A draft proposal submitted to the XRPL Standards repository on May 26 aims to expand the XRP Ledger's native automated market maker beyond its current constant-product model. The proposal, called 'AMM Swappable Curves,' was authored by Roman Thpt and Denis Angell. It introduces a pluggable curve architecture that would let liquidity providers choose from multiple curve types, including concentrated liquidity similar to Uniswap v3 and a StableSwap curve for tightly pegged assets.
Why capital efficiency is the target
The current XRPL AMM, built under XLS-30, spreads liquidity across the full price range of a trading pair. That works fine for volatile pairs but becomes inefficient when assets trade in a narrow band — think a stablecoin pair or a token that barely moves. The proposal’s concentrated liquidity feature would let LPs target specific price ranges, locking their capital where it’s most useful. The StableSwap curve, meanwhile, is designed for correlated assets like stablecoins, offering better execution and lower slippage than a constant-product curve can deliver.
Four curve types in the pipeline
The initial rollout would support three curve types: constant-product (the default today), concentrated liquidity, and StableSwap. The authors also plan to add a weighted Balancer-style curve and a fully programmable smart AMM later. Each curve type would use a distinct ledger key, meaning the same asset pair could host multiple AMM pools running different curves. Developers would get specialized tools for different market conditions — a concentrated liquidity pool for a volatile pair, a StableSwap pool for a stablecoin, and so on.
Backward compatibility and multiple pools
Existing AMM pools won't break. They'll default to the constant-product curve unless migrated. Because new curve types are assigned separate ledger keys, a single asset pair can support several pools, each with its own curve. That avoids the one-size-fits-all limitation of the current design and lets the market decide which curve works best for a given pair.
What this means for XRPL's DeFi ambitions
If the proposal moves forward, XRPL's native AMM would become more competitive with modern decentralized exchange designs. Today, DEXs like Uniswap v3 already offer concentrated liquidity, and protocols like Curve dominate stablecoin swaps with a StableSwap-like model. Adopting a pluggable curve architecture would let the XRP Ledger match those features without relying on external bridges or wrapped assets. The proposal is still in draft form and under review by the community. There is no set timeline for a vote or implementation.
