The XRP Ledger saw a notable uptick in action recently, with approximately 15% more XRP being held in Automated Market Maker (AMM) pools compared to the previous day. This represents the largest one-day jump since the creation of these pools just a few weeks prior.
In just one night, the amount of XRP tokens secured in Automated Market Making (AMM) pools, essential for supplying liquidity to decentralized exchanges, jumped from approximately 2.41 million to around 2.77 million. Remarkably, this significant increase occurred in roughly 353 pools, a figure that continues to rise daily.
Sologenic’s SOLO token leads with an impressive stash of 621,222 XRP in its pool. The USDC stablecoin pool comes in second place, holding 511,672 XRP. Interestingly, the third-largest pool, which contains 302,135 XRP, is unique as it houses XRPS, derived from corresponding inscriptions and only accessible on Ripple’s Decentralized Exchange (DEX).
The increasing amount of XRP held in Automated Market Maker pools signifies the rising engagement and curiosity about decentralized trading among XRP users. Automated Market Makers, fueled by smart contracts, play a crucial role in ensuring sufficient liquidity and facilitating effortless asset exchanges based on formulated exchange rates.
The increase in XRP held in Automated Market Making (AMM) pools indicates not just investor trust, but also the expansion of a thriving decentralized finance (DeFi) community on the XRP Ledger.
In the growing XRPL community, AMM pools are set to become essential tools for streamlined and decentralized trading of XRP and other ecosystem tokens, such as SOLO.
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2024-04-19 17:06