The XRP Ledger (XRPL) has recently undergone a significant upgrade, marked by the successful vote count for the “fixReducedOffersV1” amendment. With over 80% support from validators, this amendment is set to bring crucial improvements to the XRPL, signaling a major milestone for the platform.
Activation Countdown and Upgrade Requirement
Following the successful vote, the “fixReducedOffersV1” amendment has entered a two-week activation countdown period. Users still operating on rippled v1.11.0 or earlier must promptly upgrade their systems to at least XRPL version 1.12.0, released in mid-September.
Failure to complete the upgrade before the deadline may lead to users being severed from the XRPL network.
New Functionalities and Features of XRPL Upgrade
The XRP Ledger version 1.12.0 introduces several notable features, including the “fixReducedOffersV1” amendment, aimed at addressing key issues with Decentralized Exchange (DEX) offerings. This upgrade is crucial for maintaining the functionality of the XRPL, particularly in relation to Automated Market Makers (AMM) and the Clawback function.
Amendments and XRPL Upgrade
The XRP Ledger upgrade serves as a prerequisite for voting on new amendments like XLS-30. Among the amendments introduced in version 1.12.0, “fixReducedOffersV1” stands out as the only one to secure over 80% consensus, triggering the two-week activation countdown.
The primary goal of “fixReducedOffersV1” is to reduce the occurrence of order books shielded by reduced offers, enhancing the overall functionality. From the taker’s perspective, the amendment could lead to improved exchange rates for reduced offers on XRPL DEXs, potentially causing them to be more favorable than the original offers.
However, without these amendments, offers with minimal remaining amounts may experience poor exchange rates, while limiting the effectiveness of decentralized brokerage platforms on the XRPL.
XRPL’s Ongoing Development
The recent upgrade is part of a broader strategy for continual improvement. Notably, the platform has seen both internal and external upgrades, with the introduction of the Xahau sidechain, adding to the positive outlook for the future.
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