In the latest ecosystem performance report released by Ripple Labs Inc, the firm outlined key on-chain activities for the first quarter.
XRP Ledger in spotlight
As the firm outlined, total transactions on the XRP Ledger protocol topped 251,397,881, up by 108% from the 121,031,713 recorded in Q4, 2023. The impressive growth the protocol recorded in terms of new applications and users helped it achieve the impressive milestone.
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The XRP Ledger protocol also revealed that the total XRP burned for transaction fees also jumped from 317,271 in Q4, 2023, to 636,184, accounting for a 101% surge. Besides this metric, the volume in DEX in dollar terms comes in at 57,618,270, up 5% from 54,907,170 the previous quarter.
While these milestones showed advances on XRP Ledger, there were other major trends that show the ledger was not completely perfect. For instance, the number of new wallets on the protocol dropped by 11% to 185,809 as against the 208,522 recorded in Q4 last year.
Besides this, the average cost per transaction in USD dropped by 45% to 0.000856. It is worth noting that this indicates the cost of running transactions on XRP Ledger is lower overall.
Highlight on Ripple versus SEC lawsuit
The blockchain payments firm also shared insights into the lawsuit it is currently battling with the United States Securities and Exchange Commission (SEC). The firm recalled that the regulator wants a $2 billion fine for its violation of Federal Securities laws for selling XRP to institutional investors.
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This charges comprised of approximately $900 million in disgorgement, approximately $200 million in prejudgment interest on the disgorgement request and approximately $900 million in penalties. The markets regulator also asked for an injunction. The firm revealed that it has filed its opposition to the SEC’s demands.
The next step is to wait for the final verdict on remedies by the judge, a process that may take several months.