XRP License bagged in Dubai, opening up room for embrace

Technology

XRPL upgrade is live with nodes admonished to switch versions – Crypto News

Published

2 years ago

November 12, 2023

Dripp

The “fixReducedOffersV1” amendment has entered a two-week activation countdown period after gaining support from over 80% of validators, thereby indicating the arrival of a major XRPL upgrade.

New Functionalities Coming to XRPL

XRP Ledger (XRPL) is gearing up to receive new functionalities in the coming weeks and according to XRPScan, users who still utilize the rippled v1.11.0 or below, are expected to upgrade their system. Enabling the fixReducedOffersV1, which fixes key issues with DEX offerings, requires that the updates go beyond 80% in the space of 14 days.

In mid-September, XRPL version 1.12.0 was released with some outstanding features of which the fixReducedOffersV1 was one of them. Other bug fixes were made as well as some amendments bordering on the iconic Automated Market Maker (AMM), and Clawback function. At the time, users were given until September 20 to upgrade to the latest version or face the risk of being cut off.

Furthermore, the XRPL upgrade was listed as a prerequisite for voting for new amendments such as XLS-30.

Of all the amendments that came with the XRPL vs1.12.0 upgrade, fixReducedOffersV1 is the only one that has scored up to 80% in consensus to enter the two-week activation countdown period. FixReducedOffersV1 is designed to reduce the occurrence of order books that are shielded by reduced offers and in the process, ultimately make the XRPL more functional.

Specifically, the XRPL amendment permits only protocol changes that have received more than 80% validator support after two weeks. With the latest development, an XRPL upgrade to the most recent version is mandated to continually play the role of node provider or other defined functions within the protocol.

XRPL Upgrade to Fuel a Change

From the taker’s point of view, the amendment could cause the exchange rate of a reduced offer on XRPL DEXs to be rounded in such a way that it becomes better than the original offer. In such a situation, the reduced offer may be consumed by other offers which match the original.

On the other hand, the absence of these amendments will cause an offer that has only extremely tiny sums left to have very poor exchange rates when rounded than where it was originally. In the long run, this blocks off other better offers from being accepted, causing a major strain on decentralized brokerage platforms running on the XRPL.

The XRPL notably has more internal and external upgrades boosting its outlook in general. The emergence of the Xahau sidechain, after passing its latest security audit spells a good omen for the future of XRPL in general.