- XRP Ledger (XRPL) is reported to be on the verge of a massive technological upgrade, as multiple amendments have been listed for voting.
- The team has disclosed that XRPL is nearing 80% of its server upgrade, with older versions expected to be automatically disconnected after completion.
The XRP Ledger is expected to commence a comprehensive upgrade as eight key amendments have been lined up for voting. According to the post shared on X, the adoption of the XRPL v2.3.0 would see the 2.2.x and older servers disconnected from the network. Fascinatingly, this comes after an update was implemented to slash reserve requirements, as earlier disclosed by CNF in a report.
Upgrade to XRPL v2.3.0 🚨
We’re nearing 80% of servers upgraded!🟢This update includes key feature amendments like:
⚙️XLS-70: Credentials
⚙️XLS-33: Multi-Purpose Tokens
⚙️XLS-37: AMM Clawback
⚙️XLS-52: NFTokenMintOffer
⚙️Plus several fix amendments
Once the first 2.3…— RippleX (@RippleXDev) January 10, 2025
The Expected Amendments
According to the blog post detailing this initiative, the expected amendments would be:
- XLS-70 Credentials: introduce the ability to provide credentials on the Ledger while using them to pre-approve incoming payments.
- XLS-37 AMM Clawback: ensure that claw-back-enabled tokens are allowed to be used in AMM.
- XLS-33 Multi-Purpose Tokens: ensure that an optimized version of a new fungible token is introduced for institutional Decentralized Finance (DeFi).
- XLS-52 NFTokenMintOffer: this will enable the creation of an NFT sell offer.
- fixNFTokenPageLinks: this would improve efficiency by fixing bugs that can cause missing links in NFT directories.
- fixAMMv1_2: this would fix two bugs in Automated Market Maker (AMM) transaction processing.
- fixInnerObjTemplate2: Standardize the way inner objects are enforced across all transactions and ledger data.
- fixEnforceNFTokenTrustline: it would ensure that two bugs are fixed during the interaction between NFT offers and trust lines.
Meanwhile, the InvariantsV1_1 amendment is reportedly partially implemented but is currently not open for voting. Its purpose is to add new invariants to make sure that transaction processes are intended.
Previous Activities of XRPL and Impact on XRP
Amid the backdrop of these significant upgrades, the XRPL has been recording impressive activities as CryptoQuant data highlighted in November 2024 that XRP’s Network Value to Transactions (NVT) ratio had recorded a spike. Meanwhile, CryptoQuant Analyst J.A Maartun earlier disclosed that there have been visible changes in the network’s transaction type.
In his thesis, the analyst pointed out the surge in “OfferCreate” transactions, which underscores the increase in trading activities on the network.
Changed dynamics in XRPL Transaction Type. The increase in OfferCreate transactions suggests a rise in trading activity, reflecting a growing interest in utilizing the platform’s capability to issue new assets & adopt DEX features.
With that, we observed that the recent amendments, including the fixAMMOverflowOffer, have subjected the network to significant changes. Specifically, Payment comprised 88% of all transactions on the ledger in January 2024, while OfferCreate had 12%. As of November 2024, both payments and OfferCreate had recorded a 50% adoption rate. Additionally, we reported that another amendment was activated in September 2024 to unlock decentralized trading on the network.
In December 2024, crypto analyst Paul Barron highlighted that the XRPL network was on the verge of a breakthrough. According to him, this development could trigger a significant price surge for XRP. At press time, the asset was trading at $2.3 after declining by 4.4% in the last seven days.
