The XRP Ledger (XRPL) has witnessed unprecedented growth and activity, establishing itself as a dominant player in the blockchain space. In a recent analysis by renowned XRPL dUNL validator Vet, the XRP Ledger (XRPL) has been shown to experience an exceptional surge in on-chain activity between 2021 and 2022.
According to Vet, the daily active XRP addresses peaked during this period, reflecting a fivefold increase compared to Ethereum (ETH) in terms of user activity. This was despite XRPL being in its early stages with fewer builders, while Ethereum had a mature and expansive on-chain economy.
Vet emphasized that the spike in XRPL activity resulted from the ledger meeting a specific demand at that time. From having 10,000 active addresses, XRPL saw an organic rise to over 100,000 within just two to three months. This remarkable growth underscores the cryptocurrency space’s dynamic and rapidly evolving nature, where significant changes can occur almost overnight.
Meanwhile, the decentralized finance (DeFi) landscape on XRP Ledger has been heating up. According to EchoeWeb, the total value locked (TVL) in its automated market makers (AMMs) has recently surpassed the 10 million XRP milestone. Vet highlighted this achievement in a post on social media platform X, building upon insights from Australian attorney Bill Morgan, who noted that XRP tokens locked in AMM pools had reached 5 million.
Drawing on DeFi analytics platform DeXfi data, Vet revealed that the assets secured in XRPL AMM pools have surged to 10.3 million XRP, equivalent to approximately $5.4 million. It marks a significant increase from the 7.4 million XRP TVL recorded in April, which included 3.7 million XRP.
XRPL AMM Growth: Locked XRP Increases by 1.49M in 10 Days
Importantly, the 10.3 million XRP TVL encompasses a diverse array of tokens secured within XRPL AMMs, including Bitcoin (BTC), USDC, Sologenic (SOLO), and Magnetic X (MAG). Of this total, 5.19 million XRP tokens, valued at around $2.7 million, are currently locked.
Over ten days, the locked XRP in AMM pools increased by an additional 1.49 million, an increment of 40.27% from 3.7 million recorded in late April. Currently, the pool with the highest TVL is the MAG/XRP AMM pool, constituting 1.5 million XRP ($793,000), with the highest APY percentage at 9.75%, while the fee rate is 0.99%.
This rapid growth of the DeFi sector on XRPL, within a minimal period of just under two months from when AMM functionality was introduced, creates an opportunity for XRP holders to gain passive income, further solidifying an already fast-maturing role of the ledger in the cryptocurrency environment.
Related Reading | Shiba Inu Community Warns: 5 New Scam Tactics Revealed