XRPL Prepares for Significant Upgrade with “fixReducedOffersV1” Amendment
The “fixReducedOffersV1” amendment is entering a two-week activation countdown phase after receiving approval from over 80% of validators. This signals a major upgrade for XRPL, with additional features set to be introduced in the coming weeks.
If you are using rippled v1.11.0 or earlier versions, it is essential to update your systems as the implementation of fixReducedOffersV1 addresses critical issues with DEX offerings and requires updates exceeding 80% consensus within 14 days.
The XRPL v1.12.0 update includes several amendments, but fixReducedOffersV1 is the only one securing an 80% consensus, initiating the two-week activation countdown. This amendment aims to minimize obscured order books by reduced offers, enhancing the overall functionality of the XRPL.
As a node provider or engaged in specific protocol functions, this recent development necessitates an upgrade to the latest XRPL version for continued participation. From the taker’s perspective, this amendment can round the exchange rate of a reduced offer on XRPL decentralized exchanges (DEXs) to make it more favorable than the original offer.
Without these amendments, offers with minimal remaining amounts would have significantly unfavorable exchange rates after rounding compared to their original value, creating substantial challenges for decentralized brokerage platforms operating on the XRPL.
XRPL Continues Positive Trajectory with Latest Updates
In September, XRPL version 1.12.0 was launched, introducing notable features such as fixReducedOffersV1, bug fixes, and amendments related to Automated Market Maker (AMM) and Clawback function. Users needed to upgrade to the latest version by September 20 to avoid disruption and participate in the voting process for new amendments like XLS-30.
The successful completion of the latest security audit for the Xahau sidechain also contributes to XRPL’s positive outlook.
Hot Take: XRPL Embraces Significant Upgrade with “fixReducedOffersV1”
The upcoming implementation of “fixReducedOffersV1” amendment on XRPL signifies a crucial step towards enhancing functionality and addressing critical issues with DEX offerings. With over 80% validator support and a two-week activation countdown underway, this significant upgrade is set to bring additional features that will benefit users and node providers alike. The successful completion of security audits and regular updates further solidify XRPL’s position as a leading platform in the crypto space.
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