The proposals for XLS30d (proposed automated market maker) and XLS-20 are at different stages of development. So, it’s likely that the XRP ledger will get new features soon that will make it possible to do DeFi and NFTs. The XRPL validator is currently thinking about the XLS-20 proposal, which would let native NFTs work on the XRP ledger.
So, it would be possible to quickly and easily make NFTs on the XRP ledger. It also keeps the ledger from slowing down too much and prevents congestion on a large scale. With features like auctioning and minting already built in, XLS-20 can make it much easier for developers to make NFTs.
Once the XRPL community adopts XLS-20, which is the proposed NFT protocol, NFT transactions on the XRPL will be faster. Also, buying, selling, and making NFTs will be cheaper. In January, developers at Ripple set up an NFT devnet to make it easier for NFTs to work on the XRP ledger.
The XLS-30d proposal
The July 2022 XLS-30d proposal says that the XRPL decentralized exchange should have a non-custodial automated market maker (AMM) (DEX). The goal is to get the most money back for AMM liquidity providers while lowering the risk of losing money due to volatility. In this way, the XRPL will have better DeFi functionality.
Wo Jake, an XRPL developer, said that Ripple’s codebase has the proposal for the AMM amendment as a pr file. Emi Yoshikawa, who is Vice President of Corporate Operations and Strategy at Ripple, tweeted about when the AMM (XLS30d) proposal will be finished. She said that the AMM devnet release should be out in the next couple of weeks. The Ripple executive also said that a proposal to change the rules would be ready by the end of the third quarter of 2022.
Yoshikawa explained the importance of the proposed AMM (XLS30d) by saying, “On the XRP ledger, there has been a DEX since 2012. But it’s in the form of an order book (the CLOB).” “Adding an AMM based on a future change would make the CLOB DEX stronger and increase liquidity by a large amount.”