As a seasoned researcher who has delved deep into the digital jungle of cryptocurrencies, I find myself captivated by the evolutionary phase that XRP Ledger (XRPL) is currently undergoing. The burn rate feature and the resulting 13 million XRP incinerated since inception may seem like a drop in the ocean compared to the circulating supply, but it’s a significant milestone that underscores XRPL’s potential for the future.
The XRPL (XRP Ledger) is currently undergoing evolution, as demonstrated by significant aspects such as the burn rate. Although it’s not a strictly deflationary system, a specific amount of XRP gets destroyed daily. This regular burning of XRP has led to a notable achievement for the protocol in terms of its overall development.
XRP Ledger statistics to note
Based on information from XRPScan, a total of approximately 13 million XRP have been destroyed since their creation. Although this number seems insignificant when compared to the current XRP circulating supply, it serves as a testament to the development and strategic direction of the protocol moving forward.
The XRP Ledger represents a distributed ledger technology with smart contract functionality, yet it’s less integrated into the Decentralized Finance (DeFi) world compared to platforms like Ethereum and Solana. Unlike its counterparts, however, the XRP Ledger is more geared towards supporting commercial transactions, making it particularly suitable for micro-payment scenarios.
Through these types of transactions, the protocol sets aside a portion of the transferred amount for the burn wallet, reaching a significant milestone of 13 million XRP. According to XRPScan data, the protocol has processed 92,036,034 individual ledgers, with a total of 203,630 payments made.
Over the past year, the XRP Ledger has gained more attraction due to several reasons, including modifications and enhancements made to its mainnet.
Major product For XRPL
In the open XRP Ledger platform, it’s a space inviting for all builders. However, the community generally views Ripple Labs’ RLUSD stablecoin as the key innovation. Aiming to make its mark in the competitive stablecoin sector, Ripple – a payments company focused on blockchain technology – sees itself competing against established players like Tether’s USDT and Circle’s USDC.
The firm has continued to test RLUSD stablecoin on the XRP Ledger and Ethereum. The test features minting, burning and transfers, all necessary for the efficient operation of a stablecoin.
The XRP Ledger appears well-equipped with essential features that can foster the expansion of stablecoins, enabling them to hold their own against rival digital assets.
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2024-11-11 14:25