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- The XRP Ledger has recently introduced two new amendments on the mainnet.
- These updates can enhance XRPL’s capacity to manage large volumes of data.
- These new amendments could ensure that RLUSD efficiently handles data processing and large transactions.
The XRP Ledger (XRPL) has implemented two major amendments, “fixEmptyDID” and “fixPreviousTxnID,” recently. These updates have gained positive responses and ignited a positive market sentiment. That comes after the earlier introduction of the “fixAMMv1_1” amendment.
These changes can enhance the ecosystem, sparking notable improvements. Additionally, two more amendments are currently up for a vote. That indicates ongoing efforts to refine and optimize the XRPL network.
An Overview of the Latest Amendments on XRP Ledger Mainnet
Ripple ecosystem is anticipating the launch of the USD-backed stablecoin RLUSD (Ripple USD). These recent upgrades have sparked speculation within the community about their potential impact.
Newly introduced amendments can be pivotal, as 31 validators have approved them. This proposal has also surpassed the 28/35 threshold for this proposal implementation on the XRPL mainnet.
The “fixEmptyDID” amendment aims to eliminate the creation of empty DID ledger entries. Those entries previously consumed valuable space without providing any benefit.
Transactions attempting to create such entries will now encounter an error. Consequently, it will enhance the ledger’s efficiency while preserving existing processes.
Meanwhile, the “fixPreviousTxnID” upgrade focuses on improving transaction tracking. It can do so by adding PreviousTxnID and PreviousTxnLgrSequence fields.
This enhancement will facilitate better tracing of ledger modifications. It can effectively address the previous challenge of tracking transaction history due to missing fields.
Together, these upgrades are set to streamline XRP Ledger operations. Beyond this, it will optimize the blockchain’s capacity to handle large data. It will also pave the way for more complex applications in the future.
The community is keenly observing how these changes will influence the forthcoming RLUSD stablecoin and the broader Ripple ecosystem.
With Numerous Amendments & 2 More Added, Ripple Ramps Up Its Minting Operations
By September 29th, Ripple had minted 800,000 RLUSD tokens on the Ethereum and XRP networks. Vet_XO, co-founder of XRP Cafe, confirmed this in a post on X.
The total supply of RLUSD is 812,034 across ETH and XRPL. In the last ~24h in total, 800k RLUSD got minted on Ethereum and XRP Ledger combined. 99% of the total supply was minted in the last 24h.
As of now, the number has reached 956,028 RLUSD. After the last two amendments, the pace of minting RLUSD has skyrocketed.
This increased minting suggests the network may be stress-testing the system for broader application. These increased numbers are leading many in the crypto community to predict the launch of Ripple’s stablecoin project might be close.
Ripple first announced its stablecoin development in April, promoting it as a tool for instant cross-border money transfers and payment services while emphasizing regulatory compliance. Four months later, the platform began testing the new stablecoin.
On August 9, 2024, Ripple announced that RLUSD was in private beta on the XRP Ledger and Ethereum.
In the same post, they were urging traders to be cautious of scammers falsely claiming to distribute Ripple USD.
Ripple Pace Has Increased For RLUSD, Despite Legal Troubles
In August 2024, Judge Analisa Torres of the Southern District of New York delivered her final ruling in the SEC vs. Ripple case. It resulted in mixed outcomes for both parties.
Judge Torres dismissed the SEC’s disgorgement theory, citing a lack of evidence showing any investor harm from Ripple’s XRP sales. However, Ripple was fined approximately $125 million, significantly less than the SEC‘s proposed $876 million penalty.
Additionally, the court issued an injunction to prevent Ripple from future violations of Section 5 of the Securities Act.
This platform has faced legal challenges and the possibility of an SEC appeal. It still remains optimistic about launching its stablecoin RLUSD, anticipating regulatory approval from the commission.
SEC Validates the Utility of Speculation In XRP Price
Also, the United States Securities and Exchange Commission (SEC) has recently opined that speculation plays a crucial role in increasing XRP’s utility and price.
The Commission believes the XRP ecosystem gains liquidity through speculative trading. That’s vital for Ripple’s products.
This acknowledgment indicates that the SEC recognizes the importance of buying and trading XRP for transactions and potential gains.
Anderson is a renowned asset researcher. He shared this information on X, citing a document from Ripple’s lawsuit.
That suggests the XRP price might be more robust than previously thought. It is trading at $0.6449 at press time, reflecting a 3% increase in the last 24 hours.
Disclaimer
In this article, the views, and opinions stated by the author, or any people named are for informational purposes only, and they don’t establish the investment, financial, or any other advice. Trading or investing in cryptocurrency assets comes with a risk of financial loss.
