AMM pools on the XRP Ledger have successfully locked close to 10 million XRP, demonstrating a significant increase in activity.
The rise in locked XRP within AMM pools is a clear indication of the growing interest within the community towards decentralized exchanges. XRP Scan has reported a milestone achievement on the XRP Ledger (XRPL) as the amount of XRP secured in automated market maker (AMM) pools surpassed 10 million. Despite a slight decrease to 9.6 million XRP currently, this development holds importance for the XRPL ecosystem.
Since their introduction in late March, AMM pools have experienced substantial growth. Starting from 325,983 tokens, the number has now reached almost 10 million XRP held within these pools. The tokens are distributed across 593 pools, with new ones being added continuously. This surge reflects the increasing interest and participation in decentralized finance among XRP enthusiasts.
At the forefront of the XRPL ecosystem are the leading pools, with the Magnetic token pool (MAG) leading the way with a staggering 3,602,530 XRP locked. Following closely behind is the xGO pool with 921,270 XRP. Notably, the third-largest pool, holding 651,269 XRP, is associated with CRYPTO, an account that is unable to initiate transactions or create new tokens. This unique feature showcases the diverse range of participants within the XRPL ecosystem.
The spike in XRP locked within AMM pools is a clear reflection of the growing interest in decentralized exchanges among community members. Equipped with smart contracts, automated market makers (AMMs) play a crucial role in enabling seamless asset trading based on mathematical algorithms and providing liquidity. This development underscores the increasing reliance on decentralized financial solutions.
This milestone not only highlights the expanding decentralized financial ecosystem on the XRP Ledger but also signifies strong investor confidence. The substantial amount of XRP locked within AMM pools indicates the community’s commitment to utilizing decentralized liquidity and trading platforms.
Meanwhile, data from CoinMarketCap reveals that the current price of XRP stands at approximately $0.477, showing a decrease of 2.40% over the last 24 hours. The trend has been bearish over the past seven days, with a 4.05% drop. Previously, CNF drew attention to Ripple’s acknowledgment in a letter to Thai authorities regarding the potential use of XRP in the region.
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