XRP Ledger Shows Significant Growth across Many Indicators: Messari Report

XRPL developers can participate in the second grant program

XRPL saw a significant increase in the total number of new addresses, reaching 138,790, representing a 31.8% increase year-over-year, despite concerns over SEC lawsuit, Messari report says.

Messari recently released a report “State of XRP Ledger Q2 2023” which provides a detailed analysis of XRP Ledger (XRPL) and its performance in the second quarter of 2023.

XRPL, which has been in operation for over a decade, offers fast, energy-efficient, cross-currency and cross-border payments, according to Messari. Despite the lack of support for smart contracts, XRPL can perform many functions similar to other networks due to its own capabilities, such as issued currencies, a decentralized exchange (DEX), an escrow function, and token management.

While risks remain over Ripple’s lawsuit against the SEC, The XRP Ledger showed significant growth in many areas in the second quarter (Q2) of this year. RXRP market capitalization increased With at the beginning of the year by 42.5%, however, this was due to a jump in prices in the first quarter. In the second quarter, market capitalization decreased by 10.7% compared to the previous quarter, from $27.8 billion to $24.8 billion.

In the second quarter of 2023, XRPL network activity metrics declined, with average daily transactions falling 11.9% from 1.32 million to 1.16 million, and daily active addresses decreasing 17.6% from 66,000 to 54,000. Despite this , the net number of accounts increased by approximately 30,000, bringing the total number of accounts up by 0.7% to 4.68 million.

XRPL averages about 15 transactions per second with a potential to support up to 1500. The cost of transactions in XRPL is deterministic, with most types of transactions costing ten drops, a unit of XRP.

In addition, the average daily volume of transactions non-fungible tokens (NFTs) increased by 12.7% on a quarterly basis, rising from 13,800 to 15,500. XRPL continues to grow presence in ecosystems decentralized finance (DeFi) and NFT, but still lagging behind leading competitors such as Ethereum and Solana. However, there are signs that this trend is beginning to change.

XRP Ledger Shows Significant Growth across Many Indicators: Messari Report
Source: Messari

According to Messari’s analysis, despite the lack of native support for smart contracts, XRPL contains many features similar to programmable settlement networks such as Ethereum, Cardano and Solana. It has a built-in central limit order book (DEX) that handles all tokens, including fungible tokens and NFTs. XRPL also supports multiple assets through issued currencies or IOUs, which are network representations of various currencies, commodities, units, etc.

Messari data has revealed another major development in the XRP ecosystem, namely the expansion of XRPL sidechains. Recently, two well-known protocols have been introduced, Coreum and Root Network. These protocols play a critical role in providing XRPL developers and users with the desired programmability. Coreum focuses on ecosystem security, while Root Network focuses on innovating the metaverse.

XRPL achieved several notable results, including a significant increase in the total number of new addresses, which reached 138,790, representing an increase of 31.8% compared to the same period last year. In addition, quarterly revenue rose 220.3% to $188,376.

Despite the problems associated with SEC lawsuit, XRP developers within their ecosystem are trying to stimulate the adoption of utilities. The growth seen in the core operational aspects of XRPL reflects XRP’s progress towards its goal of providing sustainable value and utility.

By focusing focus on real estate tokenization and special studies in blockchain technology XRP has distinctive fundamentals that can drive substantial long-term growth and innovation.

Messari also highlighted the unique feature of XRPL addresses that can contain destination tags. This allows a single address to receive and track XRP deposits for multiple users, which can reduce the number of daily active addresses. This is because one account, such as a centralized exchange, can be responsible for a large number of users.

Leave a Reply