As a seasoned analyst with over two decades of experience in the ever-evolving world of cryptocurrencies, I find myself intrigued by the often overlooked metrics within the XRP Ledger (XRPL). The sheer volume of XRP locked in users’ accounts (60,878,621,751 XRP out of a total supply of 99,987,181,197 XRP) is a testament to the faith investors have in this protocol.
On the XRP Ledger (XRPL), there are some lesser-known metrics that often go unnoticed by investors. As per information from XRP Ledger Services, this layer-1 network shows a substantial amount of 60,878,621,751 XRP being held in user accounts. This is a noteworthy figure when you consider the total supply of XRP stands at 99,987,181,197 units.
XRP Ledger core metrics worth watching
The XRP Ledger, known for its high efficiency, currently boasts a user base of over 5 million people. This impressive figure underscores the protocol’s widespread influence, extending far beyond the original Ripple Labs community.
Apart from having 90,337,507 accounts that have been finalized on the system, this also demonstrates the practical applications of the protocol since it first began operating.
The XRP Ledger holds approximately 39 billion XRP in escrow, which strengthens the liquidity support for transactions conducted on-chain. This substantial amount of locked funds further bolsters trust in the XRP Ledger’s smart contracts, contributing significantly to the advancement of innovative features like the Automated Market Maker (AMM).
Remarkably, the Ripple-supported protocol has processed an equivalent number of transactions as its competitor, with further increases anticipated in the near future.
RLUSD Stablecoin to make the difference
A notable characteristic of many public blockchains is typically the inclusion of a stablecoin which primarily maintains their market fluidity. Unlike USDT and USDC, which have been introduced on Ethereum as built-in stablecoins, Ripple Labs will soon release XRP‘s token within the XRP Ledger.
The blockchain payment company is nearing the release of its USDT competitor, which they’ve named RLUSD. As previously reported by U.Today, the company has already carried out test minting for the proposed stablecoin on both the XRP Ledger and Ethereum blockchain networks.
Eventually, our aim is for the XRP Ledger to perform on par with its peers within the industry, and a stablecoin could potentially be instrumental in achieving this goal.
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2024-08-27 14:19