- Ripple publishes its market report for Q1, in which it details multiple milestones attained by the market, thanks to a massive upsurge in NFT activities and other factors.
- Latin America‘s lead in cryptocurrency exchange records a $3.3 billion upsurge in transaction, after partnering with Ripple.
Ripple has published its market report for the first quarter of the year. The report details some of the key developments that have been recorded across the Ripple ecosystem since the start of 2023. Notably, the report highlighted some of the major milestones recently attained by Ripple. This includes the increase in transactions, the rise in NFT-related activities, and the upsurge in DEX volumes.
The report noted that on-chain activity on the XRP ledger has been solid throughout Q1. As a result, transactions recorded skyrocketed by 9 percent, bringing the total to 116 million; a 10 million increase from the last quarter.
Although the NFT market recorded a decline across the industry in the previous year, NFTs have successfully bounced back in recent times. Ripple reports that NFTs have played a significant role in pushing network activities.
This has led to the minting of more than 1 million assets on the XRPL ledger, ever since XLS-20, a native NFT functionality, went live on the mainnet. Additionally, the increase in network activities affected DEX volumes, which notably surged by a whopping 34 percent. The report read;
On-chain activity on XRPL remained strong this quarter, as transactions increased 9% to 116M, versus 106M from the previous quarter. NFTs continue to drive activity and over 1 million assets have been minted on the Ledger since XLS-20 went live on mainnet. This strong activity is also reflected in DEX volumes, which increased 34% versus last quarter to $115M.
Ripple pushes transactions on Bitso exchange past $3,3 billion
Ripple and its On-Demand Liquidity (ODL) product have allowed leading cryptocurrency companies in different parts of the world to skill, and record a significant number of transactions over the years. According to the report, Bitso, The largest cryptocurrency exchange in Latin America, saw transactions carried out between the United States and Mexico surge by more than $3.3 billion in 2022.
This was possible thanks to the exchange’s institutional crypto solutions that utilized Bitso’s strategic partners, such as Ripple and its On-Demand Liquidity (ODL) product. The partnership highlights the institutional use of digital currencies as a cross-border payment solution while illustrating the utility of Blockchain and Crypto.
The report also observed the banking crisis and the role it played in disrupting liquidity available for ODL.
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The big news of the quarter was the banking crisis and the negative impact to crypto liquidity, which also led to some disruption to liquidity available for ODL, though customer flows recovered quickly. ODL remains robust and continues to serve customer flow to facilitate cross-border payments in a low-cost, timely and reliable method thanks to redundancy and sustainability planning.
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