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XRP Ledger Foundation - Apex 2022: XRPL Developer Summit - AMM Based DEX, Omar Khan

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Author: XRP Ledger Foundation
Categories: Crypto
Tags: crypto
Views: 1 · Last viewed: 2026-10-13 23:15 UTC

Short Summary

Main recommendation: Use the XRP Ledger's native automated market maker (AMM) decentralized exchange, which the speaker presents as the first AMM-based DEX implemented natively on the XRP Ledger, to create liquidity pools, deposit and withdraw liquidity, and vote on pool trading fees. The speaker demonstrates this through a prototype web app called XRPL Swap, built on a private AMM devnet, and notes the feature is still a work in progress with a public release expected within about two weeks.

Key Points

  • The feature is based on the XLS-30 spec, a proposal to add non-custodial AMM as a native feature of the XRP Ledger DEX, and defines new AMM transactions and requests.
  • AMMCreate builds a two-asset liquidity pool where each asset can be XRP or an issued currency; the demo created an XRP/ETH pool with a 0.025 trading fee.
  • AMMDeposit adds liquidity and returns LP tokens representing a share of the pool; AMMWithdraw removes liquidity by returning those LP tokens. Each has five possible methods.
  • AMMVote lets liquidity providers vote on an AMM instance's trading fee, with voting weight proportional to how much liquidity they hold; a low-weight 25% fee vote did not change the fee.
  • Swaps are not yet supported as a single Payment or OfferCreate transaction, so the demo simulated a swap with an AMMDeposit followed by an AMMWithdraw.

Details Worth Noting

  • Concrete instructions: To create a pool, choose two assets (for example XRP and ETH), enter the deposit amounts (the demo used 250 XRP and 750 ETH), and set a trading fee (the demo used 0.025); submitting creates the AMM instance and returns LP tokens.
  • Concrete instructions: To become a liquidity provider, choose deposit, select the asset and amount (the demo deposited 2.78 BTC), and submit; to change a pool's fee, submit an AMMVote, though voting power depends on how much liquidity you hold.
  • Concrete instructions: To swap in the current workaround, perform an AMMDeposit of the asset you are giving (the demo deposited 25 USD) followed by an AMMWithdraw of the asset you want (received about 23.75 ETH after fees and slippage). The speaker noted that a single Payment or OfferCreate swap is the intended approach but is still in development.
  • The AMM instance can be queried with the new amm_info JSON-RPC command, using either an AMMID or an asset pair.
  • The stack is a MERN full-stack web app submitting transactions to rippled (the C++ reference implementation, running a forked AMM branch) through xrpl.js (an amm GitHub branch); the code is open source.
  • AMMBid was excluded from the demo as unfinished; the swap prototype's spot price on a 50/50 pool was 1 USD to 1 ETH, and actual results reflected fees and slippage.
  • Client library beta support for AMM in xrpl.js and xrpl-py is expected in the same window as the public release, with GitHub pull requests already created for both.

Bottom Line

The XRP Ledger's native AMM is moving toward public testing, and the speaker's demo shows that pool creation, liquidity provision, and fee voting already work on a devnet, while direct swaps still rely on a deposit-then-withdraw workaround.