Peersyst Technology has announced the official launch of a testnet version of an Ethereum-compatible sidechain for the XRP Ledger, marking a significant milestone for decentralized finance on the network. This collaborative effort with RippleX, Alexar Network, and Common Prefix is expected to unlock new opportunities within the XRPL ecosystem. The first-of-its-kind sidechain leverages the XRP cryptocurrency as its native token and utilizes Ethereum’s EVM infrastructure for smart contract functionalities. The testnet version has been under development since October 2022 and was further refined in June 2023. Following this launch, Peersyst plans to announce new partnerships with validators and additional partners in the coming days. The initiative is spearheaded by co-founder of Ripple, Jed McCaleb, who expressed his strong hopes for the sidechain’s success as a powerful competitor in the smart contract space within the broader XRP ecosystem.