XRP Ledger Gets Major Upgrade, Will This Boost RLUSD Deployment?
Ahead of the Ripple stablecoin (RLUSD) launch, the fixAMMv1_1 amendment has gone live on the XRP Ledger (XRPL) mainnet. This upgrade is a significant step towards improving liquidity and efficiency for traders in the ecosystem. It comes after Ripple Labs conducted a series of tests for the RLUSD stablecoin.
Ripple Stablecoin To Find More Use Cases With fixAMMv1_1 Amendment
According to XRPScan, this fixAMMv1_1 amendment was implemented on Tuesday after it passed the threshold of 28/35 with 32 validators in support of the proposal. This major upgrade increases the capacity for direct, decentralized trading on the XRPL. Its design enhances liquidity and efficiency for users on the XRPL.
The amendment received a consensus of 91.43%, reflecting validators’ strong belief and confidence in the capacity of the upgrade. Noteworthy, the Ripple Labs’ RLUSD stablecoin, which was introduced in June, may find full expression of its potentials on different XRPL Automated Market Marker (AMM) pools via this amendment.
Ripple CEO Brad Garlinghouse unveiled RLUSD during the XRP Ledger Community Summit (XRPL Apex) in Amsterdam. He spoke about how it would bolster Ripple’s market position by attracting more liquidity and stability.
After burning 185 RLUSD during its pilot testing phase in August, the firm’s moves triggered uncertainty. Since that time until now, it has continued to conduct minting and transfer tests for the stablecoin. Earlier today, the Ripple stablecoin saw a total of 485 RLUSD issues.
More Developments on the XRP Ledger
Apart from the fixAMMv1_1 amendment on XRPL mainnet, a couple of other developments have been ongoing on the blockchain. Ripple CEO Brad Garlinghouse revealed that the company is working on introducing a new programmability feature to the XRPL.
The potential upgrade is to integrate smart contracts into the blockchain, unlocking new features such as Non-Fungible Tokens (NFTs), AMMs, and decentralized exchanges (DEXs) on the network. There is also a plan to introduce the XRPL EVM Sidechain in the coming months.
In the long run, the expectation is that these two developments will complement each other to build a versatile and robust ecosystem thereby supporting a wide range of applications. Ripple stablecoin, users and XRP Ledger users are poised to form an ecosystem with a dynamic economy.
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