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- The Ripple community seems divided on how the voting rights should be shared between the validators and the top XRP investors amid delays by the former group to upgrade to the latest XRPL version Rippled-1.12.0.
- Although the impending amendments do not have a direct impact on the XRP price or the XRPL throughput, they are important updates to enable sustainable XRPL growth by DeFi developers amid the mainstream adoption of digital assets.
Following an unprecedented Ripple and XRP victory against the United States Securities and Exchange Commission (SEC) in the ongoing lawsuit, the XRPL developers have shifted their focus on building needed infrastructure to compete with other top layer-one blockchains in the decentralized financial ecosystem.
Moreover, the mainstream adoption of blockchain technology is significantly pegged to the smart contract developments, which opens up the tokenization, and non-fungible tokens (NFT) markets. Notably, the XRPL network handles an average of about 1 million transactions per day, more than double that of Bitcoin (BTC), despite the low DeFi activity.
Earlier this year, the RippleX team proposed new XRPL amendments dubbed XLS-30d geared towards introducing a native automated market maker (AMM) that is integrated with the ledger’s orderbook. The proposal that is facing possible implementation delays intends to bring more exchange functionality and utility to XRPL token holders, with the ultimate goal of enabling enterprise developers to build high-performance DeFi protocols.
What Next with the Proposed XRPL’s Amendments
On Thursday last week, RippleX announced that it had enabled its validator to vote in favor of the XLS-30 amendment. The Ripple team reassured the community and other validators that the updates have been reviewed by Certik and the necessary improvements made to ensure a seamless upgrade. Furthermore, only 69.7 percent of the validators have upgraded to the latest XRPL version, rippled-1.12.0, hence dividing the community on the voting process.
One XRPL supporter on the X platform highlighted that some voting rights should be delegated to the top 1000 XRP investors to expedite the process. The idea was, however, met with mixed reactions from the XRPL community members with some terming it as risky for the future development of the network.
It's not about about voting rights or minorities. #XRPL needs sane people and a small group to make a sane decision on when votes can/should pass. If AMM (1.12.0 amendment) passed just now, these nodes (huge servers) would get blocked. What would happen to your #XRP and your… https://t.co/APPs172Ph6 pic.twitter.com/dh2JgQA6Qj
— Jon Nilsen 🪝🏴☠️ (@jonaagenilsen) October 22, 2023
Notably, more than 80 percent of the validators are required to vote for the proposal for it to pass in addition to the approval having a support of over 80 percent for a minimum of two weeks. The process of enabling an amendment of XRPL takes around 130 days, hence leaving the XLS-30 proposal with about three months before expiry. The biggest concern about delegating some voting rights to the top investors is the risk of manipulation without a technical understanding of future implications.
XRP Price Action
According to the latest crypto price oracles, XRP price exchanged around 53 cents on Monday, up approximately 7 percent in the past few days following the Bitcoin breakout above $30K. The high XRPL developments are expected to increase XRP’s utility and in turn, increase its value against the traditional fiat currencies among other digital assets.
