u.today
The XRP Ledger (XRPL) layer-2 protocol Evernode (EVR) has finally gone live on the mainnet after weeks of delay. This launch came with a major bang as Evernode recorded many impressive adoption figures within the space of 48 hours.
Evernode debut: Key network figures
The massive anticipation that surrounded Evernode’s launch seems to have paid off, as more than 38,000 addresses are now connected to the protocol through the Xahau Network. As unveiled by the Evernode protocol, a total of 686 hosts are now housed on the network, with a total of 237,000 EVR already paid out to hosts.
Evernode was designed as a smart contract platform tailored to amplify the functionalities of XRP Ledger. Its smart contract ability is made possible by the use of Hooks, and according to the L2 protocol, a total of 16 million EVR addresses were claimed in the first live use of Hooks.
48 hours post-launch:
— Evernode - rEvernodee8dJLaFsujS6q1EiXvZYmHXr8🪝 (@EvernodeXRPL) January 17, 2024
* +38k users to @XahauNetwork
* +16m EVR AD claimed in first live use of Hooks
* Blackholed the EVR issuing account
* 686(!) Hosts
* 237k EVR rewards to Hosts
Next big thing @wave_of_innov #XRPGoldCoast2024 code-a-thon in March pic.twitter.com/xLRWUmLRnf
The emergence of Evernode has helped showcase how enthusiastic the XRP community is to see innovative protocols emerge in the ecosystem. Evernode became an instant success story with its well-publicized airdrop event. The protocol reserved an allocation of its token supply to holders of XRP, catalyzing an early distributed adoption scheme.
While it is one of the primary layer-2 scaling solutions on XRP Ledger, it is set to compete in a very crowded L2 arena as exists in the wider crypto ecosystem. As such, Evernode will be looking to take a larger share of the piece by competing with established protocols like Arbitrum (ARB) and Polygon (MATIC), among others.
Evernode catalyst
One of the crucial strengths that Evernode can boast of to print impressive growth in the long term is the role of its community. Known for its deep loyalty tendencies, Evernode has curried favors with its mega airdrop, joining its major competitors that penetrated the market using a similar incentivization model.
Besides this community advantage, Evernode’s residency on the XRP Ledger places it in line with more seamless integrations with other highly innovative protocols, through which it can collectively power its growth for the long term.