A draft amendment titled 'AMM Swappable Curves' was filed on the XRPL standards repository Tuesday, proposing to extend the network's existing automated market maker with three pluggable curve types — constant product, concentrated liquidity, and StableSwap. According to the latest technical specifications, the proposal was authored by XRL core developers Denis Angell and Roman Thpt and would require a separate amendment vote before activation. The amendment also reserves a fourth, fully programmable curve type called Smart AMM for a follow-up specification. The technical implementation details reveal that CurveType is immutable after creation, and to switch curve types, pools must be fully withdrawn and recreated with the desired curve type.
The proposal would allow liquidity providers on the XRPL to choose how their pools price assets, improving capital efficiency for both volatile pairs and near-1:1 assets like stablecoins. As reported by CoinDesk, the current setup spreads liquidity uniformly across every possible price, which is fine for volatile pairs but burns capital for stablecoin pairs and correlated assets. Concentrated liquidity lets liquidity providers target a narrow band where most trades actually happen, producing far more usable depth per dollar deposited. StableSwap is specifically built for assets that trade near 1:1, like dollar-pegged stablecoins or wrapped representations of the same asset. The technical specification confirms that existing XLS-30 pools require no migration - all existing transactions are byte-identical to pre-amendment behavior, with existing pools defaulting to ConstantProduct (0) when no sfCurveType is present.
The XRPL is implementing the fixCleanup3_1_3 upgrade on Wednesday, requiring validators and node operators to update their software or face disconnection from the network. This major maintenance upgrade addresses several critical inefficiencies that have built up over time. The upgrade will automatically delete expired NFT offers that currently stay on the ledger forever, taking up storage space. It also fixes bugs in permissioned domain settings where failed transactions could accidentally change restricted settings, and enforces trust-line limits on vault withdrawals to prevent overdrafts. Additionally, the upgrade corrects loan accounting so that when loan status changes, all connected ledger entries update properly, ensuring accurate record-keeping for decentralized lending operations.
The XRPL has been building institutional tokenization volume with over $3 billion in tokenized real-world assets currently onchain. According to reports from CoinDesk, this includes a Ripple-JPMorgan pilot earlier this month that processed a tokenized U.S. Treasury redemption in under five seconds. However, moving institutional capital onchain is one leg of any financial strategy, and 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 AMM Swappable Curves proposal opened on May 26 as a draft amendment proposal, so the idea is active, but the feature is not yet live or guaranteed. As reported by CoinDesk, any amendment that reaches a vote must clear a high bar: 80% approval from validators over a two-week continuous voting period. The core change involves a pluggable curve architecture where pool creators would choose the pricing invariant at pool creation, with StableSwap and Concentrated Liquidity curves as the first protocol-compiled options. The proposal keeps existing pools untouched, with pools created before the new curves activate staying on the constant product model with no migration required. XRP continues to trade between $1.30 and $1.40 for the fourth straight day, according to CoinDesk data, as the network prepares for these upcoming upgrades.
