The Ripple team has recently announced the launch of a testnet for their EVM-compatible sidechain XRP Ledger, which boasts a throughput of 1000 TPS.
This enables users to deploy smart contracts written in Solidity and interact with them. The Tendermint protocol serves as the basis for the sidechain and Ethermint is used to ensure EVM compatibility.
Blocks are generated every 5.4 seconds and finalized once they are confirmed within the blockchain.
Before the testnet, the sidechain was available on devnet, and the mainnet is expected to launch in Q2 2023. Ripple CEO Brad Garlinghouse has recently declared the financial stability of the company in spite of the Silicon Valley Bank’s collapse.