XRP Ledger’s v2.5.0 update adds batch transactions and token escrow, enabling RLUSD and meme coin support for enhanced DeFi utility.
A new XRP Ledger software update has been implemented, introducing diverse network functionalities. The upgrade, which is known as Software Update 2.5.0, brings XRPL one step closer to challenging the dominance of Ethereum and Solana.
XRP Ledger Acquires New Functionalities After Software Update
In recent weeks, XRP Ledger experienced a series of enhancements; however, a new software update is causing significant network changes. The official release notes on GitHub affirm that XRPL’s software update 2.5.0 is now live, including significant improvements and bug fixes.
Initially, the upgrade introduces batch transactions to XRPL, a feature the community eagerly anticipated. Bulk transaction functionality introduces new institutional use cases, which support token distribution and mass payments for enterprise users.
Additionally, the software update introduces token escrow to XRPL for RLUSD and other assets on the network. In conjunction with sequencing, the token escrow enables dApps to manage user deposits efficiently and provides a robust vesting and payout system.
Permission delegation capabilities and permissioned DEX are additional functionalities. The update then introduces glitch fixes that affect RPC responses for tem codes and NFT interactions with trustlines.
“In addition, a lot of helpful fixes and improvements to make the XRPL software run better, more efficient, and stable than before,” said the pseudonymous Vet.
In May, RippleX senior software engineer Mayukha Vadari disclosed that the software update version 2.5.0 would challenge Ethereum and Solana.
Impressive Metrics from Network Records
Amid the excitement surrounding a recent software upgrade, XRPL is accumulating many favorable metrics. The number of daily addresses increased by sevenfold during the period preceding the update, and the XRP Ledger reached a new record for whale wallets.
The increase occurs in the context of declining network metrics for both Ethereum and Solana. Solana memecoin activity experienced a significant decline, as it lost its dominance to BNB Chain, and $2.5 billion in capital exited the network.
On the other hand, the ecosystem of XRP is a hive of activity, as CME Group has referred to it as its most closely monitored crypto asset. Additionally, XRPL has established partnerships with Ondo Finance and Uphold, resulting in an impressive string of integrations. After the upgrade, XRP increased by nearly 6%, trading at $2.20, thereby reversing the losses from the crypto market collapse that occurred on Sunday.
