According to reports, the decentralized public blockchain XRP Ledger (XRPL) is on track to undergo new upgrades. This development which has sparked excitement within the crypto community comes amid increasing trading volumes for XRP.
XRPL’s Roadmap
In a series of posts on social media platform X, a popular DLT researcher Krippenreiter, shared insights on what is in the pipeline for XRPL.Â
The researcher lists Decentralized Identity (DID), which allows for sharing and controlling an individual’s digital identity among ongoing developments in the XRP Ledger. A new bug fix for this amendment is set to be released in v2.2.0 with voting currently underway. The use cases for the DID include reusable KYC, permissioned, regulated, and compliant DEX.
[4/18] — PriceOracles —
Status: 🟢 Voting (as of v2.2.0)
Implements a native mechanism that retrieves off-chain data from an oracle provider for usage on the XRPL for dApps, DEX, and other XRPL-based protocols.
Use Case:
• AMM version 2 pic.twitter.com/4uBF4gED3e— Krippenreiter (@krippenreiter) May 6, 2024
Similar to DID, the XChainBridge amendment is now up for voting, with a new bug fix set for release in v2.2.0. This amendment permits the transfer of cross-chain assets between different independent ledgers, such as a mainchain like XRPL and a sidechain like EVM-Sidechain. Use cases for this amendment include EVM-Interoperability and as wrapped XRP, to be the native asset on a sidechain.
Furthermore, the PriceOracles being used in AMM version 2 are currently being voted on. Notably, it will come with a new bug fix set to be released in v2.2.0. This amendment executes a native mechanism that retrieves off-chain data from an Oracle provider for usage on the DEX, XRPL for dApps, and other XRPL-based protocols.
XRPL Updates Up for Discussion
Notable updates currently in the draft phase outlined by Krippenreiter include dNFTs, XRPL Plugins, and Hooks. Meanwhile, PaychanAndEscrowForTokens, Charge, Options, Atomic/Batch Transactions, Sponsored Fees and Reserves, Lending Protocol, and NFToken Escrows are all up for discussion.
With all of the proposals, and development going on right now, Krippenreiter highlights that the XRP Ledger is leveling up. Currently, XRP is trading at $0.5317, up by 5.3% in the past week, with trading volumes pegged at $929 million. This market uptick comes following recent engagements in XRP escrow, as previously reported by BGEcrypto.
