XRPL’s fixReducedOffersV1 upgrade initiates 80% consensus countdown

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XRPL’s fixReducedOffersV1 upgrade initiates 80% consensus countdown
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The “fixReducedOffersV1” amendment is now in a two-week activation countdown phase, having garnered approval from over 80% of validators. This amendment signals a significant upgrade for the XRP Ledger (XRPL).

The XRPL is set to introduce additional features in the upcoming weeks. As per XRPScan, users relying on the Ripple v1.11.0 or earlier versions are advised to update their systems, as implementing fixReducedOffersV1 addresses critical issues with decentralized exchange (DEX) offerings. For the upgrade to be executed, an 80% consensus must be reached within 14 days for the upgrade to be executed.

Among the amendments introduced in the XRPL v1.12.0 update, fixReducedOffersV1 stands out as the sole amendment securing an 80% consensus, initiating a two-week activation countdown. FixReducedOffersV1 aims to minimize the prevalence of order books obscured by reduced offers, enhancing the overall functionality of the XRPL.

Upgrading to the latest XRPL version is necessary for continued engagement as a node provider or in other specified protocol functions.

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The amendment can round the exchange rate of a reduced offer on XRPL DEXs to make it more favorable than the original offer, improving functionality.

Without the amendments, it would result in an offer with minimal remaining amounts having unfavorable exchange rates. Over time, this prevents accepting more favorable requests, creating substantial challenges for decentralized brokerage platforms operating on the XRPL.

Related: Ripple CTO seeks community consensus for XRPL AMM feature adoption

XRPL version 1.12.0 was launched in September, introducing notable features such as fixReducedOffersV1. The update included bug fixes and amendments related to the automated market maker and clawback function. Users were required to upgrade to the latest version by Sept. 20 to avoid disruption. Moreover, the XRPL update was identified as a requirement for participating in the voting process for new amendments like XLS-30.

The XRPL has undergone notable internal and external enhancements, contributing to its overall positive outlook. The successful completion of the latest security audit for the Xahau sidechain bodes well for the prospects of XRPL.

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