- XRP Ledger recorded 2.7 millions transactions in the first three months, up 113% from the previous quarter. The average number of addresses active per day also increased by 37%.
- Payments jumped 350% and reached over 2 million daily. The upcoming stablecoin and AMM will also help XRPL to continue to thrive this year.
The XRP Ledger had a record first quarter, according to Messari data.
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-over-quarter. revealed.
Messari said that the introduction to inscriptions was responsible for the boost in activity. The Bitcoin blockchain introduced inscriptions in early 2023, as ordinals. They have since spread to all other blockchain networks. The XRP Script Project introduced them to XRP late last year, driving network activity up four years with 4.11 millions transactions per day. reported.
From 30,000 addresses in the Q4 2014, this has risen to 41,000. But they still have a way to go before catching up with 66,000 active addresses in the 1st quarter last year. Messari attributes the drop in the number of new addresses to a slowdown after an initial surge.
XRPL has now reached 5.15 millions addresses. That’s a 3% growth in the three previous months.
In Q1, the number of payment transactions increased sharply, but not at the same rate as addresses. It meant users made more payments in general, and XRPL even recorded 22 millions payments during one week. Messari attributes this to an increase in inscriptions, and says that it will even out over time.
After a strong Q1, what’s next for XRPL
Looking at the numbers further reveals that while transfers and payments have soared in XRPL, it still lags most other major networks such as Solana or Ethereum.
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 XRPL 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.
The average daily DEX volumes of issued currencies were $789,000 in Q1, a decline of 41% from the prior quarter.
The NFT market was not very active either, as DEX volume exceeded NFT volume in Q1.
XRP is currently trading at $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
