Ripple (XRP) Enables Comprehensive Upgrade to XRPL Mainnet: Details

TL;DR

The XRP Ledger fixAMMv1_1 update was activated on September 24 to improve the Automated Market Maker (AMM) feature. The price of XRP remained stable around $0.58 after the development. The first of three

Earlier this month, the team behind XRP Ledger (XRPL) announced that a major update codenamed fixAMMv1_1 will be implemented in two weeks. The development was approved to proceed after 28 votes in favor (out of 35).

According to XRPScan, the working group enabled this on the XRPL mainnet on September 24th. The update mainly focuses on the Automated Market Maker (AMM) functionality and aims to improve its efficiency, performance and usability.

For its part, the AMM is a decentralized mechanism that allows users to exchange assets directly on the XRPL without the need for intermediaries. The main objective of the improvement is to streamline the trading process and minimize potential risks for liquidity providers.

The team said that the fixAMMv1_1 implementation is one of three fixes that will go live this week. The XRP Ledger has witnessed several other updates recently. Last month, its main test network rebooted and was temporarily unavailable to users. The effort was aimed at improving stability and reducing the cost of running a node.

A few weeks before that, OpenEden, a fintech company that connects traditional finance with decentralized finance (DeFi), announced plans to introduce tokenized US Treasuries (Treasury bills) into the XRP Ledger for the first time. Ripple also revealed that it will set up a fund to invest $10 million in these products.

“Institutions are increasingly looking for where to tokenize their real-world assets, and the arrival of Treasury bills on the XRPL powered by OpenEden reinforces the decentralized Layer 1 blockchain as one of the leading blockchains for to real-world asset tokenization,” Markus Infanger. – Senior Vice President of RippleX – commented at the time.

XRP price reaction?

Ripple’s native token – XRP – experienced little to no volatility after the aforementioned upgrade announcement and continues to trade around $0.58 (according to CoinGecko data).

Meanwhile, it is up 10% on a two-week scale following positive developments such as Grayscale’s launch of a dedicated Ripple Trust and the US Fed’s decision to cut interest rates by 0.5%.

XRP Price, Source: CoinGecko

Those who wish to explore some bullish price predictions related to the token can check out our dedicated article here.

SPECIAL OFFER (Sponsored) Binance Free $600 (Exclusive to CryptoPotato): Use this link to register a new account and receive an exclusive welcome offer of $600 to Binance (full details).

2024 LIMITED OFFER on BYDFi Exchange – Up to $2888 Welcome Reward, Use this link to register and open a 100 USDT-M position for free!