XRP Ledger Sees Explosive Growth, as AMM TVL Spikes 51% to 15M+ XRP in 17 Days

The total value locked (TVL) in automated market makers (AMMs) om the XRP Ledger has maintained a steady uptrend, now exceeding 15.6 million XRP.

According to the latest report from analytics platform DeXfi, the TVL on XRPL AMMs surpassed a value of 15.4 million XRP. DeXfi called attention to the figure in a post on X earlier today.

This update follows a previous post just yesterday, which reported a TVL of 14.1 million XRP. Notably, the TVL also increased by 1.1 million XRP three days ago.

XRP TVL Up 51% in Two Weeks

The recent update shows that AMMs on XRPL saw an additional 1.3 million XRP locked within a day. Furthermore, just four hours after the disclosure, the AMMs saw additional 200,000 XRP. As of the latest data, the TVL stands at 15.6 million XRP, equivalent to $7.7 million, locked in various XRPL AMM pools.

#XRPL AMM Pools Total Value Locked: ~15,400,000 XRP↗️
+ 1,300,000 XRP in just 1 day https://t.co/HJcVDHb4zt pic.twitter.com/g7iPzvGIXv

— DeXfi (@dexfi_pro) June 20, 2024

On June 3, The Crypto Basic reported a TVL of 10.3 million XRP on XRPL. Seventeen days later, this figure had risen by 5.3 million XRP, marking a 51.45% growth. For context, it took six weeks for the TVL to grow by 2.9 million XRP from 7.4 million XRP on April 24 to 10.3 million XRP on June 3.

Considering it took less than half the time to achieve nearly double, this raises the question of what influences the growth in XRP TVL.

What’s Driving the Growth?

Neil Hartner, a software engineer at Ripple Payments, highlighted that this week’s TVL growth has mainly come from the Magnetic X (MAG) pool. This pool ranks top with a TVL of approximately 4.8 million XRP, a 35% uptick from the figure recorded the previous day.

Moreover, it boasts an APY of 9.58%, though slightly lower than that of its closest contender, the XGO pool, which has 1.8 million XRP TVL.

Crucially, the 15.6 million XRP signifies the total worth of diverse cryptocurrencies locked within XRPL AMMs, not XRP alone. They encompass USDC, Bitcoin (BTC), Sologenic (SOLO), MAG, and USD. Data from XRP explorers show that pure XRP tokens in the AMM pools are approximately 7.83 million.

Source