RippleX, the team responsible for developing and supporting the XRP Ledger, has made an announcement on the latest XLS-30d advancements. The protocol is intended to facilitate automated market making (AMM) on XRPL.
The technical specification known as XLS-30d was proposed by RippleX last year. This specification aims to create a native Automated Market Maker (AMM) protocol that seamlessly integrates with the existing decentralized exchange (DEX) on the XRP ledger.
The protocol went live on devnet in November 2022 and has been continuously tested ever since. As mentioned in a RippleX blog post, the community has been actively involved in testing and further developing this protocol.
Numerous AMM pools were created in the devnet environment and numerous wallets were connected for comprehensive functional tests. In addition, RippleX has extended AMM support to three client libraries (xrpl.js, xrpl-py and xrpl4j) and integration with xrpl.org explorer.
RippleX invites developers and users to test XLS-30d on Devnet
The blog post revealed plans for an upcoming change proposal that will kickstart the voting process to bring XLS-30d to the XRPL mainnet. The proposal requires an approval of at least 80% of the validators within two weeks.
When these conditions are met, XLS-30d will join the mainnet, which is a significant milestone. RippleX also underscores its commitment to ensuring stability by conducting thorough testing of the XLS-30d protocol for the core functions of the XRP ledger.
Designed as an XRPL-native protocol, XLS-30d allows developers to seamlessly integrate and build their own front-end trading and liquidity provisioning interfaces. A unique feature of XLS-30d is its novel continuous auction mechanism that encourages arbitrageurs to compete for price differences.
This mechanism effectively reduces temporary losses in trading activities. The protocol offers versatile use cases, including enabling new financial applications such as stablecoins, lending platforms, yield farming, and NFTs on the XRP ledger.
Additionally, it facilitates integration with non-financial applications such as gaming, social media, e-commerce, and identity management while leveraging the security and liquidity of the XRP ledger.
RippleX strongly believes that this launch of XLS-30d has tremendous potential for transforming and enhancing functionality, scalability and interoperability in the XRP ledger ecosystem. Developers and users alike are invited to participate in testing and exploration of this groundbreaking addition to devnet.
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