XRPL Validators To Vote On Major Network Upgrade: Details
Highlights
- XRPL is mulling changing its transaction fees
- RippleX developers have outlined key implication to validators in the network
- XRP price is riding the trend to wage a price comeback
The Ripple-backed XRP Ledger (XRPL) is evolving rapidly, and RippleX developers are now pushing for a new upgrade. Considering the protocol’s official X platform, the XRPL detailed plans to increase transaction fee drops. This fee is currently pegged at 10 drops, and the plan is to increase it to 200 drops, an increment that will make the fees lower.
XRPL Evolution and Note to Validators
The RippleX Developers’ post dived into what the proposed increase in transaction fees will mean for validators. Based on the drop increase, the dollar valuation of the proposed fee will now be pegged at $0.0005.
This is good for the XRP Ledger which has started inking collaborations to bring real-world assets into the mainstream.
Once the new proposal passes and is implemented onchain, validators are encouraged to avoid hardcoding. As hinted, this might increase the number of failed transactions as fee levels adjust.
A few best practices for XRPL projects 👇
– Avoid hardcoding fees since this might lead to failed transactions as fee levels adjust.
– Use SDKs to auto-fill the fee field: https://t.co/imHOKvLPXd
– Refer to the ‘Querying the Transaction Cost’ documentation:…— RippleX (@RippleXDev) December 4, 2024
Validators are also encouraged to use SDKs to auto-fill the fee field. While silent on the core tradeoffs with the proposed fee increment, the validators appear on the receiving end of the plan. RippleX developers noted that this process reinforces the power of decentralization on the XRPL.
The proposed fee reduction plan has generate commentary among community members. Majority of responses support this move as lower transaction cost can attract more volume which can push additional volume. Ultimately, this might fuel XRP adoption and drive price surge.
Turbocharging the XRP Momentum
Meanwhile, the broader XRP Ledger ecosystem is currently in the spotlight amid push to bring additional value into the network.
XRP has proven itself as a star of the ongoing bull market cycle. Despite the ongoing price correction, the coin has soared by more than 400% over the past month to hit a 6-year high.
As of writing, XRP has fallen by 7.58% to $2.415. However, it is trading above its lowest price for the day, pegged at $2.317.
With the growing clamor for an XRP ETF product and Ripple’s RLUSD stablecoin launch, the sentiment is high with projections that the coin will retest its All-Time High (ATH) soon.
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