XRPL approves AMM amendment, opening new income avenues
In a significant development for the XRP Ledger (XRPL), the much-anticipated XLS-30 amendment, introducing an automated market maker (AMM) to the platform, has successfully passed. This landmark decision allows XRP holders to earn passive income by participating as liquidity providers in the ledger’s AMM instances.
The path to consensus
The approval of the XLS-30 amendment marks a pivotal moment in the XRPL’s evolution, having achieved an 85.71% consensus among the decentralized Unique Node List (dUNL) validators. A total of 30 out of 35 dUNL validators voted in favor of the amendment, surpassing the required 80% threshold. Notable validators, including industry giants such as Ripple, Bithomp, Alloy Networks, Vet, and Bitrue, have backed the amendment, signaling strong support within the community.
The XRP Ledger operates under a stringent governance model that necessitates an amendment to secure at least 80% support from validators over two weeks before it can be implemented. This rigorous process ensures that only thoroughly vetted and widely supported changes are integrated into the ledger. With the threshold now reached, the XLS-30D amendment is scheduled for implementation on the mainnet on February 14, adding a layer of significance to the date for the XRP community.
Addressing community concerns and ensuring security
The journey to the amendment’s passage was not without its challenges. Before reaching the consensus milestone, there was palpable concern within the XRP community over the perceived delay in the voting process. However, some validators urged patience, highlighting the necessity of a deliberate approach to governance to ensure the security and stability of the ledger.
In particular, validators operated by XRPL Labs, the team behind Xaman (formerly Xumm), xSpectar, and the XRPL explorer XRPScan, initially exercised caution. These entities requested additional time to assess whether introducing an AMM would introduce risks such as frontrunning and market manipulation. After careful evaluation, including installing the latest XRPL version, Rippled 2.0.1, and monitoring its performance, these validators ultimately cast their votes in favor, helping to achieve the required consensus.
XRPL’s AMM amendment signals major ecosystem evolution
The successful amendment ushers in a new era for XRP holders, allowing them to engage in the XRPL ecosystem more actively by providing liquidity to AMM pools. This development enhances the ledger’s functionality and empowers users to generate passive income through their participation. It is important to note, however, that while serving as a liquidity provider presents opportunities for earning, it also carries inherent risks that participants should consider.
As the XLS-30D amendment prepares for implementation, the XRP community looks forward to exploring the new possibilities it brings. This milestone reflects the collective effort of the XRPL community to foster innovation and growth within the ecosystem, ensuring that the ledger remains at the forefront of blockchain technology advancements.
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XRPL approves AMM amendment, opening new income avenues
In a significant development for the XRP Ledger (XRPL), the much-anticipated XLS-30 amendment, introducing an automated market maker (AMM) to the platform, has successfully passed. This landmark decision allows XRP holders to earn passive income by participating as liquidity providers in the ledger’s AMM instances.
The path to consensus
The approval of the XLS-30 amendment marks a pivotal moment in the XRPL’s evolution, having achieved an 85.71% consensus among the decentralized Unique Node List (dUNL) validators. A total of 30 out of 35 dUNL validators voted in favor of the amendment, surpassing the required 80% threshold. Notable validators, including industry giants such as Ripple, Bithomp, Alloy Networks, Vet, and Bitrue, have backed the amendment, signaling strong support within the community.
The XRP Ledger operates under a stringent governance model that necessitates an amendment to secure at least 80% support from validators over two weeks before it can be implemented. This rigorous process ensures that only thoroughly vetted and widely supported changes are integrated into the ledger. With the threshold now reached, the XLS-30D amendment is scheduled for implementation on the mainnet on February 14, adding a layer of significance to the date for the XRP community.
Addressing community concerns and ensuring security
The journey to the amendment’s passage was not without its challenges. Before reaching the consensus milestone, there was palpable concern within the XRP community over the perceived delay in the voting process. However, some validators urged patience, highlighting the necessity of a deliberate approach to governance to ensure the security and stability of the ledger.
In particular, validators operated by XRPL Labs, the team behind Xaman (formerly Xumm), xSpectar, and the XRPL explorer XRPScan, initially exercised caution. These entities requested additional time to assess whether introducing an AMM would introduce risks such as frontrunning and market manipulation. After careful evaluation, including installing the latest XRPL version, Rippled 2.0.1, and monitoring its performance, these validators ultimately cast their votes in favor, helping to achieve the required consensus.
XRPL’s AMM amendment signals major ecosystem evolution
The successful amendment ushers in a new era for XRP holders, allowing them to engage in the XRPL ecosystem more actively by providing liquidity to AMM pools. This development enhances the ledger’s functionality and empowers users to generate passive income through their participation. It is important to note, however, that while serving as a liquidity provider presents opportunities for earning, it also carries inherent risks that participants should consider.
As the XLS-30D amendment prepares for implementation, the XRP community looks forward to exploring the new possibilities it brings. This milestone reflects the collective effort of the XRPL community to foster innovation and growth within the ecosystem, ensuring that the ledger remains at the forefront of blockchain technology advancements.
Read More