XRPL: Four Big Updates Set to Transform XRP Ledger

XRP Ledger set to receive new updates, which would bring new functionalities and improvements, reinforcing XRP's prominence on the cryptocurrency market.

In a recent tweet, Vet, xrpcafe cofounder and XRPL dUNL validator outlines upcoming amendments for XRP Ledger, set to be shipped in the upcoming rippled (XRP ledger server) version 2.3.0 -rc2.

All upcoming #XRP Ledger amendments! 🔹 Multi Purpose Tokens (MPT) - new token standard for RWA tokenization🔹 AMMClawback - allowing tokens w/ clawback like #RLUSD to be used in the AMM🔹 Credentials - extends the deposit authorization feature / compliance first amendment… pic.twitter.com/UmtBjFTQaV

— Vet (@Vet_X0) November 14, 2024

The core server, rippled, runs the peer-to-peer network, which processes transactions and reaches a consensus on their outcome.

According to a screenshot shared by Vet, the prerelease version of 2.3.0 -rc2 would introduce several new amendments, such as FixReducedoffersV2, NFTokenMintOffer, FixEnforceNFTokenTrustline, FixInnerobjTemplate2, fixNFTokenPageLinks, Credentials, MPTokensV1, AMM Clawback and fixAMMv1-2.

Vet highlights a few of these amendments, including Multi Purpose Tokens (MPT), a new token standard for RWA tokenization. The AMMClawback feature enables the use of tokens like the upcoming Ripple Stablecoin RLUSD in the AMM.

Credentials would extend the deposit authorization feature/compliance first amendment, while NFTokenMintOffer combines minting and offers NFT creation in one step.

Aside from very important fix amendments and other enhancements, Vet states that "the list of amendments for XRPL is packed."

XRPL recent developments

The most recent version of Rippled, the XRP Ledger protocol reference server implementation, was released last month - version 2.2.3. The release, which carried no new amendments, addresses an issue that caused full-history servers to run out of space on their SQLite databases.

Price oracles have recently gone live on the XRPL, which is an important development that improves the XRPL's inherent capabilities and allows institutional-grade DeFi use cases to flourish. Developers can now utilize integrations with two Oracle partners, Band Protocol and DIA.

In another milestone, three new XRPL specs have been proposed for Decentralized Identifiers (DIDs), which put users rather than centralized entities in control of their digital identities, which are XLS-70d: Onchain credentials, XLS-80d: Permissioned domains and XLS-81d: Permissioned DEX.