toward enabling Ethereum-based smart contracts within XRP’s native blockchain environment.
The wait is over… Excited to share that the XRPL EVM Sidechain is now live on Testnet!
In a great collaborative effort between the @RippleXDev, @Axelar, @CommonPrefix and @Peersyst teams, we’ve been able complete this critical milestone in preparation for the… pic.twitter.com/wa0nXVW41e
— Peersyst Technology (@Peersyst) March 31, 2025
Peersyst partnered closely with Ripple’s development division, RippleX, alongside interoperability platform Axelar Network and blockchain technology firm Common Prefix. The joint initiative targets enhanced functionality for XRPL, particularly in decentralized finance (DeFi) applications, through full Ethereum Virtual Machine (EVM) compatibility.
Initially previewed as a developer environment in late 2022, this latest testnet release introduces expanded capabilities. Key features include seamless integration with standard Ethereum wallets, such as MetaMask, and efficient cross-chain bridging facilitated by Squidrouter technology. This setup simplifies the exchange of assets between XRPL and Ethereum-based protocols.
To support adoption, Peersyst launched resources including comprehensive technical documentation and two dedicated faucets providing XRP tokens for testing purposes. The first faucet is hosted directly by Peersyst, while a community-managed faucet operates via Discord through EnigmaValidator.
These tools are aimed at developers to test and build new decentralized applications (dApps) leveraging XRPL’s fast transactions and low-cost environment.
Ripple’s CTO, David Schwartz, previously expressed clear support for the project, underscoring its strategic value in diversifying XRPL’s utility as a smart contract hub. He noted XRPL’s expansion into Ethereum’s territory could foster wider adoption among developers familiar with Ethereum tools.
Peersyst plans to gradually introduce additional ecosystem participants, including new validators and strategic partners, over the coming weeks. These steps illustrate careful and deliberate growth designed to strengthen the XRPL ecosystem infrastructure before transitioning to the mainnet deployment.
This testnet represents XRPL’s deliberate push into Ethereum’s domain, potentially increasing XRP’s market relevance by drawing developers and capital typically reserved for Ethereum-based DeFi platforms.
Ethereum Regains Dominance in DEX Volume as Solana Memecoin Frenzy Fades
Ethereum ($ETH) has reclaimed its position as the leading blockchain for decentralized exchange (DEX) trading activity, overtaking Solana ($SOL) for the first time in six months. On-chain data from March shows Ethereum-based DEX platforms processed $64.62 billion in cumulative trading volume, exceeding Solana’s $52.62 billion by 22%.
This shift coincides with cooling speculative trading around Solana-based memecoins, which had driven its DEX dominance since late 2023.
The resurgence underscores Ethereum’s continued role as the primary settlement layer for decentralized finance (DeFi), even amid competition from faster, lower-cost chains. While Solana’s memecoin-driven activity surged earlier this year—propelling its DEX volumes past Ethereum’s in September—March’s metrics highlight renewed traction for Ethereum’s ecosystem.
ETHNews analysts attribute this to growing demand for yield-bearing protocols, liquid restaking solutions, and on-chain derivatives platforms like Ether.Fi and Ethena, which leverage Ethereum’s liquidity depth.
