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The total value locked (TVL) across all the XRPL AMMs has surpassed the 7 million XRP mark, with total XRP locked rising to 3.7 million tokens.
Vet, a dUNL validator and co-founder of NFT marketplace xrpcafe, first drew the public’s attention to this impressive growth rate, noting that the total value locked within the XRPL AMM ecosystem has seen a remarkable increase in just a few days after he failed to pay attention to it.
Citing data from XRPL-based DeFi analytics resource DeXfi, Vet showed in a post today that all the assets locked on the XRPL AMM pools have increased to a worth of 7.4 million XRP valued at $3.9 million at the time.
Missed to pay attention past couple days, but we were below 5M XRP in TVL in the XRPL AMM while we now get closer to 10M XRP in TVL !
More pairs, usually with XRP on one side, are contributing a lot to it as well as more inflows in larger pools. pic.twitter.com/nDHsQFBjUP
— Vet 🏴☠️ (@Vet_X0) April 24, 2024
However, recent data confirms that this figure has dropped to 7.3 million XRP. Interestingly, this now represents $4 million despite the observed decline due to XRP witnessing a greater value at press time as it looks to recover and solidify a position above the $0.55 price territory.
It bears mentioning that the 7.3 million XRP refers to the value of all the assets locked across the XRPL AMMs, including Sologenic (SOLO), USDC, Bitcoin (BTC), Coreum (CORE) and USD. Of the recorded figure, the total XRP tokens locked amount to 3.7 million worth around $2 million a month after the AMM functionality went live.
XRPL AMMs Welcome 1.5M XRP in a Week
This marks an increase of 66% from the 2.2 million XRP witnessed on April 17, as reported by The Crypto Basic. The current value suggests that network participants have deposited an additional 1.513 million XRP over the past week.
Further data from DeXfi confirms that the SOLO/XRP AMM pool commands the largest TVL, coming in at 1.5 million XRP worth $911,600. XRPScan data indicates that, of this figure, XRP locked stands at 730,711 tokens. The pool also boasts the highest annual percentage yield (APY) at 2.54%, with a fee rate of 0.53%.
Meanwhile, the USDC/XRP pool comes second in terms of TVL, with up to 911,600 XRP worth of assets locked. Out of this figure, 457,083 is in native XRP, while the rest is in USDC. In terms of volume, the USDC/XRP pool has a 24-hour volume of 9,700 XRP, while SOLO/XRP boasts the largest, at 39,000 XRP.
This growth represents efforts into making the XRPL DeFi ecosystem robust enough to compete with its counterparts. Ripple is also looking to launch a native lending protocol as a part of these efforts, with plans to introduce a native stablecoin on the XRPL later this year.