News
Ripple’s XRP Ledger Hits Record 80 TPS During Q1 Subscription Frenzy Without Issues
With the broader market recovery this year, XRP Ledger (XRPL) network activity has also increased across nearly every metric, with active addresses and transactions up 37% and 113% quarter-on-quarter, respectively (QoQ ), according to the latest Messari update. relationship.
A significant portion of this activity came from a concentrated group of approximately 45,000 accounts, which collectively sent over 30 million transactions to a single account, primarily for membership-related activity.
Memberships boost the activity of the XRPL network
Subscriptions, a transaction type that gained popularity on Bitcoin in early 2023, have since spread to other major networks, including XRPL, often causing significant spikes in activity.
Despite high transaction volumes, XRPL has demonstrated resilience, management over 80 transactions per second for a whole day without network problems, as per Messari. The total number of accounts increased by 150,000, or 5.15 million, an increase of 3.1%.
While new addresses fell 12.4% quarter-over-quarter to 183,000 due to a surge in the fourth quarter when enrollment activity began, there was a 29.8% annual increase from the first quarter of 2023 to first quarter of 2024. Additionally, deleted addresses increased 55.9% quarter-over-quarter to 33,000 due to slow enrollment activity.
The overall increase in active addresses, particularly the 92% quarter-over-quarter increase in unique senders, highlighted the impact of enrollment activity, with unique senders outpacing unique recipients for the first time since Q1 of 2022.
DeFi, Stablecoins on XRPL
The total market capitalization of fungible tokens, called issued currencies, fell 16% quarter-on-quarter to $142 million. Among the more than 3,300 assets listed on XRPL, Sologenic (SOLO) was the leading token, making up 42% of the total market capitalization. The top three tokens together collectively accounted for 65% of the total market capitalization.
Meanwhile, stablecoins and wrapper tokens are particularly popular on XRPL when measured by the number of holders, compared to other tokens. Gatehub and Xumm have collaborated to provide 14 digital assets on XRPL.
So far, stablecoins on XRPL have not reached the adoption levels of major ones on other networks, such as Tether’s USDT or Circle’s USDC. This may, however, change with the recent Ripple events announcement to launch a US dollar-pegged stablecoin on both XRPL and Ethereum, leveraging native XRPL functionality and ERC-20 token standards respectively.
The stablecoin will be fully backed by short-term, US dollar deposits. treasuries and other liquid assets, with monthly third-party certifications. This initiative could potentially trigger a significant liquidity event.