The XRP Ledger has made a significant leap forward in its decentralized finance (DeFi) capabilities with the implementation of a crucial Automated Market Maker (AMM) amendment. This update, highlighted in a recent CNF post, greatly enhances the functionality of the AMM and addresses important issues within the ledger.
One of the key achievements following the AMM enhancement is the impressive growth in Total Value Locked (TVL) in the XRPL’s AMMs. The XRPL dUNL Validator, Vet, announced on Twitter that the AMM/DEX is now leading the way in DeFi activities. Vet celebrated the milestone of surpassing 10 million XRP Total Value Locked, with 500 pairs, which accounts for 25% of Uniswap V3’s total pairs. The AMM/DEX is expected to see an increase in volume and swaps, solidifying its position as the center of all DeFi operations.
This milestone builds on the findings of Australian attorney Bill Morgan, who used data from an explorer to reveal that the XRP tokens locked in AMM pools had reached 5 million. Updated data from DeXfi now confirms that the XRPL’s TVL stands impressively at 10.3 million XRP, valued at approximately $5.4 million.
It is important to note that the 10.3 million XRP represents the aggregated value of various crypto assets locked within the XRPL AMMs. This includes popular tokens like Bitcoin (BTC), USDC, Sologenic (SOLO), Magnetic X (MAG), and USD, showcasing the broad utility and acceptance of the XRPL’s AMM functionalities.
Collin Brown, in a recent CNF update, highlighted the transformative upgrade of the XRP Ledger and the exciting opportunity it presents for XRP holders. The new AMM feature not only enhances trading capabilities 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, showing 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.
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