AMM pools on the XRP Ledger have witnessed a significant increase in locked XRP, reaching nearly 10 million tokens. This surge in locked XRP reflects the growing interest of the community in decentralized exchanges, according to XRP Scan. Although the current amount has slightly dropped to 9.6 million XRP, this milestone is still noteworthy for the XRPL ecosystem.
A tweet by JackTheRippler ©️ announces the breaking news of the 10 million XRP milestone, which marks a major achievement for XRPL AMM. Ever since the launch of AMM pools in late March, there has been a remarkable growth from 325,983 tokens to almost 10 million XRP locked in these pools. The tokens are divided among 593 pools, with new ones continuously being added. This substantial increase demonstrates the growing interest and participation of the XRP community in decentralized finance.
Among the pools in the XRPL ecosystem, the Magnetic token pool (MAG) leads the pack with an impressive 3,602,530 locked XRP. The xGO pool follows closely behind with 921,270 locked XRP. Interestingly, the third-largest pool, with 651,269 locked XRP, is associated with CRYPTO, an account that cannot perform transactions or create new tokens. This diverse range of players in the XRPL ecosystem highlights the variety of participants involved.
The growing interest of community members in decentralized exchanges is evident in the spike of locked XRP in AMM pools. These pools, equipped with smart contracts, play a crucial role in facilitating seamless asset trades based on mathematical algorithms and providing liquidity. This development underscores the increasing reliance on decentralized financial solutions.
In addition to showcasing the expansion of the decentralized financial ecosystem on the XRP Ledger, this milestone also reflects strong investor confidence. The significant amount of XRP locked in AMM pools indicates the community’s commitment to utilizing decentralized liquidity and trading solutions.
Meanwhile, according to CoinMarketCap data, the price of XRP is currently around $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 highlighted Ripple’s acknowledgment in a letter to Thai authorities regarding the potential use of XRP in Thailand.
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