#OnChainLendingSurge

The XRP Ledger (XRPL) recorded a significant surge in activity with on-chain transactions shooting up by 108% in the first quarter of 2024. This spike in transactions, from 121.03 million in the last quarter of 2023 to 251.39 million, highlights a growing engagement within the XRP ecosystem.

Simultaneously, the cost for each transaction on the XRPL experienced a sharp 45% decline, bringing the average transaction fee down to just $0.000856. This reduction in cost is indicative of the network’s efficiency improvements and the absence of congestion, as noted in Ripple’s latest quarterly XRP Markets Report.

Ripple Played a Major Role in the Crypto Market

The first quarter of 2024 was filled with major crypto market activities. There was a continued interest in BTC Spot ETFs in the U.S., with huge inflows and trading volumes. Notably, BlackRock’s iShares Bitcoin Trust alone saw inflows amounting to approximately $13.9 billion.

The quarter also witnessed a change in crypto market dynamics, with a rise in leverage use among traders. For instance, ETF-authorized participants used leverage at the CME to hedge their inventories. Similarly, projects like Ethena managed significant funds, indicating a more sophisticated trading infrastructure to support these activities.