XRPL’s fixReducedOffersV1 upgrade initiates 80% consensus countdown

cointelegraph.com:

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

XRP Ledger (XRPL) is set to introduce additional features in the upcoming weeks. As per XRPScan, users relying on rippled v1.11.0 or earlier versions are advised to update their systems. Implementing fixReducedOffersV1, addressing critical issues with DEX offerings, necessitates achieving updates exceeding 80% within 14 days.

Among the amendments introduced in the XRPL v1.12.0 update, fixReducedOffersV1 stands out as the sole amendment securing an 80% consensus, initiating a two-week activation countdown. FixReducedOffersV1 aims to minimize the prevalence of order books obscured by reduced offers, enhancing the overall functionality of the XRPL.

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

From the taker’s perspective, this amendment can round the exchange rate of a reduced offer on XRPL decentralized exchanges (DEXs) to make it more favorable than the original offer. In such cases, other offers matching the original may consume the reduced offer.

Conversely, the lack of these amendments would result in an offer with minimal remaining amounts having significantly unfavorable exchange rates after rounding compared to its original value. Over time, this prevents accepting more favorable requests, creating substantial challenges for decentralized brokerage platforms operating on the XRPL.

Related: Ripple CTO seeks