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A glitch has been identified by RippleX, causing disruption to transactions within certain pools. To mitigate potential complications, RippleX has issued a notice advising against depositing new funds into Automated Market Maker (AMM) pools. Users holding liquidity provider (LP) tokens have been recommended to withdraw their funds until the issue is resolved.
AMM pools function as liquidity sources in decentralized exchanges (DEXs), facilitating asset trading without conventional order books. Traders can exchange assets directly with the pool, bypassing the need for another user. These pools contain various asset reserves.
The glitch affects transaction execution in select AMM pools on the XRP Ledger (XRPL), leading to incorrect processing. This impairs the fundamental functionalities of the pool, necessitating prompt resolution.
Developers are actively collaborating with community members to address the glitch.
In response to the issue, several projects utilizing XRPL pools have suspended their connections. For instance, Sologenic, a platform for trading tokenized stocks on XRPL, has halted deposits following RippleX’s announcement. Similarly, Anodos, recognized for its XRPL interface AnodoSwap, has temporarily disabled its service.
Community reactions have been varied.
While some users have expressed concerns about the network’s reliability post-glitch, others have shown support for RippleX’s transparency on the matter.
The XRPL AMM was launched on March 22 following the XLS-30D amendment passed on Jan. 31. According to XRPScan, this new feature has led to the creation of over 1,000 liquidity pools, significantly diversifying the available assets. Notably, one of the largest liquidity pools is the PCSH/XCASH pair, with an AMM account balance of 13,136,629,099.06384 LPToken, identified as “rM8W….cX1h”.
David Schwartz, Ripple’s CTO, described the launch as the beginning of a “longer road” from initial rollout to upcoming milestones.
Despite rigorous testing by RippleX developers, complications have arisen. In January, the team reported discovering an “issue” that could hinder the immediate execution of AMM transactions, particularly when trading fees fell below the minimum threshold of 0.01%.