As a seasoned crypto investor with over a decade of experience in this dynamic market, I find myself intrigued by the latest development in the XRP Ledger (XRPL). The pending fixAMMv1_1 amendment, if approved, could revolutionize decentralized trading directly on the blockchain.
On the XRP Ledger (XRPL), they’ve revealed some major news about a fresh amendment. This amendment, known as fixAMMv1_1, is set to be activated on the XRPL in the coming weeks. The XRPScan explorer shared this update with the community via a post on their platform.
Understanding XRPL amendment and its impact
As a cryptocurrency investor immersed in the XRP Ledger ecosystem, I understand that an amendment refers to a suggestion for altering the current coding or rules governing a particular function within the ledger. These proposed changes serve multiple purposes: they can rectify technical glitches, enhance existing features, and even introduce exciting new ones.
To make the fixAMMv1_1 amendment official, there needs to be an agreement among validators. In other words, a majority of these network maintainers must approve the amendment. As we speak, 29 out of the 35 votes have been cast in favor, which equates to 82.86% of the required consensus.
As a crypto investor in XRP, I eagerly anticipate the successful implementation of an update or solution to the Automated Market Maker (AMM) feature. Once rolled out, this change will empower decentralized trading straight on the XRP Ledger (XRPL). The primary goal is to enhance liquidity and efficiency for traders within the blockchain network, ultimately benefiting us all in the XRP community.
Prior amendments and community sentiment
Significantly, the proposed change in fixAMMv1_1, known as fixAMMv1_1_amendment, has now entered a 14-day activation period. If the current 82.86% approval is maintained for these two weeks, this amendment will become effective, and the modifications to fixAMMv1_1 will be applied on the network. It’s important to note that the minimum approval support required is set at 80%.
According to U.Today’s report in April, the XRPL (XRP Ledger) implemented a significant upgrade called “fixAMMOverflowOffer.” This update aimed to rectify an issue where large synthetic Automated Market Maker (AMM) offers were being mishandled within the payment system. On that particular instance, it achieved unanimous agreement from validators, reaching 100% consensus.
Some people in the community are praising the fact that the amendment is currently in effect. As I write this, XRP is increasing by 1.48%, which means it’s being traded for approximately $0.5375. This indicates a positive outlook among traders.
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2024-09-10 19:46