XRPL Undergoing Next Protocol Upgrade as Community Lends Support
The XRP Ledger (XRPL) is undergoing a crucial update to add more functionalities to the network, as validators vote to enable the FixReducedOffersV1 feature.
The upgrade FixReducedOffersV1 has secured the required 80% validator backing with 28 supporting the amendment out of a possible 35. Right now, the upgrade has entered the 2 weeks of activation with the Estimated Time of Arrival (ETA) pegged at November 24.
XRPL’s FixReducedOffersV1: What to Expect
The FixReducedOffersV1 comes as part of the rippled v1.12.0, the direct update from the rippled v1.11.0. With the transition in progress, node operators are now advised to upgrade to the latest version.
The FixReducedOffersV1 is an amendment that specifically targets the enhanced functionalities for trading platforms built on the XRPL. Notably, when a reduced offer surfaces on an order book, the network blocks the order book as the rate of these offers affect the remaining amount when rounded.
Based on the current observations, reduced offers come up in three ways: when an offer is partially consumed upon being placed, when the offer is partially consumed after being dropped into order books, and when a market participant underfunds the offer.
According to the documentation detailing the benefits of this function, the FixReducedOffersV1 will help stop the blockage of order books that contain reduced offers by helping to round off these figures.
With the FixReducedOffersV1 amendment, the operations of an XRPL exchange cannot crash when a reduced offer show up in an order book, as the exchange rate of the reduced offer is rounded up in a way that makes it fair when compared to the original offer.
With smart contracts generally automating activities on XRPL, instituting the amendment as a correction mode can bolster equality that will further drive the positive outlook of the XRP Ledger.
XRPL Charts Holistic Upgrade Path
The recent events surrounding the XRPL ecosystem indicate that the ecosystem is creating a holistic path to revamp the network in readiness for its next adoption phase.
Besides the “FixReducedOffersV1” update, XRPL developers have made other impressive pushes to boost the functionality of the network.
Reports of other upgrades have emerged, including that bordering on the XRPL Automated Market Maker (AMM) implementation. Moreover, the XRPL is growing in terms of user count, and as people come aboard, these upgrades will help in sustaining its integrity across the board.