- The XRP Ledger AMM total value locked (TVL) has sustained a steady uptrend reaching over $7.7 million amidst a long-term bullish outlook.
- The AMM boasts of coins beyond XRP, including USDC, Bitcoin (BTC), Sologenic (SOLO), MAG, and USD.
The Ripple network continues to post impressive growth with its expansion led by the growth of the XRP Ledger (XRPL) ecosystem. Recent data shows that automated market maker (AMM) total value locked (TVL) has rallied 51% in a little over two weeks to reach over 15 million XRP tokens.
Notably, the TVL increased by around 1.3 million XRP in a day. This followed a 1.1 million token increase in three days, with both milestones signifying a rapidly growing interest.
Recent data shows that these additions have seen the total TVL stand at 15.6 million XRP, equivalent to $7.7 million, locked in various XRPL AMM pools.
Importantly, the 15.6 million XRP represents the total value of various cryptocurrencies locked within XRPL AMMs, not just XRP. This total includes USDC, Bitcoin (BTC), Sologenic (SOLO), MAG, and USD. According to data from XRP explorers, the amount of pure XRP tokens in the AMM pools is around 7.83 million.
#XRPL AMM Pools Total Value Locked: ~15,400,000 XRP↗️
+ 1,300,000 XRP in just 1 day https://t.co/HJcVDHb4zt pic.twitter.com/g7iPzvGIXv— DeXfi (@dexfi_pro) June 20, 2024
The drastic growth in a short time frame is an indication of renewed interest with many unable to identify the main reason driving this. Speaking on this growth, Neil Hartner, a software engineer at Ripple Payments, pointed out that the TVL growth this week has primarily been driven by the Magnetic X (MAG) pool. This pool leads with a TVL of about 4.8 million XRP, reflecting a 35% increase from the previous day.
Additionally, it offers an APY of 9.58%, which is slightly lower than the XGO pool, its nearest competitor, with a TVL of 1.8 million XRP.
Despite this impressive growth, XRP prices continue to struggle. At the time of writing, XRP is trading for $0.4783 after a 2% drop during the weekend.
To promote transparency, the XRP community has recently unveiled key details discussing the supply and distribution as outlined by Ripple in 2014. The document reveals that the company intends to keep 25 billion XRP (or 25% of the total supply) to fund operations “and hopefully turn a profit.” The rest, or 75 billion XRP, will be distributed to the market to incentivize participants such as market makers, consumers, and gateways to utilize the XRP Ledger and ecosystem dApps.
As Crypto News Flash has highlighted, the ongoing Ripple v. SEC case continues to hold great influence over the XRP price trajectory. As legal experts continue to predict an outright win for Ripple, key developments around the case are supporting this view.
On June 20, Ripple Labs Inc. secured a significant win in the federal class action with Judge Phyllis J. Hamilton granting summary judgment to dismiss both federal and state class claims that XRP was sold as an unregistered security.
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