What Ripple’s latest updates to the XPRL mainnet entails

Posted: September 7, 2023

• The project planned to integrate an automated trading pool and opt-in for newly issued assets.
• XRPL’s DEX volume was very low while trustlines issued increased.

RippleX, Ripple’s [XRP] extension of its open-developer money platform has announced two new merged proposals to be implemented on the XRP Ledger (XRPL). According to the development team, the new updates include the XLS-39 Clawback spec and XLS-30 AMM spec.

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From Ripple’s GitHub profile, the proposal was put out by Manojsdoshi. The community member had opined that the implemented version of the updates would result in a Ripple version 1.12.0. While the proposal would need the approval of the validator community, RippleX did well to explain the roles of both specifications.

XRPL needs the AMM

To start with, RippleX said that XLS-30 would bring a native Automated Market Maker (AMM) to the XPRL. The development group also noted that the integration would enable automated liquidity pool trading. Also, it could expand Ripple’s share of the DEX market. 

Meanwhile, on-chain data showed that the XRPL may be in dire need of the XLS-30 due to the state of the DEX volume. The DEX volume on the XRPL includes all trades where at least one of the assets in the pair has recently traded against XRP.

But from Santiment’s data, the DEX volume was in a sorry state. At the time of writing, the volume was down to $6,718, far below the heights in early August, when the volume repeatedly crossed the $1 million mark.

Source: Santiment

Another reason for this decline is the transaction count. At press time, the transaction count on the XRPL was 36,700. This meant that aggregate transactions on the network have not been impressive.

Claws on the trustlines

For the second feature, the XLS-39 Clawback, RippleX explained that it would provide an opt-in capability for newly issued assets via a trustline if approved. 

According to Santiment, the daily net amount of trustlines created has been increasing. This means that activity on the XRPL through time has increased. However, the daily new XRPL assets issued had reduced. 

This metric tracks only the new assets issued per day. So, the decrease implies only a small number of assets have been issued on the XRPL. 

Source: Santiment

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Furthermore, Ripple noted that validator approval was not the only condition to approve the proposals. While encouraging all members of the community to review the proposals, it mentioned two conditions for the proposal to be passed. The conditions include:

“At least 80% of validators must approve the amendment by updating their vote to “yes”.  Also, this minimum threshold must remain for at least 2 weeks.”