CoinDesk
A draft amendment filed Tuesday on the XRP Ledger standards repository would extend XRPL's native automated market maker with three pluggable curve types — constant product, concentrated liquidity and StableSwap — with a fourth programmable Smart AMM spec reserved for a follow-up. Authored by XRPL core developers Denis Angell and Roman Thpt, the proposal lets liquidity providers choose how their pools price assets at creation time, leaving existing pools untouched on the current uniform-spread model.
Concentrated liquidity targets a narrow band where most trades actually happen, producing far more usable depth per dollar deposited — the same primitive Uniswap v3 popularized. StableSwap is built for near-1:1 assets like dollar-pegged stablecoins or wrapped representations of the same asset. Around 60% of AMM volume chain-wide already runs through some version of concentrated liquidity, per data cited in the proposal.
Why it matters
XRPL has been quietly building institutional tokenization volume — more than $3 billion in tokenized real-world assets currently sit onchain, including a Ripple-JPMorgan pilot earlier this month that processed a tokenized U.S. Treasury redemption in under five seconds. But moving institutional capital onchain is only one leg of any financial strategy: letting that capital earn yield, get borrowed against, or trade efficiently against other tokenized assets requires DeFi rails that actually work for the task. The current constant-product AMM, live since 2024, has been the missing piece.
Market impact
XRP traded at $1.34 in U.S. morning hours Tuesday. The amendment still needs a separate validator vote before activation — a process that can stretch for months and is not guaranteed to pass. If it does land, the upgrade slots directly into the institutional tokenization narrative and gives XRPL DeFi the capital-efficiency primitives its competitors have run on for two years.
Frequently asked questions
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What does the XRPL AMM Swappable Curves amendment propose?
It would extend XRPL's native automated market maker with three pluggable curve types — constant product, concentrated liquidity and StableSwap — letting liquidity providers choose how their pools price assets at creation time. A fourth programmable Smart AMM spec is reserved for a follow-up.
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How much tokenized real-world asset value sits on XRPL today?
More than $3 billion in tokenized real-world assets currently sit on XRPL, including a Ripple-JPMorgan pilot earlier this month that processed a tokenized U.S. Treasury redemption in under five seconds.
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Why is concentrated liquidity important for XRPL DeFi?
Concentrated liquidity lets LPs target a narrow price band where most trades happen, producing far more usable depth per dollar deposited. Around 60% of AMM volume chain-wide already runs through some version of it, per data cited in the proposal.
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Will existing XRPL AMM pools be affected by the upgrade?
No. Pools created before the new curves activate stay on the current constant-product model with no migration required. Pool creators picking from the new menu would select their curve type at creation time, with the choice locked in for the pool's life.
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What is the status of the AMM amendment and when could it activate?
The proposal is still in draft, authored by XRPL core developers Denis Angell and Roman Thpt. It requires a separate amendment vote before activation — a process that can stretch for months and is not guaranteed to pass.
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