The XLS-30 amendment looking to introduce an automated market maker (AMM) to the XRP Ledger (XRPL) has finally passed, giving XRP holders an opportunity to earn passive income.
Vet, a prominent XRP community figure and operator of the dUNL validator of the same name, first called attention to the pivotal development in a post on X. He expressed excitement over the imminent arrival of the automated market maker on the XRPL.
Data from XRPL explorer XRPScan reveals that the amendment has received 85.71% consensus as of press time, having attracted Yes votes from 30 out of 35 dUNL validators. Prominent validators such as Ripple, Bithomp, Alloy Networks, Vet and Bitrue have shown support.
It bears mentioning that the XRP Ledger mandates each amendment introduced to the ecosystem to receive 80% of validator consensus for two weeks before implementation. With the current number of dUNL validators sitting at 35, 80% translates to 28 Yes votes.
After attaining the consensus threshold, the XLS-30D amendment will be implemented on the mainnet on Feb. 14, two weeks from now. Expectedly, some members of the XRP community have begun making allusions of the significance of this day being Valentine’s Day.
The XRPL AMM: Road to Consensus
Recall that the community previously lamented the perceived delay in the voting process of the AMM amendment. However, some validators dismissed the growing concerns, emphasizing that all amendments take a similar governance timeline.
While some validators such as Ripple quickly voted Yes to the proposal, others showed some restraints, demanding some extra time to ensure the AMM feature would not pose any risks. Some of the concerns include frontrunning and market manipulation risks.- Advertisement –
The validators operated by XRPL Labs, the team behind Xaman (formerly Xumm), xSpectar, a multiverse and NFT project, and XRPL explorer XRPScan were some of the ones showing restraint.
As previously reported by The Crypto Basic, Wietse Wind, founder of XRPL Labs, and Dirk Scheneps, founder of xSpectar, confirmed that they would install the latest XRPL version, Rippled 2.0.1, and monitor the performance to evaluate if it is safe to vote Yes to the XLS-30D amendment.
The team behind XRPScan also confirmed that they would be voting for the amendment. All three validators have now voted in favor of the proposal, resulting in the consensus milestone. Note that as of Jan. 24, only 21 validators had voted Yes, with 60% consensus.
Following the implementation of the AMM feature, XRP holders will get an opportunity to earn passive income on the XRPL by serving as liquidity providers for some AMM instances. However, it bears mentioning that being a liquidity provider also carries its inherent risks.
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