New XRP Ledger Software Update 2.5.0 Goes Live
Highlights
- XRP Ledger welcomes a new software update offering a range of network capabilities.
- Software update 2.5.0 introduces token escrow for RLUSD and batch transaction functionality.
- The network received upgrades as it seeks to compete with Ethereum and Solana.
A new XRP Ledger software update has gone live, ushering in a wide range of network functionalities. Dubbed Software Update 2.5.0, the upgrade brings XRPL one step closer to challenging Ethereum and Solana’s dominance.
XRP Ledger Gets New Functionalities Following Software Update
The XRP Ledger has undergone a series of improvements in recent weeks, but this new software update introduces seismic changes to the network. XRPL’s software update 2.5.0 is live, and the official release notes on GitHub confirm major fixes and improvements.
Firstly, the update introduces batch transactions to the XRPL — a long-awaited feature by the community. This new batch transaction functionality opens up institutional use cases by supporting mass payments and token distribution for enterprise users.
Furthermore, the update brings token escrow capabilities to XRPL for RLUSD and other assets on the network. Combined with batching, token escrow offers an efficient vesting and payout system while allowing dApps to manage user deposits effectively.
Other new functionalities include permissioned DEX and permission delegation capabilities. The update also introduces a range of bug fixes affecting RPC responses for tem codes and NFT interactions with trustlines.
“In addition, a lot of helpful fixes and improvements to make the XRPL software run better, more efficient, and stable than before,” said Vet, an XRPL validator.
Back in May, RippleX senior software engineer Mayukha Vadari revealed that the software update version 2.5.0 will challenge Ethereum and Solana.
Network Records Impressive Metrics
XRPL is recording a slew of positive metrics amid the buzz surrounding the new software upgrade. Leading up to the update, daily addresses soared by 7x, while whale wallets on the XRP Ledger set a new record.
This surge comes amid declining network metrics for Ethereum and Solana. Solana’s meme coin activity took a major hit, losing dominance to BNB Chain, while $2.5 billion in capital exited the network.
On the flip side, XRP’s ecosystem is a hive of activity, with CME Group describing XRP as its most-watched crypto asset. Furthermore, XRPL has racked up an impressive streak of integrations, forming partnerships with Uphold and Ondo Finance. Following the upgrade, XRP has gained nearly 6%, trading at $2.20 and erasing losses from Sunday’s crypto market crash.
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