- Ripple’s CTO has praised the long-anticipated launch of AMM functionality on XRPL.
- The AMM brings passive income opportunities for XRP holders through liquidity provision on XRPL DEX.
- Currently, 210 liquidity pools are in operation, the largest being the USDC/XRP pair, boasting $178.3K in liquidity.
David Schwartz, Ripple’s Chief Technology Officer, has praised the long-anticipated launch of automated market maker (AMM) functionality on the XRP Ledger. The RippleX team announced the rollout of the XRPL AMM on March 22, hailing it as a significant evolution of the platform’s native decentralized exchange.
Previously, liquidity on the XRPL DEX depended solely on manual market making. However, with the recent integration, a non-custodial automated market maker has become a central feature of the XRPL DEX.
One of its key advantages is that the AMM brings passive income opportunities for the XRP community as they can become liquidity providers on XRPL DEX. Ripple’s CTO, David Schwartz, expressed his satisfaction with the debut of this liquidity provision service on the XRP blockchain. He noted that it came after approximately two years of hard work.
Furthermore, Schwartz emphasized that this marks the beginning of a journey toward future growth milestones for users, traders, developers, market makers, and others involved in the XRPL community. He eagerly anticipates embarking on this journey alongside the entire XRPL community.
Other members of the XRP community have wholeheartedly embraced the debut of the XRPL AMM. Panos Mekras, the founder of Anodos Finance, extended his gratitude to all who contributed to bringing this AMM to fruition.
Remarkably, the XLS-30 amendment, which introduced the AMM to XRPL, has been undergoing deliberation since last year. In February, it garnered the necessary consensus from XRPL validators.
However, due to a detected bug, the consensus for the amendment was subsequently lost until the issue was addressed. This delay resulted in the launch of the AMM on Friday, March 22.
Since the rollout, participants in the crypto market have established numerous automated market maker pools for XRP. As per data from XRP Explorer XRPScan, there are currently 210 liquidity pools in operation.
Currently, the largest liquidity pool for XRP is the USDC/XRP pair, boasting $178.3K in liquidity and $111.1K in trading volume. This pool has seen 1,716 transactions and 428 swaps involving contributions from 449 individuals. Other active pools include SOLO/XRP, BTC/XRP, FLR/XRP, and USDT/XRP pairs.
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