XRPL's AMM upgrade could finally fix its DeFi capital…

A draft amendment filed Tuesday on the XRPL standards repository would give the XRP Ledger's native automated market maker three new curve types — constant product, concentrated liquidity, and StableSwap — with a fully programmable Smart AMM slated for a follow-up spec. The proposal was authored by XRPL core developers Denis Angell and Roman Thpt and requires a separate amendment vote before it can activate.

The practical stakes are significant. Concentrated liquidity lets providers target the price bands where most trading actually occurs, producing far more usable depth per dollar deposited. StableSwap is purpose-built for near-1:1 pairs like dollar-pegged stablecoins. Roughly 60% of AMM volume across major DeFi ecosystems already runs through some version of concentrated liquidity — a feature XRPL has been missing since its AMM launched in 2024.