XRP Ledger Set to Introduce New Amendment, 'fixReducedOffersV1', Following Validator Approval
Summary:
The "fixReducedOffersV1" amendment is currently in its activation countdown, having received over 80% validator approval. This significant upgrade for the XRP Ledger (XRPL) is set to introduce new features in the impending weeks. Users operating on older versions are advised to update their systems. The amendment aims to reduce order books obscured by diminished offers, improving the overall functionality of the XRPL. This modification to the protocol relies on a two-week window of 80% validator support. In related news, the XRPL version 1.12.0 was launched in September, introducing significant features and requiring user upgrades for continued participation.
The amendment titled "fixReducedOffersV1" is currently in its two-week activation countdown phase, having received the necessary approval from over 80% of validators. This change is a crucial upgrade for the XRP Ledger (XRPL). The system is set to introduce new features in the coming weeks. Users who are currently utilizing rippled v1.11.0 or older versions are advised to update their systems as per the instruction by XRPScan. The introduction of fixReducedOffersV1, which targets major issues with DEX offerings, requires updates achieving more than 80% within a 14-day span.
Among the amendments released with XRPL v1.12.0 update, fixReducedOffersV1 is the only one earning an 80% consensus, thus causing the initiation of a two-week activation countdown. The goal of fixReducedOffersV1 is to lower the frequency of obscured order books caused by diminished offers, which improves the overall functionality of XRPL.
The XRPL amendment enables protocol changes with more than 80% support from validators within a two-week window. This latest development demands an upgrade to the recent XRPL version for continued participation either as a node provider or in other designated protocol functions.
From the taker's point of view, this amendment can adjust the exchange rate of a reduced offer on XRPL decentralized exchanges (DEXs) to make it preferable than the initial offer. Consequently, other offers that align with the original can deplete the reduced offer.
On the other hand, without these amendments, an offer with little remaining value would have significantly unfavorable exchange rates post-rounding compared to its original price. Over a period, this prevents the acceptance of more beneficial requests, leading to considerable hurdles for decentralized brokerage platforms operating on XRPL.
In related news, Ripple CTO is seeking community consensus to adopt the XRPL AMM feature. In September, the XRPL version 1.12.0 was launched, introducing significant features like fixReducedOffersV1. This update also included bug fixes and amendments related to the Automated Market Maker (AMM) and the Clawback function. To avoid disruption, users were supposed to upgrade to the latest version by September 20. Furthermore, this XRPL update was mentioned as a prerequisite for participation in the voting process for new amendments like XLS-30.
The internal and external improvements of XRPL have contributed to its overall positivity. The recent successful completion of the security audit for the Xahau sidechain augurs well for XRPL's future.
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Published At
11/12/2023 11:51:34 AM
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