XRP Holders are Now 60% Closer To Generating Passive Income; Here’s How

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In a recent tweet, Panos Mekras, founder of Anodos Finance, shared promising news for the XRP Ledger community. A strong 60% consensus has been achieved with 20 validators voting in favor of the XLS-30D Automated Market Maker (AMM) Amendment, signaling a potential approval.

20 UNL validators are now voting Yes on the #XRPL AMM amendment. We are getting closer. https://t.co/2JR5mdf6av pic.twitter.com/MbULZDzSJw

— Panos {X} (@panosmek) January 22, 2024

Exciting news all around, right? There’s more to explore – read on.

XLS-30D AMM Amendment

Originally disclosed with a 57.14% consensus, XRPL blockchain explorer XRPScan’s data indicates a 60% approval rate, with 21 validators endorsing the AMM amendment. This marks a remarkable increase from the previous rate of 16 yes and 18 no votes on December 7.

Beyond a mere update, the XLS-30D AMM Amendment holds significant promise for XRP holders. By integrating AMM functionality into the XRPL, users can contribute liquidity to decentralized exchanges, earning a share of profits with managed exchange risks.

Fundamentally, the amendment introduces a liquidity staking pool, inviting XRP holders to actively participate. Each AMM instance has a dedicated account, securing assets and issuing liquidity pool tokens to contributors. Holders can influence the AMM’s trading fee based on their LP asset share.

The Community is Buzzing!

The community’s interest in AMM liquidity provider services is evident, with 75% expressing a willingness to participate in a Stedas poll. The potential introduction of smart contract functionality, requiring an 80% validator endorsement, opens doors for XRP holders to diversify earnings.

Addressing concerns about market volatility and manipulation, the XLS-30D code base underwent a thorough audit by CertiK, scoring an impressive 95/100 for security.

What next?

With increasing consensus, the XRP community anticipates new opportunities for passive income. The journey towards potential AMM Amendment approval is paving the way for a brighter future.