- Validators on the XRP Ledger have agreed on a major upgrade to the platform
- The upgrade is meant to enhance functionality across the decentralized platform by introducing new features through amendments
- An amendment to the ‘fixReducedOffersV1’ function is among notable contents of the upgrade expected to go live after 14 days
29 out of 35 validators on the XRP Ledger (XRPL) have reached a consensus to allow an upgrade of the protocol to enhance its functionality. The upgrade intends to bring new features to the platform key among them being amending the ‘fixReducedOffersV1,’ function which touches on the operation of decentralized exchanges (DEXs) on the protocol. The new feature will be activated after 14 days and marks Ripple’s push to popularize and enhance the protocol despite a legal battle with the US securities watchdog over its base crypto, XRP.
No More than One Drop of XRP
According to XRPScan, the fixReducedOffersV1 feature addresses the effect of reduced offers on an order book, an effect that impacts the operation of DEXs on the network. The feature works by adjusting the rounding “to prevent order books from being blocked by reduced offers.”
XRP Ledger explained that reduced offers can be due to the offers being “partially consumed” or “under-funded.” The fixReducedOffersV1 solves this problem by rounding “the exchange rate […] by no more than 1 drop of XRP” making the offers appealing to takers.
The upgrade also includes amendments to other areas such as NFTs and fees. Amendments to the NFT functionality focus on preventing a collectible from being “minted more than once” due to a loop in sequencing collectibles in a collection.
Colombia Puts Land Registry on XRP Ledger
On fees, Ripple wants to simplify the way it calculates transaction costs. The amendments come roughly two months after XRP Ledger version 1.12.0 went live with amendments to critical functions such as the automated market maker.
It also comes a year after Ripple signed a deal with Colombia to put its land registry on the Ripple Ledger.