The XRP Ledger (XRPL) mainnet has welcomed the long-awaited fixAMMv1_1 amendment. This major upgrade has been under development for a while and is scheduled to launch this month.
fixAMMv1_1 amendment gets 91.43% consensus
Ordinarily, the introduction of an amendment to the XRP Ledger marks a proposal to alter or adjust an existing code or protocol responsible for a specific function on the platform. Often, these amendments fix a bug or improve or introduce a new feature. This time around, it allows for decentralized trading directly on XRPL.
Amendment fixAMMv1_1 is now enabled on the xrpl mainnet. Two more amendments are set to activate over the next 3 days: https://t.co/MJJuIYOBav pic.twitter.com/v4DuAIKnap
— XRPScan (@xrpscan) September 24, 2024
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Like every other XRPL amendment, validators must reach a consensus on the ffixAMMv1_1 amendment before enabling it.
Noteworthily, this amendment was finally enabled after it crossed the voting threshold 28/35 and sustained its approval for two weeks. According to XRPScan, the fixAMMv1_1 amendment received 32 votes in its favor, representing a consensus of 91.43%.
This latest amendment focuses on improving liquidity and efficiency for traders on the blockchain.
fixAMMOverflowOffer amendment on XRPL mainnet
This is only one of the numerous major updates on the XRPL mainnet in the last few months. In April, XRPL implemented a major update to the mainnet known as the "fixAMMOverflowOffer." The update was designed to fix the problem of large synthetic automated market maker (AMM) offers being handled incorrectly in the payment engine.
Unlike fixAMMv1_1, which achieved 91.43% consensus from validators, the fixAMMOverflowOffer reached 100% consensus.
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Amid the latest major update release, XRP has failed to record a price gain. The coin traded at $0.5851 as of this writing, corresponding to a 0.71% dip in the last 24 hours. The crypto associated with blockchain payment firm Ripple has also dipped within the last 24 hours. XRP lost about 10% of its trading volume, proving ecosystem sentiment remains elevated.
Consequently, it is now the ninth most traded crypto asset, with $903.8 million in trading volume.
