2023-10-7 13:30 |
Following the announcement that the AMM functionality would be proposed as an amendment under the latest rippled version, many in the XRP community have continued to wonder how soon it could be implemented if passed. As a result, Ripple’s Chief Technology Officer (CTO) David Schwartz has provided some answers to the community to quench speculations.
How Soon The AMM Implementation Could HappenIn response to a tweet asking how soon the AMM will go live on the ledger after voting, Schwartz stated that it should be enabled on the XRP Ledger (XRPL) “in about two weeks” if most validators vote yes to the proposal.
The voting process kickstarted on September 7 following the announcement by Ripple’s developers. However, it seems that validators haven’t looked through the proposal yet or taken action. To the best of his knowledge, Schwartz mentioned that no validator has voted yes to the proposal yet, and 80% of validators need to vote yes for the amendment to be passed.
He further gave his opinion on how the process should go, as he believes “validators shouldn’t vote yes individually.” Rather, the decision should lie with the community, with the validators voting in favor of the amendment if they “believe” the community supports it.
Contrary to what many may think, the amendment process isn’t “supposed to be a governance mechanism,” according to Schwartz. Instead, the aim of the voting process is to “coordinate activation and prevent activation if a problem is discovered.” He emphasized that validators should be guided by the community’s decision, not what “they think is best.”
Schwartz’s Role In Ensuring Amendment Is PassedIn a subsequent tweet, the Ripple CTO mentioned that he was going to review the performance testing results in the next few days and run a “few code checks” using feedback that he had gotten from several people. If everything works out fine and no “new objections surface,” Schwartz mentioned that he will “start asking people to consider voting yes.”
1/ Extensive performance testing of the XLS-30 #AMM has now been completed.
XLS-30 is a proposed amendment as part of the rippled 1.12.0 upgrade. If adopted, it will bring automated swap, trading, and liquidity provisioning capabilities to the #XRPLedger.https://t.co/Cz1w76uc8c
— RippleX (@RippleXDev) October 6, 2023
Meanwhile, Ripple’s developers confirmed in a tweet that they have completed the extensive performance testing of the AMM feature. If adopted, this AMM functionality will bring “automated swap, trading, and liquidity provisioning capabilities to the ledger.” Community members also have a chance to earn passive income by acting as liquidity providers (LPs) to the ecosystem.
Many in the XRP community seem to have welcomed the idea of a novel AMM feature on the XRPL, as it could help improve liquidity on the network and enhance faster and seamless trading.
However, the same cannot be said about the ‘Clawback feature,’ another proposed amendment under the latest rippled version. Despite Schwartz defending the feature, many in the community argue that it undermines the essence of blockchain technology and decentralization.
Featured image from CoinCodex
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