Ripple Voted to Advance XRP Ledger Upgrade with FixCleanup Amendment
Ripple approves the fixCleanup3_3_0 amendment, a major step toward activating the XRP Ledger (XRPL) v3.3.0 upgrade. The amendment integrates multiple targeted fixes. These fixes aim to enhance stability, performance and reliability of the blockchain. Ripple early endorsement is a sign of the importance they place on growing the XRP Ledger towards serving large institutional clientele and decentralized finance (DeFi) and digital tokens.
The FixCleanup amendment includes improvements for various XRPL features such as Single Asset Vaults, the Lending Protocol, Automated Market Makers (AMMs), the permissioned decentralized exchange (DEX), Checks and pseudo-accounts. Fixing bugs and enhancements focus on improving and protecting the environment for both developers and users.
XRP Ledger FixCleanup3_3_0 Amendment Voting
The fixCleanup3_3_0 amendment is currently in the early voting phase among XRP Ledger validators. Of the latest voting data of validators, 8 out of 35 Unique Node List (UNL) validators have voted in support of the amendment.
Once the amendment meets the required 80% validator approval threshold, meaning 28 out of 35 validators need to vote in support of the amendment, it will go into effect on the XRP Ledger mainnet. This approval level must be maintained for a period of two consecutive weeks to go into effect.
Ripple endorsement of the amendment has positive sentiment towards the XRPL 3.3.0 upgrade; although the amendment can not go into effect without participation of other validators.
XRP Ledger 3.3.0 Implementation Improves DeFi and Tokens
The XRP Ledger 3.3.0 release contains FixCleanup and other improvements that assist Ripple in offering better products. With the release of changes in the Single Asset Vault and Lending Protocol, Ripple is now able provide more choices and variations for XRP and RLUSD based financial tools and products.
Single Asset Vaults will make DeFi more accessible as digital assets can be managed easily. The Lending Protocol adds the credit aspect to the protocol and can support lending functions for XRPL.
The XRPL changes will help support new financial tools and products that adhere to the additional guidelines and policies.
XRP Ledger Improvements Require Nodes Update Prior to 3.3.0
XRPL 3.3.0 will provide some exciting new tools, but if you are an XRP Ledger node operator, you need to first update to the software. After an amendment reaches consensus, nodes that are not version 3.3.0 will be amendment blocked.
There are many other amendments that are being voted on now and are complementary to FixCleanup, including Confidential Transfer, BatchV1_1, DynamicMPT, PermissionDelegationV1_1, and Sponsor.
Many non-feature changes have been included in this version of the XRP Ledger to help improve XRPL tools including reductions in memory usage of 10-15% and improvements to the way data is deleted and made accessible. It also contains a lot of new changes and tools to help developers and improve the performance of the tools.
XRP Price Climbs After Positive Network Activity
After the latest updates for XRPL, XRP price has been trending positively. XRP gained nearly 3% in the past 24 hours, trading around $1.02. During that time trading volume increased 16%.
The network activity of large XRP wallets and network participation overall is increasing. However, derivatives market data has shown mixed sentiment among traders.
After briefly hitting $2.70 billion, XRP futures open interest dropped by more than 0.65% in an hour. For the 24 hour period, open interest on futures contracts was higher on some trading platforms like CME, while other major exchanges led by Binance, OKX and Bybit, showed open interest futures contracts that dropped.
XRPL 3.3.0 Upgrade Summary
Ripple officially approving the FixCleanup improvement proposition for the XRP Ledger is an important step toward the major upgrade of the XRPL. With improvements to DeFi, lending, tokenization, and network efficiency, XRPL 3.3.0 aims for scalability and increased ecosystem health for developers and institutions.
Validators will continue to vote on the amendment. Once the amendment is successfully activated, it will strengthen the XRP Ledger as a blockchain infrastructure for supporting the digital asset application ecosystem.
