- XRP Ledger, (XRPL), recorded 2.7 Million transactions in first quarter. This is an increase of 113% on a quarter-on quarter basis, and the average number daily active addresses has increased 37%.
- Payments soared 350%, to more than two million per day. With an AMM launching at the end of this quarter, as well as the upcoming stablecoin XRPL, it is expected to grow even further in 2018.
Data from Messari revealed that almost all metrics of the XRP Ledger network showed growth.
XRPL is attracting more users who are looking to benefit from its fast and low-cost transactions. The New York-based Blockchain analytics company reported that in Q1, average daily transactions reached 2.77 million. This represents a growth of 113% quarter-onquarter. revealed.
Messari said that the introduction to inscriptions was responsible for the boost in activity. Inscriptions were first introduced to the Bitcoin network in 2023 under the name Ordinals. Since then, they have been adopted by every blockchain. The XRP Script Project introduced them to XRP late last year, causing network activity in the past four years to reach a record high of 4,11 million transactions per day. reported.
In Q4 of last year, the average number of active daily addresses was 30,000. This has increased to 41,000. They are still a long way off from the 66,000 addresses recorded in the first three months of 2013. Messari attributes the drop in the number of new addresses to the waning inscriptions after an initial surge.
XRPL boasts 5,15 million addresses. This is a 3% rise in the last three months.
In Q1, the number of payment transactions increased sharply, but not at the same rate as addresses. In Q1, users paid more on average. XRPL also recorded 22,000,000 payments one week. Messari said that this was due to a rise in the number of inscriptions.
What Next for XRPL after a Strong Q1?
Further analysis of the data shows that, while the number of payments and transfers has risen, the XRPL decentralized network still lags far behind the majority other major networks including Solana, Ethereum, and others.
In DeFi, the market cap of issued currencies—which is the name given to fungible tokens on XRPL—decreased by over 10% to $142 million. While it is easy to create tokens for the network (3300 currencies in total) attracting investor interest can be difficult.
Messari data indicates that Sologenic SOLO dominates DeFi’s market cap, with over 40%. In fact, combined with the two other biggest tokens—Coreum and Gatehub Fifth—they account for two-thirds of the entire ecosystem’s market cap.
In Q1, average daily DEX trading volume was $789,000. This is a drop of 41% compared to the previous quarter.
NFT was also underwhelming in Q1, with DEX volume surpassing NFT by 5,300%.
XRP currently trades for about $0.53It has been a very low-volatility week with only a small amount of movement. 0.2%, Crypto News Flash reported.
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Source: www.crypto-news-flash.com