The XRP Ledger (XRPL) is evolving at a very fast pace with visible changes in developer engagements. Over the past year, the protocol has conducted series of upgrades on the mainnet to grow its functionality and reach. This has worked thus far as a new X post from CryptoQuant confirmed changes in transaction type on the protocol.
XRP Ledger Driving New DEX Boom
The XRP Ledger is a decentralized Layer 1 protocol with evolving smart contract capabilities. According to the CryptoQuant Analyst J.A Maartun, there is a visible changes in XRPL transaction type.
The analyst pointed out that there is an increase in “OfferCreate” transactions. This feature underscores the jump in trading activities on the blockchain network. Specifically, the analysts pointed out the growing interest in the ability of the XRP Ledger to issue new assets and adopt new DEX features.
Changed dynamics in XRPL Transaction Type
“The increase in OfferCreate transactions suggests a rise in trading activity, reflecting a growing interest in utilizing the platform’s capability to issue new assets & adopt DEX features.” – By @JA_Maartun
https://t.co/f8cbZitnqn pic.twitter.com/FBQsU6HadG
— CryptoQuant.com (@cryptoquant_com) November 1, 2024
With amendments like the fixAMMOverflowOffer, the XRP Ledger has evolved in no small way. As showcased, payments dominated the majority of transactions on XRPL – 88% – in January with OfferCreate coming in at 12%. Fast-forward till today, the scale has tilted remarkably. Both payments and OfferCreate now share 50% adoption rates each.
The RLUSD Stablecoin Use Case
In learning from other prominent layer-1 blockchain, a native stablecoin is central to top performance and growth. Based on this, blockchain payments firm Ripple Labs Inc has decided to launch its stablecoin RLUSD on the XRP Ledger.
While it planned a dual launch for the stablecoin on Ethereum, the impact will be more profound for XRPL. The firm is in the later stages of the RLUSD stablecoin testing on both blockchain networks.
As reported earlier by Coingape, the testing of the stablecoin features minting, burning and transfer of the token. These were designed to solidify the functioning of the digital asset to properly compete in the stablecoin industry.
With the RLUSD, the XRP Ledger will have the liquidity it need to power its AMM, DEXs and other smart contracts hosted on the platform.
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