Ripple Rolls Out Major XRP Ledger v3.0.0 Upgrade

Crypto services giant Ripple has launched the XRP Ledger (XRPL) v3.0.0 upgrade. According to a blog post, this upgrade represents a significant enhancement for the blockchain. This update will boost network stability, enhance decentralized finance (DeFi) features, and prepare for new financial applications, including a native lending protocol.

Benefits of the Upgraded XRPL v3.0.0

Node operators must upgrade to XRPL v3.0.0 to ensure uninterrupted services. This version includes important changes, performance upgrades, and several bug fixes that improve the network’s reliability and scalability. If operators do not upgrade, they may face service issues or compatibility problems as the network shifts to the new protocol.

The update introduces several important changes to improve the ledger’s functionality. First, it enhances the reliability of token escrow with the fixTokenEscrowV1, ensuring transactions are processed correctly. 

Next, the fixIncludeKeyletFields improves how keylet fields are handled for better data consistency. The fixPriceOracleOrder optimizes how Oracle data is ordered, leading to more accurate and secure pricing.

Additionally, the update refines automated market maker (AMM) behavior with the fixAMMClawbackRounding. The fixMPTDeliveredAmount also corrects calculations for delivered amounts, which improves the precision of transactions on the ledger. No doubt, Ripple has also made various code optimizations and bug fixes. 

These improvements enhance node efficiency, reduce processing overhead, and prepare the network to support DeFi applications in the future. Developers using the XRP Ledger now have a cleaner and stronger codebase. This makes it easier to integrate and test their work.

Ripple Unveils Bug Hunt for its Lending Protocol

In October, Ripple Labs and cybersecurity platform Immunefi joined forces to strengthen the security of the upcoming XRPL Lending Protocol. The two companies launched an attackathon, a global bug-hunting event where security experts can test the system for weakness.

The goal is to fix any issues early and ensure the new lending protocol is secure and ready for developers and financial institutions. The attackathon will bring together top security researchers worldwide to test the XRPL Lending Protocol for possible flaws.

Notably, Ripple has been making big movies lately to truly become a full-stack financial company, not just a blockchain payments outfit.

XRPL Gains Momentum as Ripple Expands Real-World

XRPL was built to support, secure, and practical financial applications for real-world use. 

The decentralized blockchain is already seeing stronger adoption than ever. Recent data from Dune Analytics indicate that an increasing number of individuals and institutions are utilizing the platform for large transactions. 

This came after XRPL added a new feature that enables multiple transactions at once in a single bundle. In the United Arab Emirates, Ripple has partnered with Ctrl Alt to modernize real estate transactions using XRP Ledger.

The fintech company is also becoming developer-friendly. It is working with Peersyst to deploy an Ethereum Virtual Machine (EVM)-compatible sidechain for the XRP Ledger.