The XRP Ledger Foundation has put forward a draft amendment that could reshape trading on the XRPL’s decentralized exchange: the “AMM Swappable Curves” proposal. If approved, the change would give users and liquidity providers the ability to pick different pricing formulas when creating liquidity pools — a major evolution of XLS-30, XRPL’s Automated Market Maker system that went live on mainnet in March 2024.
What’s changing
- Today’s XRPL AMM uses a single curve — the constant-product model (the same family popularized by early DEXes). That model suits volatile assets like XRP or meme tokens but is suboptimal for assets that trade near parity, such as stablecoins or tokenized real-world assets (RWAs).
- The draft adds two new curve types: StableSwap (for near-pegged assets like USDT, USDC, and fiat-backed RWAs) and concentrated liquidity (which lets providers allocate capital more narrowly around active price ranges).
- A “pluggable curve architecture” would let pool creators select the pricing formula that best matches the assets in their pool, enabling multiple AMM models to coexist on the Ledger rather than forcing a one-size-fits-all approach.
Why it matters
- More accurate pricing and lower slippage for stable asset pairs (via StableSwap) and better capital efficiency for large LPs (via concentrated liquidity).
- Potentially improved performance across foreign exchange, stablecoin, RWA and DeFi markets on XRPL, making the DEX more competitive and flexible for different market types.
- The proposal is designed as an extension to XLS-30 and would not replace or disrupt existing liquidity pools if adopted.
Origins and status
- The amendment was posted by the XRP Ledger Foundation on X on May 26 and filed as a draft on GitHub by core developers Denis Angell and Roman Thpt.
- It remains a draft; validators have not yet approved the change.
Technical note
- The Foundation’s GitHub write-up highlights StableSwap’s suitability for assets that trade within a tight band — it can tighten pricing and reduce slippage relative to a constant-product curve for those pairs.
- Curve diversity means volatile pairs can continue using the constant-product model while stable pairs and tokenized RWAs can use StableSwap or other curves tuned to their behavior.
Bottom line
If adopted, AMM Swappable Curves would give XRPL users and LPs finer control over how pools price assets, improving efficiency and trade quality across a wider variety of markets — from volatile crypto pairs to stablecoins and real-world asset tokens. The proposal remains under consideration, so stakeholders should watch the GitHub thread and validator discussions for the next moves.
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