Maker

David Vance

when

Read

RippleX has reported a technical glitch affecting some Automated Market Maker (AMM) pools on the XRP Ledger (XRPL).&nbsp;
The glitch has disrupted transactions within these pools. The RippleX team has <a href="https://x.com/RippleXDev/status/1771680918895558913?s=20" target="_blank" rel="noopener noreferrer nofollow">alerted </a>users through a post on X, advising against new fund deposits into AMM pools. Those holding liquidity provider (LP) tokens have been advised to withdraw their funds till the issue is sorted.&nbsp;
These preventive measures are a bid to avoid further complications due to the gitch.
<a href="https://crypto.news/learn/what-is-an-automated-market-maker-amm/" rel="noopener noreferrer nofollow">AMM pools </a>serve as liquidity sources in decentralized exchanges (DEXs). They allow asset trading without traditional order books. Traders can swap assets with the pool without involving another user. The pools hold various asset reserves.
The glitch impacts transaction execution in some AMM pools on XRPL, causing them to be processed incorrectly. As such, the basic functionalities of the pool are crippled, necessitating swift resolution.&nbsp;
The developers are currently collaborating with community members to actively work on resolving the glitch.&nbsp;
The issue has prompted several XRPL pool-utilizing projects to suspend their connections. Sologenic, a platform for trading tokenized stocks on the XRPL, <a href="https://x.com/realSologenic/status/1771817541666734363?s=20" target="_blank" rel="noopener noreferrer nofollow">halted deposits</a> following RippleX’s announcement. Anodos, known for its XRPL interface AnodoSwap, also <a href="https://x.com/AnodosFinance/status/1771699967247130816?s=20" target="_blank" rel="noopener noreferrer nofollow">disabled</a> its service.
You might also like: <a href="http://XRP enthusiast refutes claims of price manipulation by Ripple" target="_blank" rel="noopener noreferrer nofollow"> XRP enthusiast refutes claims of price manipulation by Ripple </a>
Community reactions have been mixed.
Some users voiced concerns about the network’s reliability following the glitch. One user <a href="https://x.com/PolkadotLeader/status/1771742046149091338?s=20" target="_blank" rel="noopener noreferrer nofollow">expressed</a> their frustration regarding the situation, claiming that the “chain is dead.” However, others were a bit more <a href="https://x.com/MattRosendin/status/1771706224867725498?s=20" target="_blank" rel="noopener noreferrer nofollow">supportive</a>, with some <a href="https://x.com/CryptoSignalsU/status/1771696223222743090?s=20" target="_blank" rel="noopener noreferrer nofollow">lauding</a> the RippleX team for their transparency on the matter.
The XRPL AMM went live on March 22 after the&nbsp; <a href="https://xrpscan.com/amendments" target="_blank" rel="noopener noreferrer nofollow">XLS-30D amendment</a> was passed on Jan. 31. According to XRPScan, this new feature led to the creation of over <a href="https://xrpscan.com/amms" target="_blank" rel="noopener noreferrer nofollow">1,000 liquidity pools</a>, significantly diversifying the assets available. Among these, one of the largest liquidity pools is the PCSH/XCASH pair. The AMM account for this pair, known as “rM8W….cX1h,” boasts a balance of 13,136,629,099.06384 LPToken.
David Schwartz, Ripple’s CTO, <a href="https://x.com/JoelKatz/status/1771284874931925459?s=20" target="_blank" rel="noopener noreferrer nofollow">described</a> the launch as the start of a “longer road” from the initial rollout to upcoming milestones.&nbsp;
The complications have arisen despite rigorous testing by the RippleX developers. Back in Jan., the team <a href="https://crypto.news/ripple-devs-propose-updates-following-recent-xrpl-amm-approval/" rel="noopener noreferrer nofollow">reported</a> discovering an “issue” that could prevent the immediate execution of&nbsp; AMM transactions. The issue arose when the trading fees were set below the minimum threshold of 0.01%.&nbsp;
Read more: <a href="https://crypto.news/ripplesc-escrow-locks-800m-xrp-fuels-market-momentum/" rel="noopener noreferrer nofollow"> Ripple strategic escrow move locks 800m XRP, fuels market momentum </a>

RippleX identifies glitch in XRP Ledger, halts deposits

crypto.news

Other articles published on Mar 24, 2024

Litecoin Cash Analysis: What Drives Litecoin Cash’s Potential Surge Over $0.02?

Shiba Inu [SHIB], Dogecoin: What’s this week’s price prediction?

Top Cryptos for 2024: We’ve Analyzed the Market’s Best Buys

New Cryptocurrency Releases, Listings & Presales Today – NEURALAI, Venium, WCTrades

The Savvy Trader's Guide to March's Most Promising Affordable Cryptos

Bitcoin and Solana Price Fluctuations Trigger Discussion, Furrever Token Eyes Bullish Momentum

Join our free newsletter for daily crypto updates!