XRP Ledger Secures Major Update, Here’s What’s Changed

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As a seasoned crypto investor with over a decade of experience in this dynamic market, I’ve witnessed the rise and fall of countless digital assets. The recent activation of the fixAMMv1_1 amendment on the XRP Ledger (XRPL) mainnet has caught my attention.

The primary network of the XRP Ledger, or XRPL, has finally incorporated the fixAMMv1_1 modification, a significant update that’s been in the works for some time now. This enhancement is set to go live this month.

fixAMMv1_1 amendment gets 91.43% consensus 

Typically, proposing an amendment to the XRP Ledger is suggesting a change or modification to the current code or rule that governs a particular function within the platform. These changes can be aimed at correcting an issue (bug), enhancing existing features, or introducing new ones. In this instance, the proposed amendment enables peer-to-peer trading directly on the XRPL.

On the XRP Ledger mainnet, the Amendment fixAMMv1_1 has been activated. Over the following three days, two additional amendments will become active.— XRPScan (@xrpscan) September 24, 2024

Just as with any other XRPL amendment, there needs to be an agreement among validators regarding the ffixAMMv1_1 amendment prior to its activation.

Significantly, the proposed amendment was ultimately activated once it surpassed the required voting majority of 28/35 and maintained approval for a two-week period. As per XRPScan’s records, the fixAMMv1_1 amendment garnered 32 votes in support, which equated to a strong consensus of 91.43%.

This latest amendment focuses on improving liquidity and efficiency for traders on the blockchain. 

fixAMMOverflowOffer amendment on XRPL mainnet 

Among the many significant changes made to the XRPL mainnet recently, one of them is the implementation of the “fixAMMOverflowOffer” update in April. This upgrade aimed to rectify an issue where large synthetic automated market maker (AMM) offers were being processed incorrectly within the payment system.

Contrasting fixAMMv1_1 that had 91.43% agreement among validators, fixAMMOverflowOffer managed to secure a full 100% consensus.

In the wake of the recent significant update, XRP hasn’t managed to increase in value. At present, it is trading at $0.5851, representing a 0.71% decrease over the past 24 hours. Notably, this digital coin connected with the blockchain payment company Ripple has also seen a drop during that period. Moreover, XRP experienced a decrease of approximately 10% in its trading volume, suggesting that the overall sentiment within its ecosystem remains high.

Consequently, it is now the ninth most traded crypto asset, with $903.8 million in trading volume.

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2024-09-24 18:56