XRP has surpassed 10 million XRP locked in the XRPL AMM, marking a significant milestone in DeFi adoption.
The XRP Ledger utilizes a built-in CLOB for managing transactions, minimizing trust assumptions and enhancing security.
Despite market downturns, XRP saw inflows of $0.7 million.
XRP has achieved a significant milestone in the decentralized finance (DeFi) space. The total amount of XRP locked in the XRPL Automated Market Maker (AMM) has surpassed 10 million XRP.
Total XRP pooled in XRPL AMM has crossed 10M XRP: https://t.co/RR0LsMcvEG pic.twitter.com/cb6CRZnNpx
— XRPScan (@xrpscan) June 24, 2024
AMMs operate as decentralized exchange mechanisms that use liquidity pools to algorithmically determine asset prices, moving away from traditional order book models. Participants in these pools can earn transaction fees by providing liquidity with their tokens.
In the XRP Ledger ecosystem, transactions for fungible tokens are managed through a built-in central limit order book (CLOB), a feature that has been fundamental since the ledger’s inception. This system enhances security by reducing reliance on smart contracts, minimizing trust assumptions, and centralizing liquidity.
The recent addition of an AMM to the XRP Ledger protocol, introduced under the XLS-30 standard in Q1 2024, has further strengthened its infrastructure. The growth in XRP locked in AMM pools exceeding 10 million XRP demonstrates robust engagement with the XRPL’s capabilities, potentially attracting more participants.
As the total pooled XRP in the XRPL AMM continues to grow, it is expected to attract additional interest to the XRP Ledger. This increased liquidity and participation could spur further innovations, facilitate the development of new financial products, and bolster the overall DeFi ecosystem.
In other developments, the broader digital asset market has seen significant outflows, totaling $584 million for the second consecutive week, with Bitcoin alone experiencing outflows of $630 million. In contrast, XRP recorded inflows of $0.7 million, suggesting investor optimism amidst market volatility.
Read also:
XRPL Unveils AMM Upgrade Amid Surpassing 87M Ledgers
Is XRPL Gearing up for a Major Shift? Ripple CTO Weighs In
XRP Ledger Validator Shows Successful XRP Deployment in AMM Demo
Ripple CTO Unveils Insights into Liquidity Pools Ahead of XRPL AMM Launch
XRP Ledger’s Automated Market Maker: Will Validators Unite for Activation?
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