The XRP Ledger has made a significant advancement in its decentralized finance (DeFi) capabilities through the implementation of a crucial Automated Market Maker (AMM) amendment. This update, highlighted in a CNF post, emphasizes the importance of bolstering AMM functionalities and addressing key issues within the ledger.
Following the enhancement of the AMM, the XRPL dUNL Validator, Vet, announced on Twitter that the AMM/DEX now leads all DeFi activities. Vet celebrated the achievement of surpassing 10 million XRP in Total Value Locked (TVL), stating that the AMM/DEX now has 500 pairs, reaching 25% of Uniswap V3’s total pairs. Vet expressed optimism for increased volume and swaps, highlighting the central role of the AMM/DEX in the DeFi space.
This milestone builds on insights provided by Bill Morgan, an Australian attorney who supports XRP, who used data from an explorer to reveal that the XRP tokens locked in AMM pools had initially reached 5 million. Updated data from DeXfi now confirms that the XRPL’s TVL stands impressively at 10.3 million XRP, equivalent to approximately $5.4 million.
It is worth noting that the 10.3 million XRP represents the combined value of various crypto assets locked within the XRPL AMMs. This includes popular tokens such as Bitcoin (BTC), USDC, Sologenic (SOLO), Magnetic X (MAG), and USD, showcasing the broad utility and acceptance of the XRPL’s AMM functionalities.
Collin Brown, in a recent CNF update, highlights the transformative upgrade of the XRP Ledger, which presents an exciting opportunity for XRP holders. The new AMM feature not only enhances trading but also offers the potential for generating passive income. By providing liquidity and participating in voting on trading fees, XRP holders can effectively turn their assets into a source of passive earnings.
According to the latest figures from Today Coin Market Cap, Ripple’s XRP is currently trading at $0.5197, reflecting a 1.24% increase over the past day. This follows a weekly decrease of 2.43%, indicating positive market sentiment and investor confidence in the ongoing developments within the XRPL ecosystem.