DeFi
XRPL Sees 5x Increase in Daily Active Addresses, TVL Reaches 10.3 Million XRP in DeFi Milestone
The XRP Ledger (XRPL) has seen unprecedented growth and activity, establishing itself as a dominant player in the blockchain space. In a recent analysis by renowned vet validator XRPL dUNL, the XRP Ledger (XRPL) has been shown to see an exceptional increase in on-chain activity between 2021 and 2022.
According to Vet, daily active XRP addresses peaked during this period, reflecting a five-fold increase over Ethereum (ETH) in terms of user activity. This is despite XRPL being in its infancy with fewer builders, while Ethereum had a mature and expansive on-chain economy.
Vet pointed out that the spike in XRPL activity was a result of the ledger responding to a specific demand at that time. From 10,000 active addresses, XRPL saw an organic increase to over 100,000 in just two to three months. This remarkable growth highlights the dynamic and rapidly evolving nature of the cryptocurrency space, where significant changes can occur almost overnight.
Meanwhile, the decentralized finance (DeFi) landscape on XRP Ledger has heated up. According to EchoeWeb, the total value locked (TVL) in its automated market makers (AMM) recently surpassed the 10 million XRP milestone. Vet highlighted this achievement in a post on social media platform
Drawing on data from DeFi analytics platform DeXfi, Vet revealed that assets secured in XRPL AMM pools jumped to 10.3 million XRP, equivalent to around 5.4 million of dollars. This is 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 1.49 Million in 10 Days
Importantly, the 10.3 million XRP TVL encompasses a diverse range of tokens secured in the XRPL AMMs, including Bitcoin (BTC), USDC, Sologenic (SOLO), and Magnetic X (MAG). Of this total, 5.19 million XRP tokens, worth approximately $2.7 million, are currently locked.
Over ten days, XRP locked in AMM pools increased by an additional 1.49 million, an increase of 40.27% from the 3.7 million recorded at the end of 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, in a minimum period of just under two months from the introduction of the AMM functionality, creates an opportunity for XRP holders to earn passive income, thus strengthening the role Already maturing the ledger in the cryptocurrency environment.
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