AMM pools on the XRP Ledger have successfully locked close to 10 million XRP, showcasing a significant growth in the community’s interest in decentralized exchanges. According to XRP Scan, the XRPL has reached a noteworthy milestone as the number of XRP locked in automated market maker (AMM) pools exceeded 10 million. While the current amount has slightly decreased to 9.6 million XRP, this development is still significant for the XRPL ecosystem.
A tweet by JackTheRippler ©️ on June 23, 2024, announced the breaking news of 10,000,000 XRP making a new major milestone for XRPL AMM. Since their launch in late March, AMM pools have experienced substantial growth. From an initial 325,983 tokens, the number of XRP trapped in these pools has surged to almost 10 million. Currently, there are 593 pools, and new ones continue to be added. This growth is a testament to the increasing interest and involvement in decentralized finance within the XRP community.
Among the pools in the XRPL ecosystem, the Magnetic token pool (MAG) leads the pack with an astounding 3,602,530 XRP locked. The xGO pool comes in second with 921,270 XRP. Notably, the third-largest pool, holding 651,269 XRP, is connected to CRYPTO, a blackholed account that cannot sign transactions or create new tokens. This highlights the diverse range of players within the XRPL ecosystem.
The spike in XRP locked in AMM pools reflects the growing interest of the community in decentralized exchanges. Equipped with smart contracts, automated market makers (AMMs) play a crucial role in facilitating smooth asset trades based on mathematical algorithms and providing liquidity. This development emphasizes the increasing reliance on decentralized financial solutions.
In addition to showcasing the expanding decentralized financial ecosystem on the XRP Ledger, this milestone also demonstrates strong investor confidence. The significant amount of XRP locked in AMM pools indicates the community’s commitment to utilizing decentralized liquidity and trading solutions.
At the time of writing, CoinMarketCap data reveals that the price of XRP is approximately $0.477, experiencing a 2.40% decrease in the last 24 hours and showing a bearish trend over the past seven days with a 4.05% drop. Previously, CNF reported on Ripple’s admission in a letter to Thai authorities regarding the potential use of XRP in Thailand.
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