Boosting Trade Efficiency: XRPL’s fixReducedOffersV1 Upgrade

The “fixReducedOffersV1” amendment, which is currently in its final activation countdown phase, is about to bring about a significant improvement to the XRP Ledger (XRPL), which is nearing completion. This modification is a crucial upgrade for XRPL, signifying a step forward in resolving important concerns, notably within its Decentralized Exchange (DEX) services. It has received approval from more over 80% of the validators, signaling that it is ready for implementation.

Taking on the Challenges of the DEX: The major objective of fixReducedOffersV1 is to lessen the impact that decreased offer prices have on the order books of trades conducted on XRPL’s DEX. By ensuring that trade operations are both more visible and more efficient, the purpose of this update is to improve the overall functioning and dependability of XRPL.

Enhancing Exchange Rates This modification might result in rounding the exchange rate of a lowered offer to make it more attractive than the initial offer for takers on XRPL’s DEXs. This would be done in order to enhance exchange rates. This method could make it possible for additional matching offers to consume the decreased offer, which might eventually lead to trade situations that are more efficient and fair.

Requirements for Upgrades In order for this amendment to be successfully implemented, it is required that more than eighty percent of updates be completed within a timeframe of fourteen days. Users that depend on previous versions of rippled, notably v1.11.0 or earlier, are recommended to upgrade their systems in order to continue successfully engaging in XRPL’s ecosystem and to prevent disruptions.

Taking Action Against Unfavorable Rates In the absence of this modification, bids with very little money left over have a greater chance of being awarded considerably unfavorable exchange rates after rounding, in comparison to the value they had initially. This circumstance may make it more difficult to accept offers that are more advantageous, which would create difficulties for decentralized brokerage systems based on XRPL.

Update for XRPL v1.12.0: The correctionReducedOffersV1 was a component of the more extensive XRPL version 1.12.0 upgrade that was released in September. This update also includes many bug fixes and revisions relating to Automated Market Maker (AMM) and Clawback functionalities. Users were needed to upgrade to the most recent version in order to maintain uninterrupted interaction after this update, which was necessary for the ongoing progress of XRPL.

favorable Outlook and Security Audits: The XRPL has undergone considerable internal and external advancements, which have contributed to its more favorable outlook. Additionally, security audits have been conducted. XRPL’s prospects have been further strengthened by the conclusion of the most recent security assessment for the Xahau sidechain, which underlines the company’s commitment to maintaining high levels of security and dependability.

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Ripple XRP Ripplex Proposes XLS-30 AMM Amendment for XRPL Mainnet Integration

RippleX, Ripple’s XRP Ledger, has announced the proposal of the XLS-30 AMM amendment for the XRP Ledger (XRPL), marking a significant step in decentralized financial applications. The amendment is currently undergoing a voting process, where the validator community will decide its integration into the XRPL Mainnet.

The XLS-30, described as the first of its kind, is built as a native protocol. It aims to introduce native AMM functionality to the XRPL, enabling asset trading in automated liquidity pools. One of its standout features is the Continuous Auction Mechanism, designed to incentivize arbitrageurs to bid for mispricing opportunities. This mechanism aims to mitigate the effects of impermanent loss for liquidity providers.

Last year, the RippleX team proposed the XLS-30d technical specification to integrate a protocol-native automated market maker (AMM) with the order book-based DEX on the XRP Ledger. Since its introduction to the Devnet in November 2022, the community has witnessed significant progress in testing and development. The Devnet saw the creation of hundreds of AMM pools, and numerous wallets were connected to assess its functionality. Furthermore, RippleX has incorporated AMM support in three client libraries: xrpl.js, xrpl-py, and xrpl4j, and has also integrated it into the explorer.

The decentralized nature of the XRP Ledger ensures that no single authority can dictate decisions for the network. For the XLS-30d amendment to be approved, at least 80% of the validator community must vote in favor, and this consensus must persist for a minimum of two weeks. If these conditions are met, the amendment will be integrated into the Mainnet.

Developers can leverage the XLS-30d AMM integration for two primary use cases: creating new financial applications and integrating into non-financial applications. The protocol offers a streamlined process for developers, eliminating the need for heavy lifting. It also introduces a unique auction mechanism to reduce impermanent loss, incentivizing arbitrageurs to maintain stable volatility by bidding at near-zero trading fees.

In practical applications, for instance, if a user wishes to purchase an NFT listed for a specific token but only possesses a different token, the AMM can facilitate the exchange at an optimized transaction price. This seamless integration can significantly enhance user experience, especially for illiquid tokens.

Developers interested in the XLS-30d can access the latest technical documentation for more information and provide feedback. The XRPL Explorer also offers insights into transactions and other relevant data. The open-source nature of this technology encourages all developers to test functionalities and engage with the active XRPL community on discord.

Disclaimer & Copyright Notice: The content of this article is for informational purposes only and is not intended as financial advice. Always consult with a professional before making any financial decisions. This material is the exclusive property of Blockchain.News. Unauthorized use, duplication, or distribution without express permission is prohibited. Proper credit and direction to the original content are required for any permitted use.

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Ripple’s XRP Ledger Distributes $1.6M in Wave 5 Grants

The XRP Ledger Foundation has announced the awardees of the fifth wave of XRPL Grants. The foundation has awarded more than $1.6 million in total funding to 15 groundbreaking projects

The Wave 5 XRPL Grants attracted an impressive pool of 150 applications from across the globe. The selected projects, representing 14 countries and five continents, are set to accelerate the adoption and utility of the XRP Ledger, with use-cases spanning Web3 finance, financial services enhancement, transaction facilitation, developer tooling support, and open-source initiatives.

Among the notable awardees are Alice’s Ring from France, which enables individuals to prove solvency without disclosing their wallet address or transaction history, and 3Shop XRP, also from France, a web3 CMS compatible with XRP Ledger, allowing for token-gated products and services.

Singapore’s Alphaday, a crypto workflow aggregator, and Colombia’s Amora, a Shopify App that allows merchants to mint XLS-20 NFTs on the XRPL, are also on the list. Australia’s Evernode is bringing “layer 2” smart contracts to the XRP Ledger ecosystem, marking a significant advancement in the space.

Since its inception in 2021, the XRPL Grants program has awarded more than $10 million in funding to over 100 projects globally. The grants range from $10,000 to $200,000 USD equivalent, targeting software development projects that utilize the XRP Ledger and contribute beneficially to the wider XRPL community.

The foundation is currently reviewing applications for Wave 6, with awardees set to be announced this fall. Furthermore, the call for Wave 7 applications is slated to open in August 2023, providing more opportunities for innovative projects to receive funding and support.

The XRPL Grants program’s continued commitment to fostering innovation and driving the adoption of the XRP Ledger underscores the growing momentum of blockchain technology in solving real-world problems.

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Ripple XRP Q2 2023: Market Cap Decline while NFT Transactions Rise, Reported Messari

According to a recent analysis by Messari, the XRP Ledger (XRPL) saw growth and fall in the second quarter of 2023. Despite a 10.7% quarter-over-quarter (QoQ) decline in market cap from $27.8 billion to $24.8 billion, the XRPL, a ten-year-old platform renowned for its quick, energy-efficient, cross-currency, and cross-border payments, saw its native token, XRP, maintain its position as the sixth-largest cryptocurrency by market capitalization.

The XRPL’s market performance was a tale of two halves. The year-to-date (YTD) increase of 42.5% in XRP’s circulating market cap was primarily driven by a surge in Q1. However, Q2 saw a decline in market cap, reflecting a broader downturn in network activity metrics. Average daily transactions and active addresses fell by 11.9% and 17.6% QoQ, respectively, returning to levels last seen in Q3 2022.

Despite the overall decline in network activity, the XRPL saw a 12.7% QoQ increase in average daily Non-Fungible Token (NFT) transactions, from 13,800 to 15,500. This growth was led by NFTokenCreateOffer, which now accounts for over half of all NFT transactions on the XRPL.

The XRPL continues to innovate and expand, with new sidechains like Coreum and Root Network offering developers more programmability for exploring security tokenization and metaverse applications. The EVM sidechain and XLS-38d bridge also saw further iterations, with developers now testing transfers between Issued Currencies and ERC-20s, among other features.

Despite these advancements, the XRPL’s ecosystem still lacks native support for smart contracts, a feature present in programmable settlement networks like Ethereum, Cardano, and Solana. However, the XRPL’s design choice to not enable arbitrary smart contracts on the base layer is a deliberate move to ensure maximum security and stability.

Multiple sidechains for the XRPL are either in development or have recently launched, in line with the platform’s vision of minimized Layer 1 complexity. These sidechains are set to provide increased programmability for both general and specific use cases, further expanding the XRPL’s capabilities.

In conclusion, the XRPL saw growth and drop in Q2 2023. Despite declines in network activity and market valuation, the platform witnessed an increase in NFT transactions and continuing development of sidechains. 

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Mintable platform raises $13M, will integrate ‘carbon neutral’ NFTs on XRP Ledger

An oversubscribed funding round has netted the Mintable nonfungible token (NFT) minting platform and marketplace a cool $13 million.

The Series A funding round for the Singapore-based startup included some big name participants including Ripple, mobile and blockchain gaming developer Animoca Brands, and Metapurse, the world’s largest NFT investment fund.

Ripple put out an announcement stating that Mintable plans to integrate the firm’s own blockchain, XRP Ledger (XRPL) which it says is already carbon neutrale and is “ideally suited to deliver a seamless experience for NFTs”.

“Its environmentally friendly attributes will allow billions of NFTs to be minted, bought and transferred on the XRPL in a sustainable way.”

Mintable, which is currently an Ethereum-based platform, is among a number of crypto-related investments in Dallas Mavericks owner Mark Cuban’s burgeoning portfolio. The billionaire investor previously participated in Mintable’s $2.5 million seed round in March.

The platform, which was launched in 2018, has minted more than 700,000 items over the past year enabling the establishment of a growing catalog of unique items, such as digital art, music, collectibles, and gaming items.

Mintable has sold and auctioned works by various Grammy-Award winning artists and high-profile artists, celebrities, and sports professionals and implemented a unique gas-free minting feature that allows users to create their NFTs without being burdened by high network fees.

In an announcement on July 1, Mintable stated that it will use the funds to focus on scaling its operations and boosting its growth and user acquisition initiatives.

General Manager of RippleX at Ripple, Monica Long, stated it had invested in Mintable due to a shared vision for cost-efficient and sustainable NFTs:

“Accelerating the growth of this creator economy starts with an infrastructure that removes the barriers to entry — such as high gas fees and environmental costs of creating NFTs — faced by many today.”

Related: New tech allows crypto users to mint NFTs with ‘proof of presence’

In late April, NFL Jacksonville Jaguars quarterback Trevor Lawrence sold a NFT collection on the platform for over $400,000. In March, a NFT representing a 50% share in a St Louis home was put up for auction on the Mintable platform.


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