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XRPL’s fixReducedOffersV1 upgrade starts 80% consensus countdown

The “fixReducedOffersV1” amendment is now in a two-week activation countdown phase, having gained approval from over 80% of validators. This amendment marks a significant upgrade for XRPL.

XRP Ledger (XRPL) is expected to introduce additional features in the coming weeks. According to XRPScan, users who are using Rippled v1.11.0 or earlier versions are advised to update their systems. Implementing fixReducedOffersV1, which addresses critical issues with DEX Offerings, requires updates greater than 80% to be completed within 14 days.

Among the amendments introduced in the XRPL v1.12.0 update, fixReducedOffersV1 stands out as the only amendment achieving 80% consensus, triggering a two-week activation countdown. FixReducedOffersV1 aims to minimize the prevalence of order books hidden by reduced offers, thereby improving the overall functionality of XRPL.

The XRPL amendment allows protocol changes backed by over 80% validator support within two weeks. This recent development requires an upgrade to the latest XRPL version for continued engagement as a node provider or in other specified protocol functions.

From a taker’s perspective, this amendment may round up the exchange rate of a reduced offering on the XRPL decentralized exchanges (DEX) to make it more favorable than the initial offering. In such cases, other bids matching the original may consume the reduced bid.

Conversely, the absence of these modifications would have the consequence that an offer with minimal remaining amounts would present significantly unfavorable exchange rates after rounding compared to its initial value. Over time, this prevents more favorable requests from being accepted, creating significant challenges for decentralized brokerage platforms operating on XRPL.

Related: Ripple CTO Seeks Community Consensus for Adoption of XRPL AMM Feature

In September, XRPL version 1.12.0 was released, introducing notable features such as fixReducedOffersV1. The update included bug fixes and changes related to the Automated Market Maker (AMM) and Clawback feature. Users had to upgrade to the latest version before September 20 to avoid any disruption. Additionally, the XRPL update has been identified as a necessary condition to participate in the voting process for new amendments like XLS-30.

XRPL has undergone notable internal and external improvements, contributing to its overall positive outlook. The successful completion of the latest security audit of the Xahau sidechain bodes well for XRPL’s prospects.

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