As a seasoned crypto investor with a particular fondness for XRP, I find this recent development on the XRP Ledger truly exhilarating. The surge in the total amount of XRP locked in Automated Market Maker (AMM) pools to over 10 million XRP is a testament to the growing adoption and utilization of XRP within the decentralized finance (DeFi) ecosystem.
As a researcher studying the cryptocurrency market, I’m excited to report that XRP, the seventh largest digital asset, has achieved a notable achievement on the decentralized finance (DeFi) scene. Based on data from XRPscan, a trusted XRP Ledger explorer, over 10 million XRP have been amassed in the XRPL Automated Market Maker (AMM). This significant milestone underscores the increasing use and integration of XRP within the DeFi ecosystem.
Decentralized exchanges utilize automated market makers (AMMs) as an alternative exchange mechanism, which relies on liquidity pools and algorithms to set asset prices instead of predefined bids and asks. By supplying their tokens to these pools, participants can earn a share of trading fees.
When it comes to the XRP Ledger, an integrated central limit order book (CLOB) manages all transactions involving fungible tokens. This CLOB is a long-standing feature of the XRPL and provides benefits such as reduced trust requirements and centralized liquidity. In contrast, smart contracts come with their own set of inherent risks.
The XLS-30 standard called for the addition of a new feature, an automated market maker (AMM), to our current CLOB system, which went into effect in Q1, 2024.
The 10 million XRP now held in Automated Market Maker (AMM) pools represents a strong interaction with XRPL’s infrastructure, indicating an increased involvement from the XRP community.
With more XRP being added to the Automated Market Making (AMM) pool on the XRP Ledger, there’s a potential for drawing in even more users. This growth in liquidity and user engagement can pave the way for new inventions, financial offerings, and a stronger Decentralized Finance (DeFi) ecosystem.
Recent developments: Digital investment products involving digital assets recorded a consecutive weekly loss of approximately $584 million. This translates to a total withdrawal of around $1.2 billion. The primary contributor to these outflows was Bitcoin, which experienced withdrawals amounting to about $630 million.
Instead of XRP, which experienced an intake of approximately $0.7 million, was perceived by investors as a potential purchase during the downturn in the altcoin market.
As a market analyst, I observe that at the moment of composing this statement, XRP has experienced a decrease of 1.47% within the last 24 hours, amounting to a price of $0.476. This downturn can be attributed to the overall market trend, which is influenced by economic uncertainties and heightened concerns regarding potential additional selling pressure following Mt. Gox’s recent announcement.
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2024-06-24 19:29