In 2024, the XRP Ledger (XRPL) experienced a significant surge in network activity. According to Messari’s latest report, active addresses and transactions on the XRPL increased by 37% and 113% quarter-over-quarter, respectively. This uptick in activity can be attributed to a concentrated group of approximately 45,000 accounts that collectively sent over 30 million transactions, primarily for inscription-related activities.
Despite the high transaction volumes, XRPL demonstrated its resilience by handling over 80 transactions per second for an entire day without experiencing any network issues. This showcases the robustness of the XRPL network and its ability to support a large volume of transactions efficiently.
The total number of accounts on the XRPL rose by 150,000, representing a 3.1% increase to 5.15 million. Although new addresses decreased by 12.4% quarter-over-quarter, there was a significant 29.8% annual increase from Q1 2023 to Q1 2024. Additionally, the number of deleted addresses increased by 55.9% quarter-over-quarter as inscription activity slowed down.
The increase in active addresses, particularly the 92% quarter-over-quarter rise in unique senders, highlights the impact of inscription activities on the XRPL network. Unique senders surpassed unique receivers for the first time since Q1 2022, indicating a shift in transaction patterns.
The total market cap of fungible tokens, known as Issued Currencies, on the XRPL fell by 16% quarter-over-quarter to $142 million. Sologenic (SOLO) emerged as the leading token, constituting 42% of the total market cap. The top three tokens collectively accounted for 65% of the total market cap.
Stablecoins and wrapped tokens have gained popularity on the XRPL, particularly in terms of the number of holders. Despite this, stablecoins on the XRPL have not reached the adoption levels of major stablecoins on other networks, such as Tether’s USDT or Circle’s USDC. However, Ripple’s recent announcement to launch a USD-pegged stablecoin on both the XRPL and Ethereum could potentially change this landscape.
Ripple’s initiative to introduce a USD-pegged stablecoin on the XRPL and Ethereum, backed by US dollar deposits and other cash equivalents, could trigger a significant liquidity event on both networks. This move could elevate the adoption of stablecoins on the XRPL and open up new opportunities for users and investors alike.
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