XRP Ledger Gets Major Upgrade, Will This Boost RLUSD Deployment?

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As a seasoned crypto investor with a knack for spotting promising opportunities, I must say that the recent developments on the XRP Ledger have caught my attention. The fixAMMv1_1 amendment going live is a significant step that promises to enhance liquidity and efficiency for traders in the ecosystem.

Before the debut of the Ripple-issued stablecoin (RLUSD), the fixAMMv1_1 amendment has been activated on the XRP Ledger’s main network. This update marks an important milestone in enhancing liquidity and efficiency within the trading community. The upgrade follows a series of trials conducted by Ripple Labs for the RLUSD stablecoin.

Ripple Stablecoin To Find More Use Cases With fixAMMv1_1 Amendment

As stated by XRPScan, the fixAMMv1_1 amendment was executed on Tuesday following its approval by a majority of 32 validators, meeting the required threshold of 28/35. This significant update expands the potential for direct, peer-to-peer trading within the XRP Ledger (XRPL). The new design aims to boost liquidity and efficiency for users on the XRPL.

The amendment gained an impressive 91.43% agreement, showcasing the validators’ firm faith and conviction in the enhancement’s capabilities. It’s also worth mentioning that following this amendment, Ripple Labs’ RLUSD stablecoin, launched in June, could potentially unlock its full potential across various XRPL Automated Market Maker (AMM) pools.

At the XRP Ledger Community Summit (XRPL Apex), held in Amsterdam, Ripple CEO Brad Garlinghouse revealed a new product called RLUSD. In his speech, he explained how this development would strengthen Ripple’s market presence by drawing in additional liquidity and stability.

Following its initial trial run in August where it consumed 185 units of RLUSD, the company’s actions have stirred up some uncertainty. Since then, they have persisted with testing the minting and transfer processes for their stablecoin. Just recently, today alone, there were 485 additional RLUSD units issued for the Ripple stablecoin.

More Developments on the XRP Ledger

Beyond the fixAMMv1_1 update on the XRP Ledger’s main network, several other advancements have been in progress. Notably, Ripple’s CEO, Brad Garlinghouse, has disclosed that the company is actively developing a novel programmable feature for the XRP Ledger.

The potential upgrade is to integrate smart contracts into the blockchain, unlocking new features such as Non-Fungible Tokens (NFTs), AMMs, and decentralized exchanges (DEXs) on the network. There is also a plan to introduce the XRPL EVM Sidechain in the coming months.

Over the long term, it’s anticipated that these two advancements will work in harmony, fostering a flexible and resilient environment suitable for a broad spectrum of applications. As a user of both Ripple stablecoin and the XRP Ledger, I envision us collectively creating an economy with fluid dynamics.

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2024-09-24 20:34