The XRP Ledger (XRPL) is undergoing rapid evolution with notable changes in developer interactions and a series of upgrades over the past year to enhance functionality and accessibility on the mainnet. This transformation was highlighted by a new share from CryptoQuant on X, confirming shifts in transaction types on the protocol.
Rising DEX Activity on XRP Ledger
As a decentralized Layer 1 protocol with advanced smart contract capabilities, the XRP Ledger is witnessing visible changes in its transaction types, according to CryptoQuant analyst J.A. Maartun. He observed an increase in “OfferCreate” transactions, indicating growing interest in using XRPL’s capacity to issue new assets and adopt DEX features. The uptick in these transactions reflects heightened trading activity and the platform’s expanding capabilities.
RLUSD Stablecoin and its Role on XRP Ledger
Recognizing the importance of a native stablecoin for optimal performance and growth, Ripple Labs Inc. has introduced the RLUSD stablecoin on the XRP Ledger. With dual plans to launch on Ethereum as well, Ripple aims to establish a stablecoin with deeper integration on XRPL. Currently in final testing stages, RLUSD’s development includes features like minting, burning, and token transfers to ensure functionality within the competitive stablecoin market.
The integration of RLUSD will provide crucial liquidity for AMM, DEXs, and other smart contracts hosted on XRP Ledger, enhancing utility and access for users across the ecosystem.
Current Status and Emerging Trends
At the beginning of the year, XRPL transactions were predominantly payment-focused (88%), with OfferCreate transactions at 12%. This distribution has since shifted significantly, with payments and OfferCreate transactions each now accounting for 50% of XRPL activity. This balanced usage underscores XRPL’s versatility in both trading and payment functions.
The introduction of RLUSD aims to bolster liquidity within the XRP Ledger, offering wider use cases for users and strengthening the platform’s overall ecosystem.
XRP Ledger, RLUSD stablecoin, OfferCreate transactions, Ripple Labs, DEX
