The XRP Ledger has successfully implemented a vital Automated Market Maker (AMM) amendment, greatly enhancing its functionality. This milestone has been reached as the Total Value Locked (TVL) in XRP Ledger’s AMMs surpasses 10 million XRP, signifying a significant achievement in its DeFi operations.
In a groundbreaking update, the XRP Ledger (XRPL) has made significant advancements in its decentralized finance (DeFi) capabilities through a critical Automated Market Maker (AMM) amendment. This important development was reported in a CNF post, highlighting its significance in strengthening AMM functionalities and addressing crucial issues within the ledger.
Following the enhancement of the AMM, the XRPL dUNL Validator, Vet, announced via a tweet that the AMM/DEX is now at the forefront of all DeFi activities. Vet celebrated the milestone achievement, stating, “That’s a solid 10M XRP Total Value Locked! With 500 pairs, we also reached 25% of Uniswap V3 total pairs.” The AMM/DEX is positioned in the center of all DeFi activities, and there is optimism for increased volume and swaps.
This milestone builds upon insights provided by pro-XRP Australian attorney Bill Morgan, who utilized data from an explorer to reveal that the XRP tokens locked in AMM pools had initially reached 5 million. Updated data from DeXfi confirms that the XRPL’s TVL now stands impressively at 10.3 million XRP, which is approximately valued at $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 major tokens such as Bitcoin (BTC), USDC, Sologenic (SOLO), Magnetic X (MAG), and USD, demonstrating the broad utility and acceptance of the XRPL’s AMM functionalities.
Collin Brown, in a recent CNF update, highlighted that the transformative upgrade of the XRP Ledger 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.