As a researcher with a background in blockchain technology and experience following the developments of various digital asset ecosystems, I find Ripple Labs Inc’s Q1 2024 report an intriguing read. The impressive growth on the XRP Ledger protocol is evident through the significant increase in total transactions to over 251 million and a surge in transaction fees burned. This growth can be attributed to new applications and users, which speaks volumes about the protocol’s potential.
In their recently published ecosystem report for Q1, Ripple Labs Inc detailed the significant on-chain actions that occurred during this period.
XRP Ledger in spotlight
The XRP Ledger protocol experienced a significant surge, reaching a total of 251,397,881 transactions. This represents a striking 108% increase from the previously reported figure of 121,031,713 in Q4, 2023. The protocol’s newfound popularity among developers and users contributed significantly to this impressive growth.
The XRP Ledger’s latest disclosure unveiled a significant increase of 101% in the amount of XRP consumed for transaction fees, rising from 317,271 in Q4, 2023 to 636,184. Additionally, the volume traded on decentralized exchanges (DEX) in US dollars reached a total of $57,618,270, marking a 5% growth from the previous quarter’s figure of $54,907,170.
Although the XRP Ledger made significant strides as indicated by these milestones, it wasn’t without its imperfections. For example, there was a notable decrease of 11% in the number of new wallets created on the protocol, amounting to only 185,809 compared to the 208,522 recorded during Q4 of the previous year.
As a researcher examining the data, I’ve found that the typical cost for a transaction on XRP Ledger has decreased by approximately 45% to an average of $0.000856. This reduction in transaction costs suggests that using the XRP Ledger comes with a lower overall expense compared to before.
Highlight on Ripple versus SEC lawsuit
As a crypto investor, I’d put it this way: I’ve learned that the blockchain payments company I’m following has given an update on the ongoing legal dispute with the SEC. They mentioned that the SEC is seeking a hefty $2 billion penalty against them for allegedly breaking Federal Securities laws by selling XRP to institutional investors.
The regulatory body requested roughly $900 million in disgorgement, around $200 million as prejudgment interest on the disgorgement amount, and an additional $900 million in penalties. An injunction was also sought by the markets regulator. The company disclosed that it has submitted its opposition to the SEC’s demands.
As an analyst, I would advise that we exercise patience as we await the judge’s decision regarding the remedies, a procedure which could potentially span over several months.
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2024-05-18 12:59